Spain: Andalucia abolishes wealth tax but introduces Tax on Large Fortunes

[Martin Everson]

https://www.andalucia.com/law/wealthtax.htm
P.S They basically just renamed it to Large Fortunes Tax and raised the threshold from when the tax applies to euro 3m .

 

[Marzio]

buffoons

 

[uncreative]

There is a conflict between Andalucia and the central government.

The government's new tax is said to last only 2 years and reduce the inflationary burden. The Spanish government did not agree that Andalusia would abolish the wealth tax and, among other things, counteracted this with this solidarity tax.

Andalucia is not amused...

 

[Alonzo]

Gloabl tax Alert: Spanish Government introduces Temporary Solidarity Tax

"The Solidarity Tax would be in force for two years, although the Law includes a review clause allowing the Government to extend it for future years."

This wealth tax won’t be temporary lol I bet it will stay for much longer

 

[DarkRevoMan]

https://www.andalucia.com/law/wealthtax.htm
P.S They basically just renamed it to Large Fortunes Tax and raised the threshold from when the tax applies to euro 3m .

They call 3 million a large fortune?

 

[TheCryptoAnt]

Gloabl tax Alert: Spanish Government introduces Temporary Solidarity Tax

"The Solidarity Tax would be in force for two years, although the Law includes a review clause allowing the Government to extend it for future years."

This wealth tax won’t be temporary lol I bet it will stay for much longer

theres nothing more permanent than a governments temporary tax

 

[Hyo]

They call 3 million a large fortune?

What? 3mm eur in wealth is f**k lot!

 

[Martin Everson]

If a guy who has made 100m euros lives in Spain then after 10 years he will have lost around 30% of those savings in his bank to the new Large Fortunes Tax. You will then eventually lose almost all your money by retirement .

Spanish government are crazy. Spain is not a place for anyone with ambition of becoming rich or staying rich to live. It's a holiday destination or holiday home spot at best and nothing more.

 

[Hyo]

“It’s a holiday destination…” that’s it. There is no turnaround about this, anything else you are considering it’s wrong. This country it’s on its down cycle , not the time to get in.

 

[DarkRevoMan]

What? 3mm eur in wealth is f**k lot!

You're joking right?

 

[Alonzo]

If a guy who has made 100m euros lives in Spain then after 10 years he will have lost around 30% of those savings in his bank to the new Large Fortunes Tax. You will then eventually lose almost all your money by retirement .

Spanish government are crazy. Spain is not a place for anyone with ambition of becoming rich or staying rich to live. It's a holiday destination or holiday home spot at best and nothing more.

Exactly. It's horrendous for individuals with that kind of wealth while also earn €10m+ annually.

The 60% rule still applies tho. Wealth tax bill + Income tax bill can't reach more than 60% of your Personal Income, which means that big earners from all over Spain are very likely to be taxed at an effective 60% of your annual income every single year!

Retirees don't have to worry about because they make low to no income. Until the government saw how little they paid so they are obliged to pay at least 20% of their actual wealth tax bill.

France is also a very risky country to live as a rich person.

 

[Radko]

As someone that has lived in Spain for many years, I can assure you the Socialist & Communist government of Spain is on its way out, they came to power without going through a referendum, as the Socialist didn't have enough votes they formed an alliance with the Communist party and the independent parties of Catalunya, general elections will take place this year, they will lose, but once again they leave Spain with an absurd amount of debt, highest unemployment rate of the EU, an economy completely dependent on tourism, massive taxes left and right, everyone with a bit of money has left or is doing everything they can to hide their wealth, many YouYubers have gone to Andorra, others have moved to Portugal under the NHR program.
The future of Spain is very bad, as the economy gets worse and worse, taxes have to go up and up, sooner or later they will have to get rescued, it's sad but that's the result of Socialism, and as far as the wealth tax, that one isn't going away anytime soon, the central government doesn't allow the different regions to implement their own policies, some regions have inheritance tax, others don't, but the Socialist government has already said they are ready to pass a law across the country so everyone pays inheritance tax.
Spain is no longer a country to live in, many better options out there...

