Financial planning for Americans working in Barcelona.

You came for the city — the architecture, the sea, a real life outside a US tech campus. Then payroll started, your RSUs vested, and you realised Catalonia taxes wealth in full, your US brokerage is suddenly nervous about your address, and nobody around you understands what an ISO is. We're built for Americans on the Beckham Law (or who should be), with US equity comp, who want the Barcelona life — and a 401(k) that's still compounding correctly back home.

Cross-border financial planning and US investment management for Americans living abroad, typically with $1M+. Most clients have $1M+ in investable assets; we also work with selected households from $500K.

Written and reviewed by Anthony Walsh, Selanis. Last reviewed 2026-06-29.

Key issues

Beckham Law eligibility & election
RSU / ISO vesting in Spain
Catalonia wealth tax (no bonificación)
US brokerage closure on EU address
PFICs in Spanish bank products
Modelo 720 / 721 reporting

If you moved to Barcelona to work, the Beckham regime is the single biggest decision on the table — and the election window is tight

The Régimen Especial de Impatriados taxes qualifying new arrivals at a flat 24% on Spanish employment income up to €600,000, ignores most non-Spanish investment income, and exempts foreign assets from wealth tax — for up to six years. The 2023 Startups Law extended eligibility to remote workers and certain innovation professionals. The election must be filed within 6 months of registering with Spanish Social Security, and you must not have been Spanish tax resident in the prior 5 years. We see Americans miss it every month — usually because their employer's mobility team filed nothing, or filed it wrong.

Your RSUs vest in Barcelona. Spain wants to tax them. The US already did. Without planning, you pay twice.

Spain taxes RSU vesting as employment income at marginal IRPF rates (up to 47–50% in Catalonia). Under Beckham, RSUs tied to Spanish workdays get the 24% flat rate; under the regular regime, you're at the top bracket fast. The US already withheld at vest as wages. Without a properly claimed foreign tax credit, sourcing analysis (US vs Spanish workdays in the vesting period), and timing of sales, you genuinely pay both. ISOs are worse — the AMT exposure on exercise and the Spanish treatment of the spread rarely line up cleanly. We map every grant and every vest before the next tranche lands.

Catalonia applies the wealth tax in full — Madrid and Andalucía don't. That choice of city alone can cost you €15k–€80k a year.

Spain's wealth tax (Impuesto sobre el Patrimonio) applies to net worldwide wealth above €700,000 (plus a €300,000 primary-residence exemption). Catalonia applies it in full at progressive rates climbing past 3%. Madrid bonifica it to zero. For an American with $1M–$5M in US assets, just being a Catalan resident instead of a Madrileño can cost €15,000–€80,000 every single year. Beckham, where you qualify, exempts non-Spanish assets entirely — which is one of the most under-appreciated reasons it matters so much in Barcelona specifically.

Schwab, Fidelity and Vanguard are quietly closing accounts for clients with a Spanish address

Most US custodians have tightened rules for US persons with EU residential addresses. A forced liquidation crystallises an unplanned tax year — usually the year you needed predictability, not surprise. Interactive Brokers, Schwab International (for qualifying clients), and a handful of Spain-friendly setups genuinely work. The migration has to be sequenced — ideally before you change your address with the IRS, your custodian, or your employer's payroll system.

Your CaixaBank advisor will suggest a fondo de inversión or a plan de pensiones. For an American, every single one is a PFIC.

Spanish fondos de inversión, planes de pensiones, EPSV, PIAS and Unit-Linked policies sold through CaixaBank, Banc Sabadell, BBVA, Santander and the bancassurance arms are the standard local recommendation. For a US person they're Passive Foreign Investment Companies — Form 8621 required for each, default IRS treatment can produce a US tax bill larger than the gain. Spanish ETFs and most Ireland-domiciled UCITS your private banker offers carry the same problem. Stay US-domiciled, full stop.

Modelo 720 catches every Schwab account, every 401(k), every Vanguard fund — and almost no American files it the first year

If you're Spanish tax resident and any of three buckets — foreign bank accounts, foreign securities (including your IRA, 401(k), Roth, US brokerage), or foreign real estate — exceeds €50,000 at year-end, you must file Modelo 720 by 31 March. Modelo 721 captures foreign crypto. The EU Court struck down the original penalty regime in 2022, but the filing obligation itself remains. We bring you current cleanly.

Your Roth IRA is tax-free in the US. Spain doesn't recognise it.

Spain generally treats the Roth as a savings-income account — inside growth potentially taxable each year and distributions taxed on the gain at 19–28%. Whether to draw it before your move year, after, or convert in a final US-resident window is one of the highest-value decisions if you're planning to stay in Barcelona long-term. Almost no Spanish gestor or US CPA frames this correctly on their own.

