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Banking in Spain: Your Financial Strategy to Start Living Your Dream Life
At DreamLife, we use the Dream Way Framework - a proven 7-step relocation methodology that transforms your dream into your actual life.
Most people think relocation starts with visas and documents. They're wrong.
Because before we discuss which visa, which bank, which city - we need to understand your financial reality:
  • What income do you have? What type of income?
  • What savings and assets?
  • What lifestyle can you realistically afford?
  • Which countries and visa programs match your financial profile?
  • What tax implications will you face?
Banking isn't just "opening an account." It's part of your financial integration strategy that considers:
  • Your visa status and residency plans
  • Tax residency implications
  • Multi-country financial structures
  • Your existing banking setup (EU vs non-EU accounts)
We offer both strategic consulting AND execution services.
1. What this step means
Banking in Spain is more than getting a Spanish account - it's about smart financial structuring for your new life.
The right banking strategy considers:
  • Your visa type and legal status
  • Tax residency (Spanish vs. home country vs. other)
  • Where your income comes from
  • Whether you already have EU banking
  • Your business structure (employee, autonomo, company)
  • Multi-currency needs
  • International transfers and fees
Critical insight: Not everyone needs a Spanish bank account immediately. Some people already have EU accounts that work better. Others need multiple accounts in different countries for tax optimization.
A Spanish bank account unlocks:
  • Salary and pension payments
  • Automatic rent and utility payments (domiciliación)
  • Mobile phone contracts
  • Access to government services
  • Residence renewal processes
  • Building financial history in Spain
Without it you're stuck in "tourist mode" - paying everything in cash, unable to set up basic services, living in financial limbo.
2. Why people fail here
Wrong approach: Rush to open any account
They think: "I need a Spanish bank account ASAP" and rush to the nearest bank. Result:
  • Wrong bank for their profile
  • Rejected 3-5 times
  • Waste 4-6 weeks
  • Still no clear strategy
What they miss:
They don't consider:
  • Do I even need a Spanish account if I have EU banking?
  • Which account type matches my visa and income structure?
  • What are the tax implications of opening accounts here?
  • How does this fit my overall financial strategy?
Common failures:
Missing documents
Show up with passport only. Bank says "no NIE, no account." Or bring NIE but no proof of address. Entire day wasted.
Language barrier
Can't explain their situation in Spanish. Bank manager doesn't speak English. Miscommunication leads to rejection.
Wrong bank choice
Each bank has different criteria for foreigners. People don't know this and waste weeks trying.
No tax strategy
Open account without understanding tax residency implications. Later face surprise tax bills or compliance issues.
Real client story:
Marco had a Revolut account and thought it was enough. Then:
  • Employer refused to pay salary to non-Spanish IBAN
  • Landlord required Spanish bank for domiciliación
  • Mobile provider rejected his application
  • NIE renewal required proof of Spanish banking
He scrambled to open an account in 1 week, accepted poor terms, paid unnecessary fees.
If he'd consulted us first: We would have told him exactly when to open Spanish account, which bank, what structure, and how to minimize fees while maintaining his Revolut for international transfers.
3. What decisions are made
At this step, you need strategic clarity on:
Do you even need a Spanish bank account?
You might NOT need one if:
  • You have another EU bank account (some work for basic needs)
  • You're staying short-term on tourist visa
  • You're not working or studying in Spain
You DEFINITELY need one if:
  • Working in Spain (employers require Spanish IBAN)
  • Renting long-term (landlords want domiciliación)
  • Applying for residence or renewals
  • Setting up autonomo or business
  • Accessing healthcare and government services
Which bank matches your profile?
Each bank has different requirements and criteria for foreigners. The right bank choice for your profile is the difference between first-time approval and multiple rejections.
Wrong bank = rejection. Right bank = approved first visit.
What's your tax strategy?
Critical questions:
  • Will opening Spanish account trigger tax residency?
  • Should you maintain home country accounts?
  • How to structure accounts for tax optimization?
  • What reporting requirements apply?
Example: Digital nomad with US LLC needs different structure than Spanish employee. One consultation prevents costly mistakes.
When to open it?
Optimal timing:
  • After receiving NIE (required document)
  • Before starting work (employer needs IBAN)
  • Coordinated with empadronamiento (proof of address)
  • Aligned with tax planning strategy
Many open too late, then scramble when employer says "we need your Spanish IBAN by Monday."
4. How DreamLife supports youAvailable Services
We offer three levels of service - from strategic consulting to full execution:
DREAM FINANCE CONSULTING
Strategic financial advice for your Spain relocation
€150 + VAT
[Order Service →]
