Has the Beckham Law helped attract foreign investment?

Spain has joined other European countries in competing to attract high-net-worth individuals through favourable tax regimes and residence permits. The so-called Beckham Law, introduced in 2003 after David Beckham’s move to Real Madrid, allowed foreign professionals to be taxed only on income earned in Spain and at a reduced rate. It was meant to boost the economy by attracting skilled talent and capital.

Although the regime was later limited to annual earnings below €600,000, and elite athletes were excluded, Spain has continued to court foreign investors. In 2013, it launched the Golden Visa, granting residency — and eventually citizenship — to those investing at least €500,000 in the country.