Moving to Spain with savings abroad: how to manage them without hassle

Zoom

Raisin provides access exclusively to savings accounts and term deposits from banks across the European Union within a single platform

SUR in English

Málaga

Wednesday, 25 February 2026, 17:52

Moving to Spain is often an exciting milestone: a new country, a new personal or professional chapter, and frequently, a better quality of life.

However, for those arriving with savings accounts or fixed-term deposits abroad, an important question soon arises: how should these assets be managed under the Spanish tax system? What happens to interest earned outside the country? What must be declared, when, and with which documents?

For many expatriates and retirees, these doubts appear repeatedly, often with little time to react.

Your taxes don’t travel with you

A common mistake is assuming that nothing changes if the money stays abroad. Once you become a Spanish tax resident, Spain taxes your worldwide income. Interest earned on foreign accounts and deposits must therefore be declared in Spain, even if the bank is in Germany, France, or the Netherlands.

Beyond paying tax, there are also reporting obligations that many people overlook. Most errors are not intentional but stem from misunderstanding the system. Still, ignorance does not exempt anyone from compliance.

Why savings are usually the safest assets when moving countries

Not all financial products create the same tax complexity. While savings accounts and fixed-term deposits are generally among the simplest to manage when changing tax residence, complexity often arises when finances become fragmented across banks, countries, and languages.

Zoom

Interest income is clearly defined and easy to calculate. Unlike other investments, there are no complex valuations or transaction histories to reconstruct, only balances and interest earned.

Over time, finances often become fragmented across banks, countries, and languages. This can lead to delayed certificates, foreign-language documents, or misaligned tax calendars. Keeping savings structured clearly reduces the risk of mistakes in a new tax system.

Income tax and reporting forms: when doubts arise

Declaring interest in the Spanish Personal Income Tax (IRPF) may not be enough. Reporting obligations can also apply. The real challenge is organisational: knowing where your money is, how much interest it generates and whether reporting thresholds have been exceeded.

One key obligation is Form 720, which requires reporting bank accounts and deposits held abroad when their combined value exceeds €50,000. It does not result in additional tax but requires precise details on balances, banks, countries, and dates.

For example, if Max moves to Spain with €100,000 in a German fixed-term deposit and €50,000 in a German savings account, he must declare the interest in his Spanish tax return and submit Form 720 reporting both accounts.

The difficulty rarely lies in the amounts, but in maintaining a consolidated view of savings spread across institutions and documents.

How Raisin helps simplify everything

Moving to Spain should not mean constant tax uncertainty. In practice, the main obstacle is disorganisation.

Raisin provides access exclusively to savings accounts and term deposits from banks across the European Union within a single platform, reducing fragmentation and making it easier to track balances and interest.

Zoom

As a new client, you can open the Cuenta Bienvenida, offering 3.3% AER. It is a commission-free account, designed to help you organise your savings efficiently. Through Cambio Inteligente, you can continue investing in competitive European savings products while maintaining visibility and control.

Raisin provides customers with access to and a clear overview of their account information and documents (e.g., balances and interest statements) that may be relevant for their tax reporting, including potential reporting obligations such as Form 720*.

If you live in Spain and hold savings abroad, scan the QR code to access Raisin and start managing your savings in a clear, organised and secure way. Living in Spain should bring peace of mind, not ongoing tax concern.

* Please keep in mind that Raisin does not prepare, validate, or submit tax forms on customers’ behalf. Customers remain responsible for determining whether they have a reporting obligation and for filing the relevant forms.

Please note that Raisin Spain’s website is primarily available in Spanish. If you need support in English, our Customer Service team will be happy to assist you.