Who it's for:
  • You're moving to Spain and want clarity BEFORE opening accounts
  • You have EU banking and wonder if you need Spanish accounts
  • You want to avoid costly banking mistakes
  • You need expert advice on which banks to use
What's included:
✅ 60-minute consultation with financial strategist
✅ Analysis of your current banking setup
✅ Recommendations on Spanish account needs
✅ Specific bank matches for your profile
✅ Tax implications of banking structures
✅ Timeline and action plan
DREAM TAX CONSULTING
Tax strategy for Spanish banking and residency
€250 + VAT
[Order Service →]
Who it's for:
  • You're becoming Spanish tax resident
  • You have complex income structures (digital nomad, entrepreneur)
  • You have assets in multiple countries
  • You want to optimize taxes legally
What's included:
✅ 60-minute consultation with tax specialist
✅ Tax residency rules and triggers explained
✅ Banking and tax implications analysis
✅ Compliance roadmap (Modelo 720, declarations)
✅ Income and business taxation strategy
✅ Tools and resources for staying compliant
DREAM BANK
Full bank account opening service with personal accompaniment
€500 + VAT
[Order Service →]
Who it's for:
  • New residents who need account opened ASAP
  • Students rejected by multiple banks
  • Workers needing salary account for job start
  • Entrepreneurs needing business account
  • Anyone tired of rejections and language barriers
What's included:
✅ Personal consultation and situation analysis
✅ Optimal bank selection for your profile
✅ Document preparation and translation help
✅ Appointment booking with English/Russian-speaking manager
✅ Personal accompaniment to bank
✅ Account opening and IBAN confirmation
✅ Online banking and mobile app setup
✅ Debit card issuance and activation
Timeline: 1-2 weeks from start to card in hand
Note: We recommend starting with Dream Finance Consulting (€150) to ensure you need a Spanish account and choose the right structure. However, if you're certain you need standard account opening, you can book Dream Finance (€500) directly.
Process Timeline:
Stage 1: Consultation (1-2 days)
  • Analyze your documents and situation
  • Select optimal bank for your profile
  • Prepare exact document checklist
Stage 2: Booking and Preparation (3-5 days)
  • Book appointment with bank
  • Translate documents if necessary
  • Brief you on what to expect
Stage 3: Bank Visit (1 day)
  • Personal accompaniment to bank
  • Account opening and document submission
  • Online banking activation
Stage 4: Card Collection (5-10 days)
  • Help you collect physical card
  • Training on using banking services
  • Answer all remaining questions
Total time: 1-2 weeks from start to finish
Which banks we work with:
We match you to the bank based on YOUR specific profile. Each bank has its own criteria and specialization.
We don't guess. We match you strategically.
Required documents:
Basic documents (most banks):
  • Passport with valid visa or residence permit
  • NIE (Número de Identidad de Extranjero)
  • Proof of address - Empadronamiento certificate
  • Proof of income (work contract, payslips, bank statements)
May also need:
  • Bank reference letter from home country
  • Rental contract
  • Student enrollment certificate (for students)
Exact list prepared individually based on your situation and chosen bank.
5. Available services (Summary)
DREAM FINANCE CONSULTING - €150 + VAT
Strategic advice: Do you need Spanish account? Which bank? What structure?
Duration: 60 minutes
Outcome: Clear banking strategy
[Book Consultation →]
DREAM TAX CONSULTING - €250 + VAT
Tax strategy: Residency implications, compliance, optimization
Duration: 60 minutes
Outcome: Complete tax roadmap
[Book Consultation →]
DREAM BANK - €500 + VAT
Full service: We open your account for you with accompaniment
Timeline: 1-2 weeks
Outcome: Working Spanish bank account with card
[Book Service →]
Common client scenarios:
"I have Revolut - do I need Spanish account?"
Book Dream Finance Consulting. We'll analyze if you need one and when.
"I'm becoming tax resident - what do I need to know?"
Book Dream Tax Consulting (€250). We'll cover all tax implications and compliance.
"I need account opened ASAP for work"
Book Dream Finance (€500). We'll have you approved and set up in 1-2 weeks.
"I want complete financial strategy for Spain move"
Book both consultations (€150 + €250 = €400). Then decide on execution.
Frequently Asked Questions
Q: Do you guarantee account opening?
A: We work only with proven banks and know their requirements. Approval probability is very high, but final decision is made by the bank.
Q: Can I open account without NIE?
A: In most cases NIE is required, but there are exceptions. Tell us your situation in consultation.
Q: How long does the full process take?
A: From consultation to receiving card: usually 1-2 weeks.
Q: Do you work in cities other than Barcelona?
A: Yes, we have partners in major Spanish cities.
Q: Should I start with consulting or go straight to account opening?
A: We recommend Dream Finance Consulting (€150) first if you're unsure about your banking strategy. If you're certain you need standard account, you can book Dream Finance (€500) directly.
Ready to get started?
Step 1: Choose your service based on your needs
Step 2: Book consultation or service
Step 3: We analyze your situation
Step 4: You get clear strategy or opened account
DREAM START

