Financial planning for Americans in Valencia.

Valencia is the deliberate choice — Mediterranean coast, real neighbourhoods, half the cost of Madrid, a Digital Nomad Visa designed for you, and a life that finally fits. The trap is that the Comunidad Valenciana applies wealth tax in full (unlike Madrid), your US brokerage is uneasy about your padrón address, and your CaixaBank advisor's 'tax-efficient' fondo is a PFIC the moment you sign. We're built for Americans on the Digital Nomad Visa, on US remote payroll, or quietly drawing US passive income — keeping your US wealth compounding cleanly and your Spanish side correctly filed.

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

Digital Nomad Visa & Beckham via Art. 93
Comunidad Valenciana wealth tax (no bonificación)
US remote-payroll vs. autónomo structure
US brokerage closure on Spanish address
PFICs in Spanish bank products
Modelo 720 / 721 reporting

The Spanish Digital Nomad Visa opened Beckham to remote workers — but the application has to be sequenced correctly, and most aren't

The 2023 Startups Law created a Digital Nomad Visa for non-EU remote workers (including W-2 employees of US companies and qualifying self-employed) and explicitly opened the Beckham regime (Art. 93 LIRPF) to them. That means 24% flat on Spanish-source employment income up to €600,000, generally no Spanish tax on non-Spanish investment income, and no Spanish wealth tax on assets held outside Spain — for up to six years. 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 remote Americans in Valencia miss the window every month because nobody connected the visa, the social-security registration and the Beckham filing.

The Comunidad Valenciana applies wealth tax in full — and Valencia has actually tightened it, not loosened it

Spain's Impuesto sobre el Patrimonio applies to net worldwide wealth above €500,000 in Valencia (lower than the €700k state baseline), plus a €300,000 primary-residence exemption. The Comunidad Valenciana applies progressive rates climbing past 3.5% at the top — among the most aggressive in Spain. For an American with $1M–$5M in US assets, residency in Valencia instead of Madrid can cost €10,000–€60,000 every year. Beckham, where you qualify, exempts foreign assets entirely — which is one of the most under-appreciated reasons Beckham matters so much specifically for Americans choosing Valencia.

If you're remote on US payroll, the wrong setup creates double social security and an autónomo bill you didn't need

Americans land in Valencia in three usual shapes: W-2 on US payroll with an Employer of Record, W-2 directly on US payroll, or 1099 self-employed. Each one interacts differently with the US–Spain Totalization Agreement, Spanish social security, and the Digital Nomad Visa requirements. Get it wrong and you pay both US Social Security/Medicare AND Spanish Seguridad Social, or you end up registered as autónomo paying ~€300/month plus IRPF on your gross US revenue. We map the right structure before the visa is filed, not after.

Schwab, Fidelity and Vanguard are quietly closing accounts for US persons with Spanish residential addresses

Most US custodians have tightened rules for clients with EU addresses. A forced liquidation crystallises an unplanned US tax year — usually exactly when you needed predictability after a move. Interactive Brokers, Schwab International (for qualifying clients), and a small number of Spain-friendly setups genuinely support US persons in Valencia. The migration has to be sequenced — ideally before you change your address with the IRS, your custodian, or your payroll provider.

Your CaixaBank or Sabadell advisor will pitch a fondo de inversión or a plan de pensiones. Every one is a PFIC.

Spanish fondos de inversión, planes de pensiones, PIAS and Unit-Linked policies sold through CaixaBank, Sabadell, BBVA and Santander branches 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. 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 2022 EU Court of Justice ruling struck down the original penalty regime, but the filing itself remains. We bring late filers current quietly.

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%. For Americans planning a long Valencia stay (or actually retiring on the Costa Blanca), whether to draw the Roth before your move year, after, or convert in a final US-resident window is one of the highest-value decisions on the table.

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 45% in Valencia. 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 insurance usually doesn't follow you. Digital Nomad Visa applicants need private cover from day one.

The Digital Nomad Visa requires private health insurance with full coverage in Spain (no co-pays, no waiting periods) until you're enrolled in the Spanish public system. Sanitas, Adeslas, DKV and ASSSA are the real options at €60–€180/month. Most US employer plans don't cover routine care in Spain. We cost the healthcare line explicitly — usually €3,500–€8,000/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 remote Americans in Valencia assume their travel calendar protects them. It doesn't. We map the actual footprint before Hacienda does.

Frequently asked questions

Does the Spanish Digital Nomad Visa actually open the Beckham regime?

Yes. The 2023 Startups Law explicitly extended Beckham (Art. 93 LIRPF) to non-EU remote workers — including W-2 employees of US companies and qualifying self-employed — who arrive on the Digital Nomad Visa. 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. Far too many Valencia gestors still tell clients otherwise.

Will I really pay wealth tax in Valencia?

Yes. The Comunidad Valenciana applies the Impuesto sobre el Patrimonio on net worldwide wealth above €500,000 (lower than the €700k state baseline), with a €300,000 primary-residence exemption, at progressive rates climbing past 3.5%. Beckham, where you qualify, exempts non-Spanish assets entirely — one of the biggest reasons Beckham matters specifically in Valencia.

Should I register as autónomo in Valencia if I work remotely for a US company?

Usually not by default. The wrong setup creates double social security and an autónomo bill you didn't need. We model EOR-on-Spanish-payroll vs direct US W-2 vs autónomo against the US–Spain Totalization Agreement, IRPF, and Beckham eligibility before you commit. Get it right once and it stays right.

What happens to my Schwab or Fidelity account when I move?

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 Sabadell investment account?

Avoid Spanish fondos de inversión, planes de pensiones, 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 at year-end. That includes your 401(k), IRA, Roth and 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 in Spain?

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%. For Americans planning a long Valencia stay, whether to draw the Roth before your move year, after, or convert in a final US-resident year is one of the most valuable decisions on the table.

Do you actually file my US or Spanish taxes?

No, deliberately. We coordinate a US CPA and a Valencia asesor fiscal into one strategy, and we design the investment, payroll 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).