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Unmasking Spanish Bank Accounts
When considering opening a bank account in Spain, it is crucial to recognize that not all institutions offering a Spanish IBAN are fully integrated into Spain's daily banking operations.
Modern digital banks such as N26 and Revolut, while popular for their convenience and modern features, might not align with what one might expect from a traditional Spanish bank.
If you opt for services from companies like N26 or Revolut you are required to pay any applicable taxes and fees using cash/credit card through an ATM at a traditional Spanish bank from the specified list below.
N26 and Revolut only provide a spanish IBAN - not more. And often this isn't enough!
Traditional banks listed on the official Canary Islands government website, which provides a directory of entities recognized for tax and administrative purposes, are often better suited for comprehensive banking needs in Spain. These banks are typically involved in everyday financial activities and are fully compliant with local regulations, making them the first choice for those seeking a reliable banking solution.
Planning to become self-employed or to establish a limited company in Spain? It's essential to have a fully integrated bank account in these scenarios.
Companies recognized by the Canary Islands Tax Agency
Most of these institutions offer accounts that can be opened with either a white NIE or a passport, and can be converted to a local account when necessary. Additionally, having access to a cashier or assistant can be extremely helpful when encountering issues with paying any taxes or fees.
Planning to become self-employed or to establish a limited company in Spain? It's essential to have a fully integrated bank account in these scenarios.
Example "modelos"
With the banks listed above, you can complete numerous tax-related forms ("modelos") through your Spanish bank account. Here are some examples.
- Modelo 100 - Personal Income Tax Declaration.
- Modelo 130 - Quarterly Income Tax Pre-payment for self-employed individuals.
- Modelo 303 - Quarterly VAT Return.
- Modelo 390 - Annual VAT Summary.
- Modelo 115 - Quarterly Retention for rents.
- Modelo 180 - Annual summary of retentions for rents.
- Modelo 600 - Property transfer tax.
- Modelo 650 - Inheritance tax.
- Modelo 200 - Corporate tax.
- Modelo 202 - Quarterly Corporate tax pre-payments.
- Modelo 111 - Quarterly withholding tax return for employee income.
- Modelo 190 - Annual summary of withholdings from work income.
- Modelo 347 - Annual declaration of transactions with third parties.
- Modelo 349 - Declaration of intra-community transactions.
- Modelo 751 - Inheritance and gift tax.
- Modelo 621 - Transfer tax for vehicle sales.
- Modelo 143 - Family allowance application for large families or dependents.
- Modelo 714 - Wealth Tax return.
- Modelo 121 - Tax reduction for large family or dependents.
- Modelo 122 - Deduction for maternity.
More details available on the official Canary Islands government website