Under the Beckham Law, your income from work is taxed in Spain even if you obtain it abroad, and the rest of your income is only taxed when the Non-Resident Income Tax Law treats it as obtained in Spain. That is what the DGT says in binding ruling V1378-25 of 21 July 2025: article 93.2.b) of the Personal Income Tax Law does not mean that only work income is treated as obtained in Spain, but that article 13.1 of the Non-Resident Income Tax Law applies to the other income. Sales of shares, cryptocurrencies and foreign pensions are analysed under that rule, and four more rulings show how the DGT applies it, each to a specific case.
Key points
- Work is always taxed: "the entirety" of the income from work, and from activities classified as entrepreneurial, obtained during the regime is treated as obtained in Spanish territory (article 93.2.b) LIRPF).
- For everything else, article 13.1 TRLIRNR governs, and V1378-25 expressly corrects anyone who thought that only work counts. In that ruling, interest on deposits and loans to Spanish companies is taxed, on the savings scale.
- Foreign-source dividends and interest: none of the rulings we cite resolves that case under the regime.
- Shares in a non-resident company: in V2195-22 (a United Kingdom company) the gain is not taxed in Spain. The ruling assumes that the shares are not remuneration for work, so RSUs and stock options fall outside it.
- Crypto: it depends on who holds the private keys in custody. If you keep them yourself, or they are held by a resident in Spain or a permanent establishment here, the gain is treated as obtained in Spain; if they are held by a third party that is neither of those, it is not. Staking was left unresolved for lack of information.
- Foreign pension: in V1998-20 it is not taxed only if both conditions are met: it derives from an activity prior to the move, and it neither derives from employment performed in Spain nor is paid by a resident in Spain or a permanent establishment here.
The starting rule: work always, everything else according to its source
Article 93.2.b) of the Personal Income Tax Law, in the wording in force since 1 January 2023 that V1378-25 transcribes, says: "The entirety of the income from economic activities classified as an entrepreneurial activity or of the income from work obtained by the taxpayer while the special regime applies shall be deemed to have been obtained in Spanish territory". This is the rule that corrects the idea that "what comes from abroad is not taxed": work obtained during the regime is taxed in Spain.
The person submitting the query in V1378-25 read that article the other way round: they believed that only work and entrepreneurial activity are treated as obtained in Spain. The DGT clarifies that the provision establishes a special rule for that income, "without prejudice to the provisions of the TRLIRNR being applicable to income other than that referred to in article 93.2.b) of the LIRPF". And it transcribes article 13.1 of that consolidated text, which treats as obtained in Spain, among others, dividends from entities resident in Spain, interest paid by persons or entities resident in Spain or by permanent establishments located here, or that remunerates capital used in Spain, income from real estate located in Spain and the income imputed to individuals who own urban real estate located in Spain not used in economic activities.
V2195-22 sums it up this way: from the literal wording of article 93.2.b) "it cannot be inferred that there is taxation on worldwide income". Two more rules in article 93.2, transcribed in V1378-25, complete the picture. Income obtained in Spain is taxed on an aggregate basis over the calendar year, "without any offsetting between them being possible" (letter c). And dividends, interest and capital gains under article 25.1.f) of the TRLIRNR go to the savings scale in article 93.2.e).2.º, while all other income goes to the scale in 1.º.
V2195-22 and V1998-20 were decided under the wording of article 93 in force before 2023. From them we only take rules that sit outside that article: article 13.1 of the TRLIRNR and article 114.2.a) of the IRPF Regulation. The rule on shares (article 13.1.i)) and the rule in 114.2.a) appear with the same wording in later rulings, V0376-24 and V1378-25. The rule on pensions (article 13.1.d)) is transcribed only in V1998-20.
Dividends and interest: what is resolved and what is not
V1378-25 resolves a case of Spanish-source interest, generated by deposits or loans to Spanish companies: it is taxed under the scale in article 93.2.e).2.º. The same person's rental of a property located in Spain is taxed under the scale in 1.º, and the DGT denies them the deduction of expenses under article 24.6 of the TRLIRNR, because that rule is for residents of another European Union Member State and anyone under the regime is resident in Spain.
What does not exist is a ruling that resolves the case of foreign-source dividends or interest under the regime: none of the five we cite does so. We have explained the rule in article 13.1 as V1378-25 transcribes it, but we do not cite any ruling that applies it to a dividend from a foreign company or to the interest on an account outside Spain, and we do not draw that conclusion ourselves.
Selling shares in a foreign company
Article 13.1.i).1.º of the TRLIRNR treats capital gains as obtained in Spain "when they derive from securities issued by persons or entities resident in Spanish territory". In V2195-22 of 21 October 2022, the person submitting the query, under the regime since 2021, expected gains from selling shares in a United Kingdom company. The DGT concludes that those capital gains or losses will not be subject to taxation in Spain under the special regime.
