Instant online payment. Credit: DavideAngelini – Shutterstock
Bizums tracked
Beginning January 1, 2026, Spain’s Tax Agency will gain full access to all Bizum transactions involving businesses and self-employed people, regardless of amount. The already approved act eliminates the previous €10,000 threshold for banks to report Bizum transactions, intending to curb tax fraud with the platform’s growing use in commerce, hospitality, and services.
In 2024, Bizum transactions doubled for the fifth consecutive year, with 58 million transfers totalling €3.107 billion, averaging €53.56 per transaction. The Tax Agency’s move targets undeclared income, as some businesses have used Bizum to bypass the €1,000 cash payment limit, according to Cristina Godín of Sincro consultancy.
Ignacio Arráez, vice president of the Spanish Association of Tax Advisors, welcomes the anti-fraud measure but warns of overreach, when he mentioned that monitoring even small €5 transactions may burden businesses disproportionately. He cites the General Tax Law’s emphasis on balancing fraud prevention with minimal compliance costs.
Stat of the week: €900 is the average amount a citizen of Spain has to spend on holidays per year.
Retirement at 70
Denmark has become the first European nation to set its retirement age at 70, now with rising life expectancy (81.7 years).
With overwhelming parliamentary support, the reform follows a 2006 welfare package tying pension age to demographic trends. However, public unease grows, with critics like some calling it “unrealistic” for manual labourers. Trade unions and left-wing parties oppose the three-year increase from 67, already among the world’s highest. While over half of Danes favour working past retirement, gradually reducing hours, concerns continue about politicians’ pensions, allowing retirement at 60 for some MPs, including Prime Minister Mette Frederiksen.
Blackout blame
There were warning signs of the massive blackout that hit Spain in April 2025 much earlier than claimed despite Red Eléctrica’s claim of no prior anomalies, Systems detected voltage irregularities on Iberdrola’s 66,000-volt grid at 11.01am, peaking at 73,600 volts.
Automatic disconnections occurred at 11.09 and 11.46, with a second shutdown at 12.33 coinciding with the national “zero energy” event. Reports came in of oscillations for two weeks before. With damages estimated over €1 billion, a dispute rages between utilities and Red Eléctrica over who’s responsible for Spain’s worst-ever blackout.
Lagarde eyes WEF
Christine Lagarde, president of the European Central Bank (ECB), is reportedly considering heading the World Economic Forum (WEF) after her term, according to the Financial Times. Sources claim she discussed succeeding WEF founder Klaus Schwab, who resigned last month amid misconduct allegations. However, ECB sources insist Lagarde, whose non-renewable term ends October 31, 2027, is committed to completing her mandate. Previously, Lagarde served as IMF managing director (2011–2019) and French finance minister.
Beyond Wealth
Banco Santander has introduced ‘Beyond Wealth’, an independent advisory unit targeting ultra-high-net-worth clients with assets likely above €20 million. Led by Carmen Gutiérrez, formerly of Julius Baer, and Sol Moreno de los Ríos, previously with CaixaBank, the unit rebrands Santander’s Private Real Estate Advisory & Management. Santander’s aggressive recruitment from competitors like CaixaBank and Julius Baer, along with a new Madrid centre for Latin American wealth, reinforces its private banking push.
Crypto Expansion
Major US banks are exploring cryptocurrency ventures through pilot programmes and limited trading, encouraged by regulatory support, according to industry executives. While strict rules previously limited their involvement, banks remain cautious, hesitant to lead due to potential regulatory shifts. If one bank succeeds without issues, others may follow with small-scale projects. JPMorgan Chase’s CEO, Jamie Dimon, dismissed significant expansion or crypto custody. Meanwhile, President Trump’s executive order establishes a budget-neutral bitcoin reserve, hoping to stockpile digital currencies without taxpayer costs.
Foreign property targeted
Spain’s government has proposed a law to curb non-EU residents’ property purchases, blamed for soaring housing prices. From 2026, a new “Complementary State Tax” will double the cost of homes for non-resident buyers, applying a 100 per cent tax on the property’s price, offset by existing regional taxes. Excluded are businesses and professionals. The measure, sparking debate among British investors (8.7 per cent of foreign buyers), aims to cool the market, though non-residents represent only 1.6 per cent of transactions.
Airbnb crackdown
Spain has ordered Airbnb to remove over 65,000 holiday rental listings for violating regulations, claiming missing license numbers and unclear ownership details. Consumer Rights Minister Pablo Bustinduy wants to curb the housing crisis blamed on short-term rentals. Airbnb plans to appeal, questioning the ministry’s authority.
Summer Workforce
El Jamón supermarkets plan a 20 per cent staff increase for summer, reaching 4,700 employees in Huelva, Cádiz, and Málaga. New hires will support seasonal supermarket opening by late June, while some staff relocate to coastal stores, improving service and local economies.
BYD drop
Shares of Chinese electric carmaker, BYD, fell in May after announcing 20-34 per cent price cuts on batteries. The move, aimed at boosting growth over profitability, also impacted Chinese EV makers like Li Auto and Geely, as BYD strengthens its market leadership.
Martini’s back
Bacardi is bringing back Martini’s premium image in line with Spain’s “tardeo” trend, as the aperitif market grows 5 per cent, reaching €270 million. A new, eco-friendly Martini bottle, reduces emissions and optimises logistics. “Martini Atrévete a Ser” campaign and Terrazza Martini events launch summer 2025.
Freelance debt
In Spain, 25 per cent of freelancers (796,000) owe Social Security for underpaying in 2023, following a shift to income-based payments. The Ministry reviewed 3.7 million cases, issuing 1.6 million adjustments. Over two million freelancers faced no changes. The government aims to address disparities through ongoing reforms.