Bank Charges

A little bit of help please. During my house hunting process I put some money into my Spanish bank account. I was then taxed 20% on the money I had in there. They said this was payable because I was a non Spanish resident.
Will I continually be taxed until I become a permanent resident or is this just a one off tax?
Many thanks in advance.

20% on the amount? Never heard that before. Tax of 20% on interest earned or bank charges of around €20 a quarter but never heard of a tax on the amount in the account. We had 3 non-resident accounts before we moved over and never paid any tax on the amount in the account.
We closed one account (Bankinter) because of the high charges and then the Cam one and kept the Bankia one. Even with the non-resident account we weren't charged anything on the balance, just the quarterly maintenance fees and 2 yearly non-resident certificate. Now we have a resident account we aren't charged anything but have to pay tax on any interest accrued.
Which bank are you with?

Would you believe it, Bankinter!!!!
Seems I need a new bank.
Appreciate your reply.

If you are a non resident you will be taxed on your interest, when you become resident you wont be taxed

Isn't everyone taxed on interest?

kathyl wrote:If you are a non resident you will be taxed on your interest, when you become resident you wont be taxed

??? I have to declare my interest on my tax return and I am, indeed, taxed on it. Both residents and non-residents are charged 19% up to €6,000 a year. (At today's interest rates, if you get more than that you probably have a good accountant to do it for you).

Was it definitely tax? Some banks charge high fees for non resident accounts when you deposit a large amount.

I am with Bankinter, and have been since 2004, I also put funds into my account during the buying process, but I wasn't taxed on it, and I am still living in UK. My only charges are the quarterly bank charges and they send me a statement prior to the year end so that I can declare the 11 euros interest on my tax form.