Living in Spain without being a tax resident, or being a foreigner with assets or investments in the country, raises a common question: can I open a savings account or deposit without a Spanish tax domicile? The answer is yes — but the options vary significantly.
Tax Resident vs. Non-Resident: The Key Difference
In Spain, a person is a tax resident if they spend more than 183 days a year in the country or have their main economic activity there. Non-residents are taxed differently under the Non-Resident Income Tax (IRNR), and many traditional banks require proof of Spanish tax residency.
European Neobanks: No Spanish Residency Required
- Trade Republic — 3.00% APY on account balance. Regulated by BaFin (Germany), DGS guarantee up to €100,000. Available across the EU.
- Revolut — Up to 2.25% APY. Lithuanian license, DGS up to €100,000.
- N26 — Variable rate savings. German license, DGS Germany up to €100,000.
- Bunq — Up to 2.46% APY. Dutch license, DGS Netherlands up to €100,000.
Raisin: European Deposits Without Leaving Home
Raisin is Europe's largest deposit aggregator. Open fixed-term deposits at banks across Germany, France, Austria, Czech Republic and other countries from a single account — no residency requirement. You only need a European ID and a SEPA bank account. Current best rates: 2.40%–2.56% APY on 12–24 month deposits.
Best Option Today
For a non-resident seeking returns without bureaucracy, Trade Republic (3.00% APY) is currently the most competitive option: no NIE required, 100% digital process, available to any European citizen. As a second option, Raisin provides access to a wide selection of guaranteed European deposits at various terms and rates.