WORKING IN SPAIN 🇪🇸 Better to be an Employee or Self-Employed (Autónomo)?

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Moving to Spain? Deciding between working for a company and self employment? In this video I break down the main advantages and disadvantages of both types of work in Spain.
When you work for a company you can expect stability and a regular paycheck at the end of the month (normally 14 pays per year). Generally social benefits in Spain are good as well, with a generous holiday allowance per year. Having a permanent contract also makes it much easier to apply for (and be granted) various forms of credit, such as a mortgage.
It can however be difficult to find the right opportunity and also a permanent contract, due to how common it is for temporary contracts to be offered in many cases. Spain also has one of the highest rates of unemployment in the European Union.
Self-employed workers of course have unlimited earning potential and can manage their own schedule as they please, and it may be an option for people looking to move to Spain. Non-EU citizens will soon be able to apply for the Digital Nomad Visa, or can go down the traditional route by presenting a business plan. Autónomos are able to deduct business expenses to reduce their tax burden, and also access certain forms of financial assistance (e.g. The Kit Digital from the EU Next Generation Funds).
However, being self-employed in Spain is very challenging. Autónomos generally have less protection and visibility compared to employees and civil servants ("funcionarios"). They also need to stay on top of their finances as they must make quarterly declarations to the tax autorities (Agencia Tributaria a.k.a. Hacienda), and must pay social security every month, which makes being self-employed very expense from a cost perspective.
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Mentioned in this video:
Declarando, online tax support for autónomos: declarando.es?deal=millennialswm
Current Autónomo Tariffs (Spanish Article): www.infoautonomos.com/segurid...
Updated Autónomo Tariffs (Spanish Article): www.billin.net/blog/cuotas-au...
Cost of living vs income comparison by country: www.worlddata.info/cost-of-li...
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Chapters:
0:00 - Intro
1:16 - Stability of being an employee
1:57 - Social benefits
2:27 - Access to credit
2:48 - Challenges finding opportunities
3:30 - Temporary Contracts
4:12 - Average Salaries
4:42 - Freedom of self-employment
4:56 - Tax deductions
5:27 - Grants and Financial Support
5:59 - Who can be an autónomo?
6:42 - Taxes and Accounting
7:33 - Lack of protection
8:33 - Social Security
10:15 - Which one is better for you?
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About me:
Welcome to Millennials With Money!
My name is Jonny, I'm a financial analyst from the UK, currently living and working in Spain.
I created this channel to help and inspire young people to improve their financial situation and live life to the full by sharing my own experiences with money and living abroad.
I upload content on a weekly basis about personal finance, how to invest your money, tips to help you save more money, real estate and property, and travel and living overseas.
Everybody is welcome in the Millennials With Money community! Let's get this money!!!
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#spain
#autónomos
#workabroad
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DISCLAIMER: The opinions and views shared on this channel are for entertainment and educational purposes only and are not to be taken as financial advice. Always conduct your own research prior to making any financial decision. Millennials With Money cannot be held responsible for any financial loss incurred from any decisions you make following this video.

Опубликовано:

11 июл 2024

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Комментарии : 28

@MillennialsWithMoney Год назад

Employee or Autónomo? Which would you choose? Leave a comment and let me know!

@priyaraja7825 5 месяцев назад

Thank you so much for explaining so clearly! 😃

@MillennialsWithMoney 5 месяцев назад

Amazing!! Thank you so much for watching Priya!! 😁

@brianchambers1466 Год назад

Good work, Jonny. Youre making videos answering concisely what I need to know right now.

@MillennialsWithMoney Год назад

Great to hear Brian!! Thanks for watching 😁

@valentinoarcieri9495 Год назад

Really nice explanation of reality in Spain. I could define “patience” as the key word if you want to suceed. Once you’re already in the system you could have a really great quality of life, like in no other country. Excellent video man👍🏻

@MillennialsWithMoney Год назад

Thanks Valentino!! I agree with you, the quality of life is great but it takes some time to get there.