30-minute expert consultation with a Dream Life manager about your personal situation.
Who it's for:
  • Not sure which visa suits you best
  • Need a quick answer to a specific question
  • Want to understand where to start
What’s included:
✅ Analysis of your situation
✅ Recommendation of the most suitable visa
✅ Answers to your questions about the process
✅ Step-by-step action plan
50€ + VAT
Spain is not just a country with a wonderful climate and rich culture. It is a dynamically developing European economy that opens doors for ambitious entrepreneurs from all corners of the world. If you dream of your own business under the Spanish sun, this article will become your comprehensive guide.

Why exactly Spain for your business?

Why exactly Spain for your business?

  • Spain occupies a strategic position on the world map — it is a bridge between Europe, Africa and America.

  • The country is part of the eurozone, which ensures currency stability and access to the largest single market in the world.

  • The Spanish economy is the fourth largest in Europe and the 14th in the world, which creates many opportunities for business growth and development.

  • The Spanish government actively supports entrepreneurship, especially in the field of innovation and technology. 

  • The country offers various benefits for startups, investors and digital nomads. In addition, the Spanish labor market is distinguished by a high level of education.

  • Spain is among the top countries in terms of the number of people with higher education.

  • The quality of life in Spain is recognized as one of the best in the world. This means that you will not only be able to successfully run a business, but also enjoy life in a country with a rich culture, excellent cuisine and an ideal climate for work and leisure.

Can a foreigner open a business in Spain?

Absolutely yes! Spain welcomes foreign entrepreneurs and investors. Moreover, the country’s legislation is specially adapted to simplify business opening procedures for non-EU citizens.

Foreigners have equal rights with Spanish citizens in matters of doing business. You can:
  • Register companies of any forms

  • Own 100% of shares or stakes in a company

  • Be the sole founder and director

  • Open business bank accounts

  • Obtain all types of licenses and permits

The only requirement is the availability of NIE (Número de Identificación de Extranjero) — the foreigner’s tax number, which is easy to obtain at any police station or Spanish consulate.

Main forms of doing business in Spain

Main forms of doing business in Spain

1
Autónomo — Spanish sole proprietor (self-employed).

Autónomo status is the simplest and fastest way to start a business in Spain.
1

Autónomo — Spanish sole proprietor (self-employed).


Autónomo status is the simplest and fastest way to start a business in Spain.

It is ideal for:

  • Freelancers and consultants
  • Small businesses with a turnover of up to 1–2 million euros per year
  • Those who want to test their business idea
  • Digital nomads working with Spanish clients

Advantages of autónomo status:

  • Fast registration (1–2 weeks)
  • Minimal startup costs
  • Simple reporting
  • Possibility to work in most fields of activity
  • Tax benefits for beginners (reduced rates in the first months)

Taxation of autónomos:

Autónomos pay personal income tax on a progressive scale from 19% to 47%, depending on annual income. They must also make monthly social security contributions, which in 2025 amount to from €294 per month for new autónomos.
2

Sociedad Limitada (SL) — Limited Liability Company.


