Investment approach
IRPF on a property sale: 19–30% rates for Spanish tax residents
A Spanish tax resident pays IRPF on the gain from selling property under the savings income scale: from 2025, between 19% and 30%.
A Spanish tax resident pays IRPF on the capital gain from selling property under the progressive scale for savings income: from 2025, between 19% and 30%. The rate is worked out not sale by sale but on the whole savings base for the year. On a gain of €100,000 the tax comes to €21,880, an effective rate of 21.9%.
Five bands instead of a single rate
A resident includes the gain on a property sale in the savings base for IRPF (Impuesto sobre la Renta de las Personas Físicas, the personal income tax). The scale from 2025:
| Savings base | Rate |
|---|---|
| first €6,000 | 19% |
| €6,000 to €50,000 | 21% |
| €50,000 to €200,000 | 23% |
| €200,000 to €300,000 | 27% |
| over €300,000 | 30% |
With effect from 2025, the top rate rose from 28% to 30% (Agencia Tributaria).
The calculation for a gain of €100,000: €6,000 × 19% + €44,000 × 21% + €50,000 × 23% = €1,140 + €9,240 + €11,500 = €21,880. Each band is taxed at its own rate, so the effective rate works out at 21.9%, not 23%.
How a resident's calculation differs from IRNR
A non-resident pays a flat 19% on the gain; the details are in our article on IRNR. For a resident, the scale applies to the whole savings base for the year, which takes in other gains, dividends and interest as well as this sale. A large sale can therefore push part of the income into the upper bands.
Reinvestment relief does not cover investment property
A resident who sells their main home and puts the money into a new main home can claim reinvestment relief. It does not extend to investment property that the seller does not live in permanently. Such a property is taxed under the general rules, with no entitlement to reinvestment relief.
Where this fits into the DNPI model
A resident investor's IRPF rate is not a fixed figure. It depends on their personal tax position in the year of the sale and does not automatically match the corporation tax paid by DNPI Capital itself. How the project profit relates to the investor's result after their own taxes is covered in our article on the project budget.
Questions and answers
If the investor is a pensioner on a low income, will the rate on the gain be lower?
Not the rate. The gain is taxed in the savings base, separately from the general base, which is where salary and pension income go, and the rate is set by the size of the savings base for the year. But if the pension is below the personal and family allowance (mínimo personal y familiar), the unused part of the allowance is carried over to the savings base, and the tax on the gain comes down a little.
Can a loss on one sale be offset against a gain on another in the same year?
As a rule, yes: gains and losses for the tax year are set against each other within the savings base. The exact offsetting rules for the current year are best checked with a tax adviser.