Many Nordic property owners in Spain are surprised the first time they hear it: even if you never rent out your home and use it only yourself, you must pay a small annual Spanish tax on it. It is called renta imputada – an imputed (notional) income – and it is declared on the form known as Modelo 210. This is one of the most commonly overlooked obligations, and the Spanish Tax Agency (Agencia Tributaria) can claim it retroactively, with interest.
What is imputed income?
The idea is that Spain taxes the ”benefit” you are deemed to enjoy from owning a second home that is available for your use. You do not need to have any actual rental income – the mere possibility of using the property is enough. If you do rent the property out, different rules apply (you then declare the real rental income for the rented period instead).
How the tax is calculated
The tax is based on the property’s cadastral value (valor catastral), which you can find on your IBI bill (the municipal property tax). The calculation has three steps:
1. The imputed income is 1.1% of the cadastral value if that value has been revised within the last ten years, otherwise 2%.
2. A tax rate of 19% is applied to that amount for residents of the EU/EEA (which covers Sweden, Denmark, Finland and Norway).
3. The result is the tax you pay for the year.
A concrete example
Suppose you own an apartment with a cadastral value of €100,000 (the cadastral value is normally well below market value – a property worth €200,000 on the market may easily have a cadastral value of around €90,000–110,000). If the value has been revised in the last ten years, the calculation is:
1.1% × €100,000 = €1,100 of imputed income.
19% × €1,100 = €209 in tax for the whole year.
The amount is usually modest – but the duty to declare is mandatory, and a missed filing can trigger surcharges.
When is Modelo 210 due?
For imputed income you have the whole of the following calendar year to file. So the tax for 2025 must be declared and paid by 31 December 2026 at the latest. If you own the property jointly, each co-owner files a separate return for their share.
Estimate your tax
Want to see roughly how much your property generates? Use our free imputed-income calculator: Imputed income calculator.
Our advice
Modelo 210 is not complicated in itself, but it is easy to miss the deadlines or miscalculate the cadastral value, especially with joint ownership. We handle the annual filing for many Nordic clients so you can be sure everything is correct and on time.
Contact us
Questions about Modelo 210 or other tax matters relating to your Spanish property? We are happy to help.
Email: [email protected]
Phone: +34 629 549 430
Web: www.colas-abogados.com