Under the US–Spain treaty, your 401(k) drawdown shape changes the lifetime tax bill

Article 20 (post-2019 protocol) generally puts periodic pension distributions in your country of residence — Spain — at IRPF rates that climb past 47% in Catalonia. Lump sums can be taxed by the US. The choice between periodic vs lump-sum, plus the timing of any Roth conversion in your last US-resident year, is the difference between a clean retirement and a permanently leaky one.

Your US Aetna or Cigna may not follow you. Sanitas, Adeslas and DKV are the real options.

Most US employer plans don't cover routine care in Spain. Beckham holders typically need a private layer (Sanitas, Adeslas, DKV, ASSSA) at €60–€180/month, plus access to the public system once enrolled. If you're considering Catalonia for the longer term, the convenio especial after a year of residency is €60–€157/month. We cost the healthcare line explicitly — it's usually €4,000–€9,000/year per family.

The 183-day rule is only one of three traps — and 'I'll just travel a lot' rarely works

Spain considers you tax resident if you spend 183+ days in-country, OR your main economic interests are in Spain, OR your spouse and minor children habitually reside in Spain. Many Americans on US payroll in Barcelona assume their visa or their travel calendar protects them. It doesn't. We map your actual footprint before Hacienda does.

Frequently asked questions

Do I qualify for the Beckham Law in Barcelona?

If you moved to Spain to take up new employment (or a qualifying remote-work / director / innovation-professional role under the 2023 Startups Law) and you were not Spanish tax resident in the previous 5 years, yes — assuming the election is filed within 6 months of registering with Spanish Social Security. It's transformational: 24% flat on Spanish-source employment income up to €600k, no Spanish tax on most non-Spanish investment income, no wealth tax on assets held outside Spain, for up to 6 years.

How are my RSUs taxed if I vest while living in Barcelona?

Spain taxes the vest as employment income — at flat 24% under Beckham (up to €600k), or marginal IRPF rates up to ~50% in Catalonia under the regular regime. The US has typically already withheld at vest. Without a proper workday sourcing analysis between US and Spanish service periods and a correctly claimed foreign tax credit, you genuinely pay twice. We build the process before the next vest.

Will I really pay wealth tax in Catalonia?

Yes, in full, on net worldwide wealth above €700,000 (plus a €300,000 primary-residence exemption). Catalonia is one of the regions that applies it without bonificación. Beckham, where you qualify, exempts non-Spanish assets entirely — which is the single biggest reason Beckham matters so much specifically in Barcelona.

What happens to my Schwab or Fidelity account?

Most US custodians now restrict or close accounts with an EU residential address. Move before they force-liquidate and crystallise an unplanned US tax year. Interactive Brokers, Schwab International (for qualifying clients) and a small number of Spain-friendly setups work. Sequencing matters — usually before you change your address with the IRS.

Should I open a CaixaBank or BBVA investment account?

Avoid Spanish fondos de inversión, planes de pensiones, EPSV, PIAS and Unit-Linked policies. Each one is a PFIC for a US person, with Form 8621 required and IRS treatment that can produce a US tax bill larger than the gain. Stay US-domiciled in a Spain-friendly custodian.

Do I really have to file Modelo 720?

Yes, if any of your foreign account, foreign-securities, or foreign-real-estate buckets exceeds €50,000. That includes your 401(k), IRA, Roth, US brokerage. The 2022 EU Court ruling killed the original penalty regime; the filing itself remains. We bring late filers current quietly.

What about my Roth IRA?

Spain doesn't recognise the Roth as tax-free. Inside build-up may be treated as savings income year by year; distributions are taxed on the gain at 19–28%. Whether to draw it before your move year, after, or convert in a final US-resident year is one of the most valuable decisions on the table — and almost no Spanish gestor or US CPA frames it correctly alone.

Do you actually file my US or Spanish taxes?

No, deliberately. We coordinate a US CPA and a Spanish asesor fiscal into one strategy, and we design the investment, equity comp and pension structure around the positions they sign. Keeping tax prep separate from advice keeps everyone independent.

What does engagement cost?

We start with a 45-minute Complimentary Fit Conversation to scope your situation. From there, engagement starts at $3,000 for a focused planning project, with ongoing management on a tiered fee from 1.00% on the first $1M, falling to 0.30% above $10M — same structure as the rest of our practice. No commissions, retrocessions or product revenue from anyone.

Fees

Blueprint $3,000 and Life $8,000 (flat planning fees). Private Wealth Management on a tiered, blended schedule starting at 1.00% on the first $1M and declining to 0.30% above $10M. Fee-only: no commissions, no product payments, no lock-in. All fees

Book a Fit Conversation — Complimentary Fit Conversation (45 min).