SL is the Spanish equivalent of LLC, the most popular form of corporate business in Spain. 
2

Sociedad Limitada (SL) — Limited Liability Company.


SL is the Spanish equivalent of LLC, the most popular form of corporate business in Spain. 

This form is suitable for:

  • Medium and large businesses
  • Companies with several shareholders
  • Businesses requiring investment
  • Activities with increased risks

Features of SL:

  • Minimum share capital — €3,006
  • Limited liability of shareholders
  • Possibility to have from 1 to unlimited shareholders
  • Clear separation of personal and corporate assets
  • More opportunities for tax planning

Taxation of SL:

Companies pay corporate tax at 25% of profit. For new companies, a reduced rate of 15% applies during the first two years. VAT (IVA) is 21% for most goods and services, but there are reduced categories with rates of 10% and 4%.
3

Sociedad Anónima (SA) — Joint-Stock Company.


SA is suitable for large projects requiring significant investment:

  • Minimum share capital — €60,101
  • Possibility of public offering of shares
  • More complex management structure
  • Suitable for large-scale projects and IPOs
3

Sociedad Anónima (SA) — Joint-Stock Company.


SA is suitable for large projects requiring significant investment:

  • Minimum share capital — €60,101
  • Possibility of public offering of shares
  • More complex management structure
  • Suitable for large-scale projects and IPOs
Other forms of business activity:
Comunidad de Bienes — simple partnership for joint activity without forming a legal entity.
Sociedad Civil — civil partnership for professional activity (doctors, lawyers, architects).
Cooperativa — cooperative for socially oriented business.

Tax system in Spain for business

The Spanish tax system is relatively transparent and predictable. The main taxes that apply to business are:

Tax system in Spain for business

The Spanish tax system is relatively transparent and predictable. The main taxes that apply to business are:

Corporate tax (Impuesto sobre Sociedades)

  • Standard rate: 25%
  • Reduced rate for new companies: 15% during the first two years
  • Reduced rate for innovative startups: can be lowered to 10%

Personal income tax for autónomos (IRPF)

Progressive scale:
  • Up to €12,450: 19%
  • €12,450 – €20,200: 24%
  • €20,200 – €35,200: 30%
  • €35,200 – €60,000: 37%
  • Over €60,000: 45%
  • Over €300,000: 47%

VAT (IVA)

  • Standard rate: 21%
  • Reduced rate: 10% (food, medicines, books)
  • Super-reduced rate: 4% (bread, milk, fruit, vegetables)
  • Exemptions: education, healthcare, financial services

Social security contributions

Autónomos and companies are required to contribute to the social security system:
  • Autónomos: from €294 per month (reduced tariff for new ones)
  • Companies: about 30% of payroll

Tax benefits and advantages

Tax benefits and advantages

Canary Islands (ZEC):

Special economic zone with corporate tax at 4% for certain activities.

Benefits for startups:

  • Reduced corporate tax to 15% during the first two years
  • Ability to carry forward losses to future periods
  • Capital gains tax exemptions for investors

Double taxation treaties:

Spain has agreements with over 100 countries, allowing to avoid double taxation and optimize tax burden.

Best cities to start a business in Spain

Best cities to start a business in Spain

Madrid is the financial and business center of Spain. The headquarters of the largest Spanish and international companies are located here.

Advantages of Madrid:
  • Decision-making center
  • Developed financial infrastructure
  • Best networking opportunities
  • High concentration of talent
  • Excellent transport accessibility
Suitable for:
  • Fintech and banking services
  • Consulting and professional services
  • Headquarters of international companies
  • B2B services

Step-by-step process of starting a business in Spain

Step-by-step process of starting a business in Spain

For Autónomo (self-employed status):
  • Obtain NIE — foreigner identification number
  • Choose a tax regime — modular or direct method
  • Register with the tax office (Hacienda) — submit form 036 or 037
  • Register with social security — obtain social security number
  • Open a business bank account
  • Obtain licenses (if required for your activity)
For a company (SL):
  • Obtain NIE for all founders
  • Reserve the company name in the Central Commercial Registry
  • Open a bank account and deposit the share capital
  • Notarize the incorporation documents
  • Register with the tax office — obtain the company tax number (CIF)
  • Register with the Commercial Registry
  • Register with social security as an employer
  • Obtain licenses and permits

