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

[TheCryptoAnt]

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.

Greece and Italy under the flat tax regime.

 

[Martin Everson]

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?

If quality of life is your concern then Spain it is but keep abreast of tax law changes in Spain each year.

What sort of capital gains are you getting? If your trading in shares and own less than 25% of the share capital you trade you can avoid capital gain tax entirely by moving to Andorra. Then just catch the Flix bus to Barcelona anytime you want to enjoy yourself. But Andorra is no Spain sadly.

P.S Crypto CGT is 10% in Andorra before you ask...lol.

 

[A1988]

If quality of life is your concern then Spain it is but keep abreast of tax law changes in Spain each year.

What sort of capital gains are you getting? If your trading in shares and own less than 25% of the share capital you trade you can avoid capital gain tax entirely by moving to Andorra. Then just catch the Flix bus to Barcelona anytime you want to enjoy yourself. But Andorra is no Spain sadly.

P.S Crypto CGT is 10% in Andorra before you ask...lol.

Capital gains thru sale of intellectual property of my business which will be in a holding company in cyprus. Andorra is nice but spain with beckham law is even better? They dont want to know anything that is outside spain, one is treated as a non resident for 6 years and you can bring your money inside spain too unlike non dom regimes

 

[Radko]

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.

Depending on your definition of First world country, but a "First world country" will have a massive government with massive spending, together with massive taxes.

I'm not sure the south of Spain is these days a place to have a "great quality of life."
You will encounter everything is overpriced, food, rent, house prices, gas, health insurance, etc.
I wouldn't say that just because it's warm, sunny, and close to the beach, you will have a "great quality of life." Plenty of areas where the drought is a massive problem, water cuts taking place all over the south (lack of water is becoming a serious problem) and too many retirees searching for a sunny place to live after Covid has driven the real estate market through the roof (it's stupid to buy a place at these prices, reminds me of 2008 all over again, we know how that ended, especially for Spain - I'm currently selling my home.)

How about Panama? Costa Rica? Paraguay? (Spanish speaking), Belize? (English speaking), Malaysia & Thailand (cheap, beautiful, warn weather, nice friendly people -You don't have to live there all year around), South of Italy in a town with less than 20K habitants? (they have a program with very low taxes if you move there, south of Napoli is nice), Cyprus? (No taxes on foreign capital gains, no taxes on dividends), and of course Dubai?

Some of those places don't require you to stay there, Panama for example only requires you to enter the country once every 2 years, easy to get temporary or permanent residency.

(*in Spain the Socialist party just lost the election but chances are they will, once again, be able to form a government together with the Communist party, and other regional far left politicians.. Spain has a debt to GDP of around 115%, the EU has already instructed the Spanish government to lower the debt asap in the years ahead, how do you think a Socialist/Communist government will do that? Tax hikes! - the quality of life in Spain was great from 1975 to 2005, everything has changed since 2008, everything that has happened in Spain after 2009 has been thanks to the extremely low cost of borrowing money- but if you have a lot of money and you don't mind a Socialist/Communist government with their crazy spending and massive taxes, then go ahead and move to Spain -make sure you close all you windows when you leave your house even it's for just one hour, or while you are sleeping, it's only a matter of time before someone will try to break into your home, it's become an epidemic, foreigners are an easy target .)

 

[uncreative]

If the beckham law is used correctly, p.e. pay attention to sufficient substance for a foreign company, no offshore destination,...
the special tax regime can be a very good option for 6 years.

But after that you should move on

You do not have to declare your assets abroad, p.e. Crypto assets can therefore also be generated tax-free outside of Spain.An exit tax only applies in Spain after 10 years of tax residency in the last 15 years.

The current government is on hold, new elections are likely, the outcome is open... Most of the improvements to the beckham law cannot yet be put into practice. It is therefore worth waiting until 2024.

And normally the annual salary should be of at least 60k so it worth with the 24% flattax.

However, Spain does not dictate the salary here, so it is advisable to get hired with a low salary of around 12k per year with low social constribution in order to benefit from dividends without tax in Spain.