The sale of foreign shares can be the result of years of work. If you live in Spain and use the Beckham Law, the sale price is only one part of the decision.

The tax treatment of the gain, the structure of the deal and the continuity of the special regime should be reviewed together. The answer depends on the company, the rights being transferred and your professional position before and after completion.

Pérez Parras Economistas y Abogados advises founders, shareholders and executives who need a coordinated review of their transaction and Spanish tax position.

Planning a business exit? Request an assessment.

Why your exit deserves a review before signing

The sale of foreign shares can take different forms. A founder may sell shares directly, take part in a prior reorganisation or receive amounts linked to continued service or future performance. These arrangements can have different legal and tax characteristics.

The buyer’s location or the headline price alone may not provide the full picture. Cross-border transactions can also involve more than one tax system, so the relevant domestic rules and treaty position need to be assessed against the facts.

Does Spain tax the sale of foreign shares under the Beckham Law?

There is no single answer. Spain’s special regime for inbound taxpayers refers, with specific modifications, to the rules on Spanish-source income. Applying those rules requires a review of the asset and the transaction.

In some circumstances, a gain on the sale of foreign shares may fall outside Spanish taxation under the regime. This is not a blanket exemption for every sale of foreign shares. Connections with Spanish real estate, the nature of the payment and whether the regime remains applicable in the relevant tax year all need attention.

What the Spanish tax authority considered

In binding ruling V0128-25 of 12 February 2025, the Spanish Directorate-General for Taxes considered a founder in an international group. The facts involved a reorganisation followed by a sale of shares in companies incorporated in England and Wales.

Subject to the assumptions stated in the ruling, including the application of the special regime and transactions at market value, the authority considered that the gains examined did not fall within the Spanish-source categories it assessed. This conclusion is tied to those facts.

The authority also examined a proposed purchase of interests below market value. It did not answer that question because the reason for the price had not been explained.

Close-up of a businessperson signing a contract for the sale of foreign shares

Sale of foreign shares and the end of employment

An exit may coincide with leaving an employment position or board role. The treatment of the share sale and whether the Beckham regime continues are distinct questions, although both may affect the same tax year.

In the ruling, the authority considered that a proposed 24-month period of inactivity after employment ended would lead to exclusion, despite payment under a non-compete agreement. It also considered an alternative in which a new employment or director relationship satisfying the relevant conditions could allow the regime to continue.

The ruling does not establish a general safe period of inactivity. The sequence, the reason for the change and the conditions of any new role require individual review.

Does your exit involve leaving your role or signing a non-compete? Speak to our team before completion.

Sale of foreign shares and employment incentives need separate attention

An exit package may include a share price, employment-related incentives, deferred payments or post-completion obligations. A conclusion about a share sale does not automatically determine the treatment of a bonus, options or a non-compete payment.

If your incentives include a share in a fund’s profits, read our analysis of the Beckham Law and carried interest earned before moving to Spain. The nature of the incentive and where the work was performed can affect its treatment.

Income from a sale and the holding of other assets for Spanish Wealth Tax are also separate issues. For investment funds, see our analysis of the Beckham Law and foreign funds in Spanish Wealth Tax.

How Pérez Parras Economistas y Abogados can help

Our lawyers and economists review your proposed transaction alongside your personal and business circumstances. Depending on the engagement, we can assess the deal structure, payment categories, continuity of the regime and international tax connections.

Where appropriate, we coordinate with the other advisers involved. We agree the scope of work and provide a service proposal before starting.

Frequently asked questions

Is it enough that the company is outside Spain?

No. Its residence matters, but its assets, the rights transferred and other Spanish connections also need review.

Do I lose the Beckham Law because I sell my business?

The sale alone does not settle whether the regime continues. If you leave your employment or director role, the subsequent circumstances must be assessed.

Did the tax authority say that every foreign share sale is outside Spanish tax?

No. Ruling V0128-25 addresses the facts and assumptions submitted in that case.

Is a non-compete payment taxed in the same way as the shares?

That should not be assumed. A non-compete payment and share-sale proceeds may have different characteristics and should be assessed separately.

Plan your exit with a complete tax perspective

Your transaction may affect your assets, professional role and residence decisions. A coordinated review before completion helps identify issues requiring attention.

Request an assessment and service proposal: info@perezparras.com · +34 680 34 87 68. Pérez Parras Economistas y Abogados advises from Málaga and Nerja and remotely.

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