@mymjood Год назад

Thanks 🙏 for all this information

@MillennialsWithMoney Год назад

You’re welcome Majed!! Thanks for watching 😁

@cottonbomb8272 5 месяцев назад

😅 I might be one of the few Chinese viewers here. It really depends on the profession when we talk about working in Spain, but in general Spain relying on the tertiary sector of the economy, the work there is hard and gains pretty low, that's why they are competitive in global markets: the lower cost. If you are coder, programmer you could get a good job almost everywhere but other than that there are pretty limited jobs to get unless you are willing to work in a shop or bar. The early Chinese immigrants just run cheap shop and restaurants also because of this, it's boring and need really hardworking routine. Newer generations like me are trying to do something more technical but as far as I know they are not as profitable as the old way, mainly because of the weak consumption power. It's always interesting for me to see what Chinese immigrants are doing in different countries, and that often reflects some truth about that country, you barely seen Chinese running a cheap shop in Germany or Netherlands but their cousins here in Spain do, and their nephews are trying to be a doctor in US😂

@MillennialsWithMoney 5 месяцев назад

Wow welcome and thanks for watching!! Some very interesting thoughts and insights in your comment 😊

@bootstrapstylerich 11 месяцев назад

Seems best if you are a non-eu citizen (like being an American), to be incorporated and have an S-Corp and pay urself like an employee and apply for a Digital Nomad Visa, vs. applying as an Autonomo (thus being tax wise and not tax avoidant) ......after 5 years of being on the Digital Nomad Visa = you can then apply for residency if you like and receive SPANISH Social Security that way!

@MillennialsWithMoney 11 месяцев назад

Yes, a digital nomad visa is a very attractive way to move to Spain and reduce your taxes so can be a nice way to do this, social security and the normal tax regime is much higher.

@26maria_ray Год назад

I like your videos

@MillennialsWithMoney Год назад

Thank you Marie Ann!! 😁

@gareth3152 Год назад

Thank you for explaining. No insensitive to become a freelancer in Spain, just like Germany

@MillennialsWithMoney Год назад

Welcome! Yeah it’s complicated 😕

@DaveIngelson 9 месяцев назад

I'm happy you pointed out how backwards Spain is as far as encouraging funcionarios and discouraging autonomos.

@MillennialsWithMoney 9 месяцев назад

As someone from the U.K. where it is so easy to get started I was honestly very surprised by the number of hurdles there are in Spain. A real shame tbh :(

@dinmamma740 Год назад

one needs to setup freelancing in stages. the payoff as i see is instability in exchange for making money on demand. as being a entrepreneur, your success is purely dependent on your own capabilities and ideas. one will have to put in alot more work than a traditional job, however, with a traditional job comes veryvery limited scalability. flexibility demands a high price, but im willing to pay it. even though the overall cost of running as autonomo are high, the relative threshold i see as being very low, compared to sweden where im soon departing from. i will have a normal job alongside going into freelancing, but see freelancing as a way to start from basically nothing and build my way up instead of taking a out a loan on something that might not work out. but then also i see myself learning ALOT by going through everything from the bottom myself. this trade-off of risk vs security i very much like, i do not like to be babied to the point i feel that the swedish gov is doing to their people. if one was to average out pay over time, a traditional line of work might very well pay more, but i see the learning opportunity from doing things by myself being a more comfortable route. i am not afraid of death, i am not afraid of homelessness, i embrace either side of where this will go. but i rather face the end than being alive as a zombie.

@Jdolaos55226 8 месяцев назад

Hi Jonny, great video as always! I am working for a company from Malta with a long term contract but I'm remote. So I'm working from home. What do you recommend? Maybe it's easier to register as an autonomo?

@MillennialsWithMoney 8 месяцев назад

Thanks Nik!! If you’re not an EU citizen you could maybe look at the digital nomad visa, alternatively I’d probably suggest speaking to a tax specialist or lawyer as it can get a bit messy with social security and taxes. Hope this helps!!

@Jdolaos55226 8 месяцев назад

@@MillennialsWithMoney I forgot to mention that I m Greek. Thanks anyway!

@fatisummer9106 Год назад

One friend who is Autónomo making barely 1000£ told me after tax and everything she is left with just about 450£ that very suck, i dont see how is this encourage self employment in Spain

@MillennialsWithMoney Год назад

Sorry to hear that, it’s not easy being an autónomo :(