As long as you maintain your residence in the Madrid region, you will avoid the national wealth tax. And, yes, your stated assets are under the €3 million threshold for the "solidarity" tax.
Expect an increase in taxes on interest, dividends and capital gains, though, as you will be living more than 181 days a year in Spain and thus qualify as Spanish resident.
But this will be offset by a lower cost of living: I paid €75 for a week of groceries for 2 adults last week in Madrid (a dozen eggs were €3.20). Public transit is cheap, safe and available throughout metro area (I actually ride subway and regional train for free as I'm over 65), whereas parking is difficult, and you can always rent carsharing (e.g., Zity) via apps. You can also use Uber or Cabify to get around the city. I paid all of €9 to take high-speed train to Valencia last month. Faster, cheaper and easier than driving there.
I'd keep US mailing address for US financial accounts.
Spanish public healthcare is a paradox. There may be no toilet paper at the hospital, but the professionals are well-trained, competent, dedicated and aren't upselling anything. And equipment may be better than in the private sector. However, there may be significant wait time for non-urgent surgery. So, good to budget for private supplement (e.g. HMO).
US consulate/embassy in Madrid were once very responsive, but quality has declined significantly. I contacted them 3 times last year to apply for Social Security - still waiting for a response.
Expect an increase in taxes on interest, dividends and capital gains, though, as you will be living more than 181 days a year in Spain and thus qualify as Spanish resident.
But this will be offset by a lower cost of living: I paid €75 for a week of groceries for 2 adults last week in Madrid (a dozen eggs were €3.20). Public transit is cheap, safe and available throughout metro area (I actually ride subway and regional train for free as I'm over 65), whereas parking is difficult, and you can always rent carsharing (e.g., Zity) via apps. You can also use Uber or Cabify to get around the city. I paid all of €9 to take high-speed train to Valencia last month. Faster, cheaper and easier than driving there.
I'd keep US mailing address for US financial accounts.
Spanish public healthcare is a paradox. There may be no toilet paper at the hospital, but the professionals are well-trained, competent, dedicated and aren't upselling anything. And equipment may be better than in the private sector. However, there may be significant wait time for non-urgent surgery. So, good to budget for private supplement (e.g. HMO).
US consulate/embassy in Madrid were once very responsive, but quality has declined significantly. I contacted them 3 times last year to apply for Social Security - still waiting for a response.
Statistics: Posted by bagle — Mon Mar 10, 2025 4:45 am — Replies 54 — Views 8940