Popular business sectors in Spain

Popular business sectors in Spain
Tourism and Hospitality
Spain is the second most popular tourist country in the world. The tourism sector accounts for about 12% of the country’s GDP.
Opportunities:
  • Hotels and apartments
  • Restaurants and bars
  • Tourist services and excursions
  • Short-term rentals
  • Event tourism
Information Technology
The IT sector in Spain grows by 15–20% per year, significantly exceeding the EU average.
Opportunities:
  • Mobile app development
  • SaaS solutions
  • E-commerce platforms
  • Cybersecurity
  • Artificial intelligence
Renewable Energy
Spain is one of the leaders in renewable energy in Europe.
Opportunities:
  • Solar energy
  • Wind energy
  • Energy consulting
  • Energy storage systems
Agrotechnologies
Spain is the largest producer of fruits and vegetables in the EU.
Opportunities:
  • Precision agriculture
  • Irrigation systems
  • Organic production
  • Food technologies
Real Estate
The Spanish real estate market has recovered after the crisis and shows stable growth.
Opportunities:
  • Development
  • Property management
  • Renovation and reconstruction
  • Commercial real estate

Types of visas for doing business in Spain

Types of visas for doing business in Spain

Digital Nomad Visa

Since 2023, Spain offers a special visa for digital nomads, allowing them to live in the country for up to a year while working remotely.
Requirements:
  • Income of at least €2,000 per month
  • Work for companies outside Spain (minimum 80% of income)
  • Health insurance
  • No criminal record

Startup Visa

Visa for entrepreneurs with innovative projects approved by a special commission.
Requirements:
  • Innovative nature of the project
  • Economic justification
  • Sufficient financial resources
  • Higher education or experience in the field

Investor Visa (Golden Visa)

Visa for large investors providing residency in exchange for significant investments.
Requirements:
  • Investment of €500,000 in real estate
  • Or €1 million in Spanish company shares
  • Or €2 million in government bonds

Self-employed visa

Standard work visa for those planning to run a business in Spain as Autónomo.
Requirements:
  • Business plan
  • Sufficient financial resources
  • Relevant education or experience
  • No criminal record

Banking services for business

The Spanish banking system is considered one of the most reliable in the world. A corporate bank account is required to run a business.

Banking services for business

The Spanish banking system is considered one of the most reliable in the world. A corporate bank account is required to run a business.
Main banks for business:
  • Santander — largest bank in Spain with excellent service for international business
  • BBVA — strong position in digital services
  • CaixaBank — wide branch network
  • Sabadell — specialization in small and medium-sized businesses
Documents for opening a corporate account:
  • NIE of all signatories
  • Company incorporation documents
  • Certificate from the commercial registry
  • Business plan
  • Proof of company address
  • Intellectual property and licensing documents

Intellectual property and licensing

Spain participates in all major international agreements for intellectual property protection.

Intellectual property and licensing

Spain participates in all major international agreements for intellectual property protection.
Trademark registration:
  • At the Spanish Patent and Trademark Office (OEPM)
  • Or at the European Union Intellectual Property Office (EUIPO)
Patents:
  • National registration via OEPM
  • European registration via EPO
  • International registration via WIPO

Labor law

If you plan to hire employees, it is important to know the basics of Spanish labor law:

Labor law

If you plan to hire employees, it is important to know the basics of Spanish labor law:
Types of employment contracts:
  • Permanent contract — standard form
  • Fixed-term contract — for temporary projects
  • Part-time contract
  • Internship contract for young specialists
Social guarantees:
  • Minimum wage: €1,134 per month (2025)
  • Vacation: minimum 30 calendar days
  • Sick leave: 100% pay from the 4th day
  • Maternity/paternity leave: 16 weeks for mother, 16 weeks for father

Support for startups and innovation

The Spanish government and regional authorities offer many support programs for new companies:

Support for startups and innovation

The Spanish government and regional authorities offer many support programs for new companies:
ENISA — National Innovation Company
Provides loans for innovative companies on favorable terms.
ICO — Official Credit Institute
Funding programs for SMEs.

