The savings-income brackets (19–30%)
In Spain, capital gains, dividends and interest are pooled in the savings income tax base (base del ahorro) and taxed on a progressive scale rather than a single flat rate. For the 2025 tax year (filed in 2026) and continuing into 2026, the bands are:
| Savings income | Rate |
|---|---|
| €0 – €6,000 | 19% |
| €6,000 – €50,000 | 21% |
| €50,000 – €200,000 | 23% |
| €200,000 – €300,000 | 27% |
| Over €300,000 | 30% |
The 30% top band was introduced from the 2025 tax year (raised from 28%). Losses on investments can be offset against savings-income gains within limits and carried forward for four years. Because the scale is progressive, your effective rate on a year's gains depends on the total — which is exactly the kind of running total the report keeps for you.
Modelo 100: the annual income tax return
Modelo 100 is the personal income tax return (IRPF) that Spanish tax residents file, usually between early April and 30 June for the previous calendar year. Your investment activity — realised gains and losses, dividends and interest — is reported in its savings-income section. Getting the cost basis and lot matching right across multiple brokers is where most investors lose time; the report does that work and hands you clean figures.
Modelo 720 (and what happened to Modelo D-6)
If you are Spanish tax resident and hold foreign assets over €50,000 in any one category — bank accounts, securities and investments, or real estate — you must file the informational Modelo 720 between 1 January and 31 March. Holdings at a foreign broker count as securities. Once you have filed, you only re-file a category if its value grows by more than €20,000, or when you dispose of a declared asset.
The penalties changed in 2022
The original Modelo 720 flat-rate penalties were ruled disproportionate by the EU Court of Justice and repealed by Ley 5/2022. It is now subject to the ordinary General Tax Law penalties, which are far lower. It remains a real obligation, but the previously ruinous fines no longer apply.
You may have read about Modelo D-6, the old declaration for foreign securities. For most retail portfolio investors it generally no longer applies — it was narrowed to significant stakes and then folded into the foreign-investment registry. The Banco de España ETE return is a separate obligation with its own thresholds. If in doubt about D-6 or ETE, check with a Spanish adviser, but ordinary broker holdings are captured by Modelo 720, not D-6.
Relief on foreign withholding
Foreign dividends are taxable in Spain, but tax withheld at source can usually be credited so the same income is not taxed twice. The credit is generally the lower of the foreign tax actually paid or the Spanish tax on that income. Treaty rates matter: many treaties cap dividend withholding at 15%, and any excess withheld above the treaty rate is reclaimed from the source country, not deducted in Spain. AllInvestView records the withholding on each dividend so you have the figures to claim the credit correctly.
What the AllInvestView report gives you
The tax report and the dedicated Modelo 720 tool together cover the Spanish investor's obligations:
- Realised gains across all brokers with the 19–30% savings brackets applied and losses offset.
- Dividends and interest with withholding recorded per position.
- Modelo 720 computation by category, with a BOE-format export ready to file.
- Multi-currency conversion using historical exchange rates for foreign holdings.
- Exports to PDF, Excel and CSV for your Modelo 100 or your gestor.
AllInvestView does not submit returns to the Agencia Tributaria or apply your personal circumstances — it produces accurate figures so filing Modelo 100 and Modelo 720 is a review, not a rebuild.
Frequently asked questions
Not tax advice. This page summarises the main Spanish investment tax rules for the 2025 and 2026 tax years (19–30% savings-income brackets, Modelo 100, the €50,000 Modelo 720 threshold, and double-taxation relief). Rates, thresholds and reporting rules change and your circumstances differ. Confirm your position with the Agencia Tributaria or a qualified Spanish tax adviser before acting.