There are several changes that may affect your life in Spain in 2024. These relates to people working, renting a property, using toll roads or paying household bills.
Limit on the increase allowed on rental property
During 2024 the annual increase permitted on residential rental agreements is set at 3%. The owner of the property and the tenant can negotiate a different increase but where there is no agreement 3% will be the maximum allowed. If the Landlord falls into the category of a large Landlord, then the maximum increase is fixed at 3% regardless of any proposed negotiation.
Landlords receive tax benefits for making their property available on the rental market.
If you are renting out a property, then make sure you have the correct home insurance.
Additionally, you can protect yourself against non-payment by taking out landlord’s insurance.
Minimum wage
The Spanish inter-professional minimum wage is set to increase to 1,080 euros and is paid in fourteen instalments over the year. This figure will rise once the negotiations with the unions and employer’s representatives have finished. The additional increase will be back-dated to the beginning of 2024.
Self-employed contributions
Self-employed contributions are based on the amount of income you earn with those earning more paying more. In 2024 those self-employed workers on the lowest incomes will see a reduction in their contributions.
Those earning between 1,300 euros and 1,700 euros will see no change to their payments.
If you are self-employed and your income is more than 1,700 per month then you will be asked to make larger contributions in 2024.
Some provinces in Spain have an arrangement where self-employed people do not need to contribute during their first year of trading.
Toll road increases
Another of the changes that may affect your life in Spain in 2024 are the prices to use toll roads. They increase between 5% and 6.65 % in 2024, depending on the toll road concession.
Reductions in Government assistance with electric and gas prices.
Previously the IVA on Electricity was 21%. The left-wing Spanish Government reduced it to 10% in 2021 before giving a further reduction in the middle of 2022. The IVA on electricity will increase to 10%, although this is less than the original 21%.
IVA on gas changes from 5% to 10% during the first quarter before returning to the previous figure of 21%
