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The US and Spain, one of the founding members of the EU, are part of a longstanding transatlantic trading and economic partnership. Bilateral investment and trade between the US and the EU alone represent approximately one-third of the total goods and services traded throughout the world and nearly half of the world’s economic output, according to US government estimates. A current working partnership, the Transatlantic Trade and Investment Partnership (TTIP), seeks to increase trade and investment activities between the two regions. Currently, there are no restrictions for US or Spanish citizens who are planning to transfer money from Spain to the US and convert their euros to dollars.
Spanish citizens who wish to live or work in the US must apply for the appropriate visa or be granted permanent resident status. There are many different visa types, and it is recommended that Spanish citizens planning to come to the US first visit their local US consulate or embassy to determine visa or permit requirements. For stays of three months or longer, or in order to legally work in the US, an immigrant or non-immigrant visa is required. Travel and short visit visas can be granted after filling out the appropriate online forms and attending an in-person interview at the local American consulate or embassy.
For travel or short visits lasting less than three months (90 days), a visitor or business visa is required for most foreign nationals. Citizens of Spain, as well as the rest of the EU, are eligible for the US Visa Waiver Program, however. Travellers must register with the Electronic System for Travel Authorisation (ESTA) and pay a small fee. As of August 2019, the ESTA authorisation fee was US$14. With this approval, Spanish citizens may stay in the US for a period of up to 90 days, whether for business or pleasure.
Relatively few restrictions apply to foreign nationals who are legally in the US and wish to rent or own property. As each individual state maintains its own real estate laws, it is advisable to obtain the services of a licensed real estate attorney or agent, who can advise on regional and federal real estate laws. It is advisable to use a licensed real estate agent when buying or selling property within the US.
Foreign buyers who wish to purchase property in America must provide an Individual Taxpayer Identification Number (ITIN) before closing the transaction. The ITIN is issued by the national tax authority, the Internal Revenue Service (IRS). Once the application is complete, the IRS may require up to five weeks to issue an ITIN, or longer in some cases, so it is important to factor this into your plans. Once the ITIN is approved, Spanish nationals face no other restrictions to transfer money from Spain to the US to fund the purchase.
Spanish students planning to study in the US must obtain a student visa before entering the country for programmes that exceed 90 days. Before they can apply for a student visa, they must first apply to and be accepted at a US accredited school or programme. Once the school has issued its acceptance, it will supply the necessary documents so that the student can then apply for the appropriate visa.
There are two student visas offered by the American government to foreign citizens wishing to study in the US. The F-1 visa is for academic studies at an approved school or accredited American university and accounts for the majority of student visas issued. The M-1 visa is for non-academic/vocational studies, or specialised training with an American institution.
In 1991, Spain and the US agreed to a bilateral tax treaty for the avoidance of double taxation of citizens living and working in either country. Spanish citizens earning income within the US may be eligible to receive tax credits with the Spanish government based on what they pay in the US. Consulting a tax professional familiar with the laws in both countries is recommended if you plan to spend a significant amount of time in the US.
As part of the EU, Spain is part of a transatlantic trading and economic partnership with the US, which is currently one of the largest economic relationships in the world, with trade flows in 2018 valued at nearly US$3.5bn per day. Combined, the EU countries rank as the second-largest imports supplier to the US, with a value of US$488bn in 2018, up 12.3% from the previous year, and two-way trade of US$807bn. The EU and the US are involved in a number of global and regional initiatives to support increased trade, investment and global safety throughout the world. One of the most recent initiatives between the two regions is TTIP, a trade and investment agreement and framework that seeks to improve regulatory processes and enhance the flow of bilateral trade and investment. The EU supported 2.6 million jobs in the US in 2015.
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FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended. FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.
