Everything that changes in Spain in 2024
Measures to help with the cost of living crisis, an increase in taxes, new rules for Spain's self employed workers and free train travel extended, these are just some of the changes that you can expect in Spain in 2024.
Measures maintained to help with the cost of living crisis
The Spanish government recently announced a new decree that would extend some of the anti-inflation measures into the new year, including maintaining the VAT reduction on basic food items and continuing to offer free public transport.
Other forms of aid include eliminating bank commissions at ATMs for those with disabilities and the elderly, as well as the prohibition of carrying out evictions of the most vulnerable. Find out all about these and the other measures that will be extended into 2024.
Changes for the self-employed
Spain's 3.3 million 'autónomos' will have to get their heads around several new changes next year including amendments to social security payments, VAT and income tax returns. In 2024, social security payments will be reduced further for those on low incomes, while they will increase for those who earn more.
Currently, those self-employed workers who earn an annual net income equal to or greater than €1,000 have to submit an Income Tax Return, but from 2024 everyone will have to do this, regardless of how much they earn. There will also be changes in reporting VAT, and new self-employed workers in the Canary Islands, Extremadura and Galicia will join those in some of Spain’s other regions (such as Madrid) and benefit from not having to pay social security when they first sign up.
READ ALSO: Everything that changes for self-employed workers in Spain in 2024
Financial aid for the self-employed
Autónomos may have lots of new changes to come, but thankfully there are several financial aid programmes to help them out in the new year too.
Self-employed workers in Valencia will be able to benefit from non-refundable subsidies of up to 40 percent with a maximum of €100,000 per beneficiary, while those in Madrid can choose from three different types of aid including subsidies and entrepreneurship programmes.
There's also financing available through the Official Credit Institute and benefits for those hiring unemployed workers.
Increase in taxes
Unfortunately, 2024 will bring with it an increase in several different taxes here in Spain, from personal income tax to taxes on large fortunes. Experts estimate that the government will collect €204 million more from personal income tax in 2024 than they did this year. This is mainly due to the increase in the tax savings brackets.
The temporary solidarity tax on those with net assets greater than €3 million will continue in 2024, designed to add €21 million to the State coffers to help combat inflation.
Transport discounts have been extended
After speculation and intense debate within the Spanish cabinet, public transport discounts are set to be extended again in Spain until the end of 2024. Earlier this month Sánchez announced that public free transport would likely only be continued for children, young people, and the unemployed, but rules mean it's now extended to all passengers.
This means they will continue to offer a 30 percent discount on public transport as before, while each region will be responsible for adding a discount to extend this reduction. Passengers can obtain free travel by paying a €10 deposit on Cercanías or Rodalies commuter trains and a €20 deposit on Media Distancia (mid-distance) trains. This will be returned to them if they have made a total of 16 journeys during three months.
Transport tickets on Rodalies and Cercanías will remain free in 2024. Photo: Andrew Bone from Weymouth, England / Wikimedia Commons
Changes to travel in Spain
Relaxed airport security, new direct flights, extra taxes on plane tickets, new international train links, free or discounted public transport, good news for drivers and more - there are lots of changes to expect when it comes to travel in Spain in 2024.
Spanish airport authorities confirmed that from 2024 liquids greater than 100ml will be allowed in hand luggage when flying from Spain, and electronics will be able to be kept in your bag when going through security. There are also several new flight routes announced, connecting Spain with many other cities around the world, as well as new rail services connecting Spain with Europe.
There are also two changes due to come into effect that will affect travel in and out of the European Union for non-EU citizens in 2024 - the EES (Entry/Exit System) and the ETIAS - European Travel Information and Authorisation System.
READ ALSO - LISTED: All the new direct flights to and from Spain in 2024
Spanish property prices in 2024
If you're thinking of buying a home in Spain in 2024, you'll want to know what the real estate experts have predicted for the year to come. The price drops that many forecast for this year did not materialise and in fact, the cost of buying a home in Spain actually increased by seven percent in 2023.
The general consensus is that if you're looking to buy in one of Spain's main property markets such as the Mediterranean coasts, Barcelona, Madrid or the Balearic Islands you're unlikely to find a great bargain in 2024 and prices may continue to rise. Elsewhere in the country, however, prices will begin to stabilise and some are even predicting slight drops.
The income requirement for Spain's digital nomad visa may go up
Spain’s DNV became available for the first time earlier this year, but there's still a lot of confusion about the financial requirements and many media outlets are reporting incorrect amounts. There's also a big chance the threshold will increase in 2024.
The financial requirement is linked to Spain's minimum wage, which is set for another rise in 2024. Experts predict that this will most likely happen in January. While the exact amount hasn’t been finalised yet and the government still has to approve the rise, the Ministry of Labour has proposed it should be raised by four percent.
If it goes up by this amount, those applying for the DNV in 2024 could have to prove earnings of €2620.80 per month.
Spain’s golden visa could be scrapped
The Spanish government’s junior coalition partner Sumar has voiced its intention of getting rid of the country’s golden visa scheme which grants residency to non-EU nationals who buy a Spanish property worth more than half a million euros.
