Can I Even Offshore? (UK Citizen, Spanish Resident, US Clients)

[MarkWan]

Hello! Hope you're all doing well.

I'm a British citizen and I recently-acquired a Spanish residency. I moved here last year. I work on a freelance basis for a company in the US. My income has been hit by Covid and I'm trying to figure out if an offshore company will help mitigate my taxes so I can hold on to my mediocre salary right now.

I've been informed that if I create a company in the Seychelles (seemed like the most cost-effective location from what I've seen so far) I'd still need to pay taxes in Spain.

Is there some offshore solution for me to avoid becoming a Spanish tax resident while living here?

Thanks! Really appreciate any help. Feels like a lot of the offshore setup companies will tell me whatever they think I need to hear to get my money.

 

[troubled soul]

If you register Company in any Juridication and remit money to your home country than and than It will tax. Solution : Do not bring money to Home country use Company visa/master card for your spending (Money requirement).

And for choosing location , It is depend you , which Juridication you like depend on price and banking requirement .

 

[manukahoney]

Probably not.
You might try to acquire a Cyprus residency, spend there at least 60 days to maintain it, spend less than 183 days in Spain and basically keep your life interests and assets outside of Spain to become non-resident.

 

[Martin Everson]

Manukahoney is right when it comes to Spain.

Unless you earn via capital gains on your holdings (like the elite in Spain do and only pay max 26% tax on those gains) any move to Spain is like a move to hell. But enjoy the good weather and food .

 

[FreeBit]

Manukahoney is right when it comes to Spain.

Unless you earn via capital gains on your holdings (like the elite in Spain do and only pay max 26% tax on those gains) any move to Spain is like a move to hell. But enjoy the good weather and food .

Y las sicav al 1%?

 

[CyprusLaw]

Probably not.
You might try to acquire a Cyprus residency, spend there at least 60 days to maintain it, spend less than 183 days in Spain and basically keep your life interests and assets outside of Spain to become non-resident.

I will agree on this, noting that you would be exempted from SDC on dividend in Cyprus. In this respect you would only pay the corporate tax of 12.5%. As mentioned above wit Spain in the middle it will be hard to set up a good structure to benefit in terms of tax.

 

[Sir Gelato]

Y las sicav al 1%?

The sicav regulation on spain is changing, a lot of wealthy families are changing the location to luxembourg to establish their sicavs. Yes, they pay very low taxes, but when it is time to recast, you pay 19-23% on tax. Also you need a €2,4 MM capital to create one.
Saludos

 

[JohnLocke]

Y las sicav al 1%?

Please only use the English language to avoid posts removed and usernames banned.

 

[FreeBit]

The sicav regulation on spain is changing, a lot of wealthy families are changing the location to luxembourg to establish their sicavs. Yes, they pay very low taxes, but when it is time to recast, you pay 19-23% on tax. Also you need a €2,4 MM capital to create one.
Saludos

are you requiered to live there to have the sicav in luxemburg? guess you have money there you just want to grow, not the one you need to live

Please only use the English language to avoid posts removed and usernames banned.

sorry, my bad