Note
Net rental yield in Spain after tax
Quick answer
A non-resident pays Spanish tax on rent at 19% if resident in the EU or EEA, or 24% otherwise. For most the base is the gross rent with no expense deducted, so a high-cost home yields less than it seems. Months without a tenant bring imputed income.
Applies toNon-resident owners who let a Spanish home and want the yield after Spanish tax.
On this page: 9 sections
§ 1Tax belongs in the yield
A gross yield ignores tax, and tax is a big part of what an owner keeps. This page belongs to the chapter in how rental yields work and shows where tax enters the calculation described in calculating a yield explained. It covers Spanish tax on a non-resident owner, and your tax at home is a separate matter that the nationality section explains.
§ 2The rates
The tax agency states that rent from Spanish property paid to a resident of the EU, Iceland, Norway or Liechtenstein is taxed at 19%, and at 24% for other non-residents. The rates apply to the taxable base, and the return is the model 210 explained in the costs section.
§ 3The base
The agency says that, in general, the base is the gross rent with no expense deducted. Residents of another EU or EEA state with effective exchange of information may deduct expenses directly related to the income earned in Spain, if they can prove them. This is the main reason an EU owner and a non-EU owner have different net yields from the same home.
§ 4A method
Take the rent received in the year. If you are in the first group, subtract the directly related expenses you can prove. Apply the rate to the result. If you are in the second group, apply the rate to the gross rent. The tax paid is then subtracted from the income you keep. Keep your costs low where they cannot be deducted, and keep records where they can.
§ 5Months without a tenant
A home that is not let for part of the year is taxed on imputed income for those months, as a share of the cadastral value, with no expense deducted. The tax agency states that the rent covers the months the home is let and imputed income covers the others. The costs section explains the calculation. A decree-law of October 2026 is reported to change imputed income from 2027, and we have not read the operative text.
§ 6Tourist lets
Rules on tourist lets add questions. A decree-law of October 2026 is reported to bring furnished short lets into VAT from December, including for non-resident owners. We have not read the operative text, so ask your adviser before you rely on a tourist yield.
§ 7Tax at home
Your home country may tax the same rent and give credit for Spanish tax under a treaty. The nationality section explains the points for British, American and other owners.
§ 8Update each year
Tax rules and rates change. Re-run your worksheet each year with the current rates and your actual costs.
§ 9More on this topic
Yields by city explained explains how to compare cities without invented yields.
FAQRelated questions
What tax rate applies to my rent?
For residents of the EU, Iceland, Norway and Liechtenstein it is lower than the general rate for other non-residents. The tax agency publishes both rates, and the costs section explains them. Your home-country tax is a separate matter.
Can I deduct my costs?
In general, no, for non-residents outside the EU and EEA. Residents of other EU and EEA states with effective information exchange may deduct directly related expenses if they prove them. Ask a tax adviser which applies to you.
What about the months it is empty?
Tax on imputed income applies to the unlet months of a home you own, as a share of the cadastral value, with no expense deductible. For part-year lets the year is split between rent and imputed income.
Sources
- Agencia Tributaria: Rental income of non-residents: specific questions on property (official source, opens in a new window), Rates, gross base, deductible expenses, imputed income for unlet monthsLast checked 17 October 2026
- Agencia Tributaria: Worked example of imputed income (renta imputada) (official source, opens in a new window), Percentages of cadastral value and rates (2018 accrual)Last checked 17 October 2026
- Boletín Oficial del Estado: Real Decreto-ley 29/2026, de 6 de octubre, por el que se adoptan medidas urgentes para la protección de la función social de la vivienda y la ampliación de la oferta de vivienda asequible (BOE-A-2026-20823) (official source, opens in a new window), Arts. 1 to 10 and the fifth and sixth final provisions read in the gazette page; end of the final provisions not readLast checked 26 October 2026
Tax note. Rates depend on the region, the type of property and the buyer, and they change. Figures here are dated and sourced; examples are illustrative and show their assumptions. Confirm yours with the regional tax agency or a tax adviser.