Real estate experts and lawmakers also believe that the €500,000 threshold is insufficient, especially in Spain’s main cities
Portugal, Ireland, Greece and Malta all either scrapped the equivalent of their golden visas in 2023 or made the conditions much harder for millionaires who want to make a real estate investment.
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Measures maintained to help with the cost of living crisis
The Spanish government recently announced a new decree that would extend some of the anti-inflation measures into the new year, including maintaining the VAT reduction on basic food items and continuing to offer free public transport.
Other forms of aid include eliminating bank commissions at ATMs for those with disabilities and the elderly, as well as the prohibition of carrying out evictions of the most vulnerable. Find out all about these and the other measures that will be extended into 2024.
Changes for the self-employed
Spain's 3.3 million 'autónomos' will have to get their heads around several new changes next year including amendments to social security payments, VAT and income tax returns. In 2024, social security payments will be reduced further for those on low incomes, while they will increase for those who earn more.
Currently, those self-employed workers who earn an annual net income equal to or greater than €1,000 have to submit an Income Tax Return, but from 2024 everyone will have to do this, regardless of how much they earn. There will also be changes in reporting VAT, and new self-employed workers in the Canary Islands, Extremadura and Galicia will join those in some of Spain’s other regions (such as Madrid) and benefit from not having to pay social security when they first sign up.
READ ALSO: Everything that changes for self-employed workers in Spain in 2024
Financial aid for the self-employed
Autónomos may have lots of new changes to come, but thankfully there are several financial aid programmes to help them out in the new year too.
Self-employed workers in Valencia will be able to benefit from non-refundable subsidies of up to 40 percent with a maximum of €100,000 per beneficiary, while those in Madrid can choose from three different types of aid including subsidies and entrepreneurship programmes.
There's also financing available through the Official Credit Institute and benefits for those hiring unemployed workers.
Increase in taxes
Unfortunately, 2024 will bring with it an increase in several different taxes here in Spain, from personal income tax to taxes on large fortunes. Experts estimate that the government will collect €204 million more from personal income tax in 2024 than they did this year. This is mainly due to the increase in the tax savings brackets.
The temporary solidarity tax on those with net assets greater than €3 million will continue in 2024, designed to add €21 million to the State coffers to help combat inflation.
Transport discounts have been extended
After speculation and intense debate within the Spanish cabinet, public transport discounts are set to be extended again in Spain until the end of 2024. Earlier this month Sánchez announced that public free transport would likely only be continued for children, young people, and the unemployed, but rules mean it's now extended to all passengers.
This means they will continue to offer a 30 percent discount on public transport as before, while each region will be responsible for adding a discount to extend this reduction. Passengers can obtain free travel by paying a €10 deposit on Cercanías or Rodalies commuter trains and a €20 deposit on Media Distancia (mid-distance) trains. This will be returned to them if they have made a total of 16 journeys during three months.
Changes to travel in Spain
Relaxed airport security, new direct flights, extra taxes on plane tickets, new international train links, free or discounted public transport, good news for drivers and more - there are lots of changes to expect when it comes to travel in Spain in 2024.
Spanish airport authorities confirmed that from 2024 liquids greater than 100ml will be allowed in hand luggage when flying from Spain, and electronics will be able to be kept in your bag when going through security. There are also several new flight routes announced, connecting Spain with many other cities around the world, as well as new rail services connecting Spain with Europe.
There are also two changes due to come into effect that will affect travel in and out of the European Union for non-EU citizens in 2024 - the EES (Entry/Exit System) and the ETIAS - European Travel Information and Authorisation System.
READ ALSO - LISTED: All the new direct flights to and from Spain in 2024
Spanish property prices in 2024
If you're thinking of buying a home in Spain in 2024, you'll want to know what the real estate experts have predicted for the year to come. The price drops that many forecast for this year did not materialise and in fact, the cost of buying a home in Spain actually increased by seven percent in 2023.
The general consensus is that if you're looking to buy in one of Spain's main property markets such as the Mediterranean coasts, Barcelona, Madrid or the Balearic Islands you're unlikely to find a great bargain in 2024 and prices may continue to rise. Elsewhere in the country, however, prices will begin to stabilise and some are even predicting slight drops.
The income requirement for Spain's digital nomad visa may go up
Spain’s DNV became available for the first time earlier this year, but there's still a lot of confusion about the financial requirements and many media outlets are reporting incorrect amounts. There's also a big chance the threshold will increase in 2024.
The financial requirement is linked to Spain's minimum wage, which is set for another rise in 2024. Experts predict that this will most likely happen in January. While the exact amount hasn’t been finalised yet and the government still has to approve the rise, the Ministry of Labour has proposed it should be raised by four percent.
If it goes up by this amount, those applying for the DNV in 2024 could have to prove earnings of €2620.80 per month.
Spain’s golden visa could be scrapped
The Spanish government’s junior coalition partner Sumar has voiced its intention of getting rid of the country’s golden visa scheme which grants residency to non-EU nationals who buy a Spanish property worth more than half a million euros.
Real estate experts and lawmakers also believe that the €500,000 threshold is insufficient, especially in Spain’s main cities
Portugal, Ireland, Greece and Malta all either scrapped the equivalent of their golden visas in 2023 or made the conditions much harder for millionaires who want to make a real estate investment.
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