Also spain went after shakira the singer.
So you running from smoke and jumping into the fire if you ask me.
Shakira: Singer settles Spanish tax fraud case with €7.5m fine
yah the solidarity tax at 10 Million asset could be around 200K a year already
Check again. Dont use chatgpt
Seems close. I think they pulled from this website
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then u have to go thru the lawyers and accountants to enter the loopholes, same as shakira…
in the end it cost even more… u know bec… hips dont lie https://www.youtube.com/watch?v=DUT5rEU6pqM
You can google the rates …
at € 10,695,996 its 152,224 Euros already!!!
from here for example - https://www.blevinsfranks.com/spains-solidarity-tax-large-fortunes/
I hinestly saw 6pct but unable to find the article.
3pct or 6pct every yr on everything you own is too much.
Then your spain lawyer will tell you to do this and that… save this and that here and there. Then the accounrant comes in… fee fee fee.
Thats on top of you can imagine, sales taxes, income taxes, social securoty, healthcare… to name a few
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Yah for low wage earners, these countries are great!!! for an average GV investor…its a nightmare
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Yes, Spain’s taxation scheme is unfavorable to people who saved up for their own retirement, compared to somebody who draws an equivalent pension.
But maybe phrase your point in a different way. No country in the world is all that great for “low wage earners”, and those of us fortunate enough to be able to make a golden visa investment can at least not be jerks.
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I imagine this is answered elsewhere, but if I can’t add my dependants on this first trip, does that mean ALL trips will also need to be separate? I had thought it would just be the first trip, and I would carefully have to figure out the first year to make sure our 1 week (and subsequent 2 every 2 years) overlap. But,now it sounds like when renewal comes we will have to separate trips for that as well? Is it because we can only go within a certain window of time when it comes due?
That might be a deal breaker for me (along with everything else). I already had another international trip planned, which is a theoretical basis to move the appointment (which I know won’t likely get rescheduled). I was trying to move everything around for this. BUt without knowing if the 5 years is going to 10, or if my depedants can come with me (so far it seems like the answer is “no”) I was torn. If it turns out we will have to keep making separate trips, that might be the final nail in coffin. Is the hope that lawyers can stand in for renewals? It isn’t like they have made anything easy or convenient, or transparent in this process.
Sometimes we as GV investors are proving the point of why the normal Portuguese hate us so much - we sometimes let down our guard and come off as arrogant (e.g. “low wage earners”, “poor people” - I have to remind myself that these guys are the norm and we are the anomaly or the blessed ones who have amassed a fortune).
Sure, Spain’s visa schemes are not really for the immensely rich as it could be quite disadvantageous in terms of taxes, but I think this is the price of admission. I’d rather pay this tax but gain procedural certainty when it comes to residency and citizenship. Once achieved, who ever said one cannot relocate to a lower tax location? Spain does not have citizenship-based taxation.
And yet, here we are, who have sunk EUR 350k+ in Portugal and paying 4k+ in fees (application/renewals) and more moolah to the lawyers for something not sure. Adding these up, we are, as if, paying wealth taxes and yet not getting the certainty in return.
Now, that dreaded wealth tax, one has to research that there are autonomous communities in Spain that offer relief or full exemption to the tax. Andalusia and the Autonomous Community of Madrid come into mind. The sweet spot they say is not to exceed EUR 2m in assets as over this could trigger the national government’s solidarity tax (different from the wealth tax). But again, we should think of this as the price of citizenship. Just my two cents.
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My family and I have different start dates for our visas. We just make sure that we’re doing family holidays at the right time so that we’re all getting the days we need. FOr example our summer2025 trip was timed to be year 1 for husband and daughter’s 7 days and year 2 of my son and I.
As for renewals I understand you only need to attend in person if your biometrics were done <5(?) years ago. So hopefully you’d only need to go every 2nd or 3rd renewal.
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lots of silly navel gazing and hand wringing from people who think saying “wage earners” makes them appear out of touch. it is perfectly reasonable to be concerned about taxes, especially worldwide wealth taxes, when considering a move. it doesnt make you a bad person to want to minimize your tax burden, just as it doesnt make you a good person to pay as much tax as possible.
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I was talking about tax treatment by income type, not making a value judgment about people.
that shouldve been obvious to all…
I wasn’t making the claim you’re responding to
According to some webpage I saw it is limited to the larger of 20% of wealth tax and 60% of income.
So if you have high wealth but low income the wealth tax is reduced by 5x.
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exactly. go where you are treated best.
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Sticking it out until January 2029 at the earliest. I need to see what happens politically in the U.S. before pulling the plug.
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