 

[BlinkHood]

As someone that has lived in Spain for many years, I can assure you the Socialist & Communist government of Spain is on its way out, they came to power without going through a referendum, as the Socialist didn't have enough votes they formed an alliance with the Communist party and the independent parties of Catalunya, general elections will take place this year, they will lose, but once again they leave Spain with an absurd amount of debt, highest unemployment rate of the EU, an economy completely dependent on tourism, massive taxes left and right, everyone with a bit of money has left or is doing everything they can to hide their wealth, many YouYubers have gone to Andorra, others have moved to Portugal under the NHR program.
The future of Spain is very bad, as the economy gets worse and worse, taxes have to go up and up, sooner or later they will have to get rescued, it's sad but that's the result of Socialism, and as far as the wealth tax, that one isn't going away anytime soon, the central government doesn't allow the different regions to implement their own policies, some regions have inheritance tax, others don't, but the Socialist government has already said they are ready to pass a law across the country so everyone pays inheritance tax.
Spain is no longer a country to live in, many better options out there...

As a spanish citizen who moved abroad I'm unsure about them being on their way out, the other major party's candidate (PP) is completely uncharismatic, just an old guy which I havent heard anything of for the past year. The other right-party is VOX but they're too conservative to get a major % of votes, and luckily, the other far-left party (Podemos) seems to be on the decline aswell.

So I personally think the PSOE will win again. They've raised pensions by almost 9% this year and public salaries a bunch aswell. It is definitely not sustainable but in the short term they've bought the votes of pensioners, or near to be pensioners plus public workers, which make up a big % of the population..


But yeah, spain is not a good country to work in, there are high taxes and the tax agency will f**k you up when they see you file a high tax return.

 

[Radko]

As a spanish citizen who moved abroad I'm unsure about them being on their way out, the other major party's candidate (PP) is completely uncharismatic, just an old guy which I havent heard anything of for the past year. The other right-party is VOX but they're too conservative to get a major % of votes, and luckily, the other far-left party (Podemos) seems to be on the decline aswell.

So I personally think the PSOE will win again. They've raised pensions by almost 9% this year and public salaries a bunch aswell. It is definitely not sustainable but in the short term they've bought the votes of pensioners, or near to be pensioners plus public workers, which make up a big % of the population..


But yeah, spain is not a good country to work in, there are high taxes and the tax agency will f**k you up when they see you file a high tax return.

It would be terrible for Spain if PSOE & Podemos stay in control of the government, more Spanish people will leave the country just as you have.

 

[A1988]

What do you think if someone moves to spain with beckham law for 6 years? There can be significant tax savings on cap gains and wealth abroad since there is no need to file modello 720 which is a declaration of assets or investments outside spain.

 

[wellington]

theres nothing more permanent than a governments temporary tax

True, i remember the temporary VAT increase from 17.5% to 20% in the UK to bail out the Irish (s**t you not) banking system.

I left at that point.

 

[Martin Everson]

What do you think if someone moves to spain with beckham law for 6 years?

I think they should undergo careful psychological assessment at the nearest clinic if they have real money .

 

[A1988]

I think they should undergo careful psychological assessment at the nearest clinic if they have real money .

Lol, since I am considering, what are the downsides? Looking for quality of life with tax advantages of capital gains, do you know any better places?

 

[Radko]

Lol, since I am considering, what are the downsides? Looking for quality of life with tax advantages of capital gains, do you know any better places?

Plenty of countries around the world with no taxes and great quality of life! (A lot more freedom and quality of life than in the USSR)

 

[A1988]

Plenty of countries around the world with no taxes and great quality of life! (A lot more freedom and quality of life than in the USSR)

Please let me know if theres a place better than spain or more precisely south of spain with weather, quality of life, tax savings like beckham law? First world country please.