V0376-24 of 12 March 2024 repeats the rule for shares bought and sold through a platform of a company domiciled in Cyprus: only gains from shares issued by entities resident in Spain are treated as obtained in Spain, "regardless of whether their transfer was carried out through a platform managed by an entity domiciled abroad".
Two limits. First, V2195-22 starts from the assumption that the shares "do not represent remuneration for work" and answers only about their sale, "without assessing the taxation arising from the acquisition". If your shares were given to you by your employer (RSUs, stock options), this article does not resolve your case. Second, the same article 13.1.i), transcribed in both rulings, also treats as obtained in Spain, in its number 3.º, gains derived from holdings in an entity, "resident or not, whose assets consist mainly, directly or indirectly, of real estate located in Spanish territory". Neither of the two rulings analyses that scenario.
The Treaty with the United Kingdom
V2195-22 adds that anyone under the regime cannot be considered resident for the purposes of the Treaty between Spain and the United Kingdom, because of the exclusion in its article 4.1. They can request the tax residence certificate under article 120 of the Personal Income Tax Regulation, but not for the purposes of the provisions of the Treaty. That conclusion refers only to that Treaty. If your case depends on another one, V2195-22 does not resolve it.
Cryptocurrencies: it depends on who holds the keys
Selling cryptocurrencies for euros, or exchanging one for another outside an economic activity, generates a capital gain or loss, according to V1662-23 of 13 June 2023. As intangible movable property, they fall under number 2.º of article 13.1.i) of the TRLIRNR, and what is decisive is whether the cryptocurrencies are considered to be located in Spain. The DGT considers them located in Spain, "exclusively for the purposes of the Non-Resident Income Tax", when the entity that provides the safekeeping service for the private cryptographic keys is based here. And it distinguishes three scenarios:
- If nobody provides you with that service and you hold the keys yourself, the cryptocurrencies are treated as located in Spain, because this is where you are tax resident, and the gain is treated as obtained in Spain, on the savings scale.
- If they are held by a person or entity resident in Spain or a permanent establishment here of a non-resident, they are also treated as located in Spain, with the same result.
- If the safekeeping service is provided by a third party that is neither resident in Spain nor a permanent establishment here, they are not treated as located in Spain and the gain is not treated as obtained here.
V0376-24 applies that criterion to the Cyprus platform that held the assets of the person submitting the query in custody and that, according to the information on the CNMV website, offers its services in Spain under the freedom to provide services, without an establishment: the gains are not treated as obtained in Spain and "it will not be appropriate to include them in Modelo 151". A caveat on dates: V1662-23 warns that "as at the date of this reply there is no legal definition of crypto-assets in force". It dates from June 2023 and we do not update it ourselves.
Staking: the DGT did not reach a conclusion
In V0376-24, the person submitting the query did not explain what they did with their cryptostakes. If they only bought and sold those assets, the DGT reaches the same conclusion as with the cryptocurrencies held in custody in Cyprus, provided that they cannot be considered assets representing the raising and use of third-party capital or a share in the equity of an entity resident in Spain. If they locked them up in the service of a third-party validator in exchange for a reward, that reward would be income from movable capital from the transfer of own capital to third parties, which is treated as obtained in Spain if it is paid by a person or entity resident in Spain or a permanent establishment located here, or if it remunerates capital used in Spain. The DGT says that "the scarce information provided in the query does not make it possible to determine" whether those conditions were met. It only adds that, if none of them is met, the income is not obtained in Spain. There is no further conclusion than that.
Foreign pensions: two conditions, and both of them
V1998-20 of 18 June 2020 answers a British pensioner who receives a benefit from the United Kingdom for their service in the Royal Air Force and works in Spain as an employee under the regime. The DGT starts from the premise that the pension is income from work under article 17.2.a) of the Personal Income Tax Law and reasons in two steps:
- First: if the pension derives from an activity carried out before the date of the move to Spain, article 114.2.a) of the Personal Income Tax Regulation excludes the rule in article 93.2.b), the one that treats all work as obtained in Spain, without prejudice to it being taxed if it is treated as obtained in Spain under the TRLIRNR.
- Second: article 13.1.d) of the TRLIRNR treats pensions as obtained in Spain "when they derive from employment performed in Spanish territory or when they are paid by a person or entity resident in Spanish territory or by a permanent establishment located there". If neither of the two scenarios applies, the pension is not treated as obtained in Spain.
Only when both pieces are met does the DGT conclude that the taxpayer would not have to pay tax on that pension under the regime. If your pension derives from work performed in Spain, or is paid to you by a resident in Spain or a permanent establishment here, the conclusion is not the same. Nor does the ruling analyse a pension deriving from an activity after the move, and, like the others, it answers a specific case.
