French tax resident · France → Spain

Buy-to-let in Spain as a French tax resident

You are tax resident in France and looking at a home to let in Spain? Two tax systems apply, one after the other. RentValo works out both, then compares the result with the same budget invested in France.

In short

Spain taxes your rent under the IRNR (impuesto sobre la renta de no residentes, non-resident income tax): 19% on net income for a European Union resident. France then adds that rent to your worldwide income, but the France-Spain tax treaty of 10 October 1995 (art. 24 §1 a) grants a tax credit equal to the French tax on it: no additional French tax is due on that rent. What remains is a rate effect on your other income, and the property counts towards your IFI (French real-estate wealth tax).

What Spain taxes

→On purchase, resale property: ITP (impuesto sobre transmisiones patrimoniales, transfer tax), set by each autonomous community — 6% in Madrid, 7% in Andalusia, 9% in the Valencian Community, 10% in Catalonia (progressive scale above €600,000).
→On purchase, new build: Spanish VAT (IVA) at 10%, plus AJD (actos jurídicos documentados, stamp duty), taken at 1.5% by default. In the Canary Islands new builds fall under IGIC: the simulator uses 10% VAT, which overstates the cost.
→On rent: IRNR at 19% for an EU or EEA resident, on net income — mortgage interest, IBI (impuesto sobre bienes inmuebles, local property tax), community fees, insurance, maintenance and 3% depreciation of the building, land excluded. Outside the EU: 24% on gross rent, with no deduction. Rent is declared on modelo 210.
→On days not let: renta imputada, a notional income of 2% of the cadastral value (1.1% if it has been revised), pro rata to the days without a tenant, taxed at the same rate as the rent.

What France does next

→As a French tax resident you declare your Spanish rent in France: form 2047, then form 2044 or box 4BE. The income retained follows French rules (micro-foncier or actual expenses), not the Spanish tax base.
→No additional French tax on that rent: the France-Spain tax treaty of 10 October 1995 (art. 24 §1 a) grants a tax credit equal to the corresponding French tax — CSG and CRDS social charges included.
→What remains is the effective-rate surcharge: your Spanish rent enters the worldwide income that sets the rate applied to your other income. Depending on your household, that is anywhere from a few dozen to several hundred euros a year.
→IFI: a French resident is liable on real estate in France and abroad. The Spanish property counts at its value less the outstanding purchase debt — above €1,300,000 of net taxable real-estate wealth.

Worked example

A resale flat in Valencia, €200,000, let at €950/month, bought outright by a single person whose French taxable income is €60,000 (marginal income tax rate, TMI, of 30%).

→Purchase: Valencian ITP of 9%, i.e. €18,000, plus €2,400 of notary and land registry fees — €220,400 invested.
→Spain: €10,838 of rent collected (18 days vacant), €1,950 of costs (IBI €500, community fees €900, insurance €250, maintenance €300). Net base of €3,955 after depreciation: IRNR of €751, plus €17 of renta imputada (cadastral value of €90,000), i.e. €768.
→France: €0 of tax on that rent, but an effective-rate surcharge of €774 a year on the household's other income.
→Result: net-of-tax yield of 3.68% and cash flow of €677/month on the Spanish side; €612/month once the French surcharge is deducted.

RentValo simulator outputs, rounded to the euro. Your figures change with your costs, your financing and your household.

The question nobody asks before buying

For the same budget, does this property earn more after tax in Spain or in France? RentValo sets the same property — same price, same rent, same costs, same loan — against the best French direct-ownership regime (unfurnished or furnished letting), with French notary fees of 7.5%.

In the Valencia example, the same property in France would come out under LMNP réel (non-professional furnished letting) with €627/month of cash flow and a net-of-tax yield of 3.50%. Before the French effect, Spain leads by €50/month. Once the effective-rate surcharge is counted, France moves ahead by €15/month. That gap, specific to your household, is what the simulator works out.

What the simulator does not do

⚠

No Spanish capital gain on resale: neither the Spanish tax on exit nor how France treats it.
No holiday letting: the calculation covers long-term letting.
No Spanish tax resident: the engine assumes an owner who is non-resident in Spain and tax resident in France.
No carry-forward of excess costs: interest and maintenance above the rent, which Spain lets you carry forward for 4 years, are not carried forward (a prudent estimate).

Why simulate before you sign

→Purchase tax runs from 6% to 11.5% of the price depending on the autonomous community and on new build or resale — more in the top bands of the progressive scales.
→“No French tax” does not mean “no effect in France”: the effective-rate surcharge and IFI depend on your household, not on the property.
→The right comparison is the same budget in France, not the gross yield quoted by the agent.

Work out your Spanish property in 30 seconds

IRNR, purchase costs, renta imputada, projection, the France side and a comparison with the same budget in France.

Simulate a property in Spain →

Frequently asked questions

Do I have to declare the rent from my Spanish property in France?

Yes. As a French tax resident you declare your Spanish rent on form 2047, then on form 2044 or in box 4BE, under French rules. The France-Spain tax treaty of 10 October 1995 (art. 24 §1 a) grants a tax credit equal to the French tax on that rent: no additional French tax is due on it.

What is modelo 210?

It is the Spanish return for non-residents without a permanent establishment. The non-resident owner uses it to declare rent under the IRNR (non-resident income tax).

What IRNR rate applies to a French resident?

19% on net income for an EU or EEA resident: mortgage interest, IBI, community fees, insurance, maintenance and 3% depreciation of the building are deductible. Outside the EU the rate is 24% on gross rent, with no deduction; the Spanish tax authority's position is being challenged before the Audiencia Nacional (judgment of 28/07/2025), and RentValo shows both variants.

Will I pay extra tax in France?

Not on the Spanish rent: the treaty credit equals the corresponding French tax, social charges included. However, that rent enters the worldwide income that sets your rate, so your other income may be taxed slightly more. That is the effective-rate surcharge, which RentValo works out from your income and your number of tax shares.

What is renta imputada?

A notional income that Spain taxes on the days the home is not let: 2% of the cadastral value (1.1% if it has been revised), pro rata to the days without a tenant, taxed at the same rate as the rent. Without a cadastral value the simulator does not compute it and says so.

How much does buying a home in Spain cost?

For resale property, ITP (transfer tax) depends on the autonomous community: 6% in Madrid, 7% in Andalusia, 9% in the Valencian Community, 10% in Catalonia, with progressive scales in some regions. For new builds, Spanish VAT of 10% plus AJD. Notary and land registry fees come on top.

Does my Spanish property count towards my IFI?

Yes. A French resident is liable to IFI on real estate in France and abroad, above €1,300,000 of net taxable real-estate wealth on 1 January. The Spanish property counts at its value less the outstanding purchase debt.

Going further

Important notice — RentValo is a property analysis and decision-support tool. The simulations, projections and analyses produced are provided for strictly informational purposes only and do not constitute investment advice within the meaning of Articles L. 321-1 and L. 541-1 of the French Monetary and Financial Code. RentValo is not an investment services provider authorised by the Autorité des marchés financiers (AMF) and does not carry out the activity of Financial Investment Adviser (CIF).

Risks — All property investment involves risks, including partial or total loss of invested capital, void periods, unexpected charges and adverse market movements. Past performance and projected figures displayed do not constitute a guarantee of future results. Market data used (price per m², reference rents, rates, taxation) may change. RentValo cannot be held liable for investment decisions made on the basis of these analyses.

Before any investment decision, we recommend consulting a qualified professional: notary, chartered accountant, AMF-registered wealth management adviser (CGP) or specialist lawyer.