Funding programs for small and medium-sized businesses.

Funding programs for small and medium-sized businesses.

Regional programs:
  • Madrid: Madrid Emprende
  • Catalonia: ACCIÓ
  • Valencia: IVACE
  • Andalusia: IDEA
Business incubators and accelerators:
  • Wayra (Telefónica)
  • Lanzadera (Juan Roig)
  • Seedrocket
  • Ship2B

Our services: turning your business dreams into reality

We know Spanish business from A to Z and are ready to become your reliable partners on the path to success. Our team of experts offers a full range of services for starting and developing a business in Spain:

Our services: turning your business dreams into reality

We know Spanish business from A to Z and are ready to become your reliable partners on the path to success. Our team of experts offers a full range of services for starting and developing a business in Spain:

🚀 Dream Business — turnkey company registration

Full support for registering any form of business in Spain:

  1. Consultation on choosing the optimal legal structure
  2. Company name reservation
  3. Preparation of all necessary documents
  4. Notarization
  5. Registration in the commercial registry
  6. Obtaining a tax number (CIF)
  7. Opening a corporate bank account
  8. Registration in social security

Timeline: 2–4 weeks

Result: Fully operational company

Book Service

Dream Startup — from idea to successful business

Comprehensive support for innovative projects:

  1. Analysis and development of business idea
  2. Creation of a professional business plan
  3. Market and competitor research
  4. Financial modeling and forecasts
  5. Assistance in obtaining a startup visa
  6. Finding investors and grants
  7. Legal support for the project
  8. Integration into Spain’s startup ecosystem

Feature: We don’t just prepare documents; we create the foundation for the successful development of your project in Spain.

Book Service

💼 Dream Mini Business — Autónomo status for freelancers

Fast registration of individual entrepreneur status:

  1. Obtaining NIE (if necessary)
  2. Choosing the optimal tax regime
  3. Registration with the tax office (Hacienda)
  4. Social security registration
  5. Reporting consultations
  6. Assistance in obtaining professional licenses
  7. Tax optimization

Ideal for: Freelancers, consultants, digital nomads, small businesses

Book Service

📊 Tax consulting — optimizing your expenses

Professional tax planning and advisory:

  1. Analysis of current tax burden
  2. Development of a tax planning strategy
  3. Consultation on international taxation
  4. Assistance with applying double taxation agreements
  5. Tax incentives and preferences
  6. Representation before tax authorities
  7. Tax due diligence when buying a business

Result: Significant tax savings while fully complying with the law

Book Service

📈 Accounting support — forget about routine

Complete bookkeeping and reporting:

  1. Managing primary documentation
  2. Preparing monthly reports
  3. Filing tax returns
  4. Payroll and social security calculations
  5. Management reporting
  6. Financial planning consultations
  7. Preparation for tax audits

Advantage: We free you from routine work so you can focus on business growth.

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🏛️ Corporate services — growing your business

Comprehensive legal and corporate support:

  1. Corporate planning and restructuring
  2. Drafting contracts and agreements
  3. M&A deal support
  4. Licensing
  5. Trademark and patent registration
  6. Labor law and HR consulting
  7. Representation in courts and government agencies
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Why choose us?

Why choose us?

Expertise — Deep knowledge of Spanish law and business practices

Personalized approach — Tailored solutions for each client

Speed — Fast task completion thanks to streamlined processes

Transparency — Clear deadlines, fixed prices, reporting at every stage

Support — Assistance not only during launch but also in business development

Network — Connections with banks, investors, government agencies, and business community

Start your path to success today
Spain opens unlimited opportunities for ambitious entrepreneurs. The country offers a stable economy, favorable taxation, high quality of life, and access to the European market.

Whether you want to launch a tech startup in Barcelona, open a restaurant in Madrid, operate as Autónomo in Valencia, or create an international company in the Canary Islands — we will help make your business dreams a reality.

Our Team

Ready to move to Spain, but don't know where to start?
We've created 3 fast services so you don't waste time — choose yours.