Wealth Tax
Article 93.1, transcribed in V1378-25, says that anyone who opts for the regime "shall be subject to Wealth Tax on a limited tax liability basis". None of the five rulings develops what that means for your investments, and we do not expand on it here.
Summary: what is taxed in Spain and what is not
| Income | Is it treated as obtained in Spain? | Source |
|---|---|---|
| Income from work, and from entrepreneurial activities, obtained during the regime | Yes, in its entirety | Article 93.2.b) LIRPF, transcribed in V1378-25 |
| Interest on deposits or loans to Spanish companies | Yes, savings scale (article 93.2.e).2.º) | V1378-25 |
| Foreign-source dividends or interest | None of the rulings cited resolves it | Rule in article 13.1.f) TRLIRNR, transcribed in V1378-25 |
| Sale of shares in a non-resident company that are not remuneration for work | No, if they were not issued by an entity resident in Spain (in V2195-22, a United Kingdom company); watch out for entities whose assets consist mainly of real estate in Spain (article 13.1.i).3.º) | V2195-22, V0376-24 |
| RSUs and stock options | Outside the scope of this article | V2195-22 does not address the acquisition |
| Cryptocurrencies with keys held by you, by a resident in Spain or by a permanent establishment here | Yes, savings scale | V1662-23 |
| Cryptocurrencies held by a third party that is neither resident in Spain nor a permanent establishment here | No | V1662-23, V0376-24 |
| Staking rewards | Unresolved: the DGT did not have enough information | V0376-24 |
| Foreign pension | No, only if it derives from an activity prior to the move and it neither derives from employment performed in Spain nor is paid by a resident in Spain or a permanent establishment here | V1998-20 |
Frequently asked questions
Under the Beckham Law, am I taxed in Spain on everything I earn abroad?
Not on everything, but on your work, yes. Article 93.2.b) of the Personal Income Tax Law, transcribed in ruling V1378-25, treats as obtained in Spanish territory "the entirety" of the income from work, and from activities classified as entrepreneurial, obtained during the regime. For other income, the DGT clarifies in that same ruling that the consolidated text of the Non-Resident Income Tax Law applies, and its article 13.1 decides when income is treated as obtained in Spain.
If I sell shares in a foreign company, do I pay tax in Spain?
In ruling V2195-22, on shares in a United Kingdom company, the DGT concludes that the gain or loss on their sale is not subject to taxation in Spain under the regime, because article 13.1.i).1.º of the TRLIRNR only treats as obtained in Spain gains from securities issued by persons or entities resident in Spain. V0376-24 applies the same rule even if the sale is made through a foreign platform. V2195-22 assumes that the shares are not remuneration for work and does not address their acquisition, so it does not resolve the case of RSUs or stock options. And the same article treats as obtained in Spain gains from holdings in entities, resident or not, whose assets consist mainly, directly or indirectly, of real estate located in Spain. Neither of the two rulings analyses that scenario.
Are my cryptocurrencies taxed in Spain?
According to ruling V1662-23 of June 2023, it depends on who holds the private cryptographic keys in custody. If you hold them yourself, or a person or entity resident in Spain or a permanent establishment located here does so, the cryptocurrencies are treated as located in Spain and the gain from selling or exchanging them is treated as obtained in Spain. If they are held by a third party that is neither resident in Spain nor a permanent establishment located here, the cryptocurrencies are not treated as located in Spain and the gain is not treated as obtained in Spain. Staking rewards were left unresolved in V0376-24, because the DGT did not have enough information.
Is my foreign pension taxed in Spain?
In ruling V1998-20, on a British pension, the DGT concludes that it would not be taxed under the regime only if two conditions are met at the same time: that the pension derives from an activity carried out before the date of the move to Spain, and that it neither derives from employment performed in Spanish territory nor is paid by a person or entity resident in Spain or a permanent establishment located here. If either of the two is missing, the conclusion is not the same.
What about dividends or interest from a foreign account or company?
None of the rulings we cite resolves that case under the regime. V1378-25 transcribes the rule in article 13.1.f) of the TRLIRNR, which treats as obtained in Spain dividends from entities resident in Spain and interest paid by residents in Spain, by permanent establishments located here or that remunerates capital used in Spain, and it resolves a case of Spanish-source interest, which is taxed on the savings scale. On foreign-source dividends and interest we do not cite any ruling, nor do we draw the conclusion ourselves.
Before your next return
Each ruling answers the facts of the person who submits it, and with investments the details decide: who issued the shares, who holds your keys, where your pension comes from. If you sold your home, the DGT's criterion is in the article on the exemption for reinvestment in a primary home, and the usual mistakes when filing, in the article on the most common filing mistakes. For the effect on your net salary, there is the calculator. If you want us to prepare your annual return under the regime, DPLL Tax & Legal, an AEAT Social Collaborator firm based in Barcelona, reviews your income item by item. Start with a free 10 minute call.