[ Offshore Tax ] 4 Biggest Mistakes that Wealthy Americans Make in Moving to Spain

Описание: [ Offshore Tax ] 4 Biggest Mistakes that Wealthy Americans Make in Moving to Spain

4 Common Mistakes Americans Make When Moving to Spain:
1. Trust Recognition: Spain does not recognize foreign trusts. If you’re moving from the US to Spain, it’s crucial to understand the tax implications of your trust in Spain.
2. Worldwide Income Tax: Just like the US, Spain taxes you on your worldwide income. It’s important to manage your tax position effectively, especially when it comes to foreign tax credits and leveraging the double tax treaty between the US and Spain to avoid double taxation.
3. Blacklisted Jurisdictions: Spain has a list of 24 blacklisted jurisdictions, separate from the 16 on the European blacklist. If your corporate structure involves any of these jurisdictions, it may be treated punitively from a tax and banking perspective in Spain. Check your structures before moving!
4. Real Property Assets: In civil law jurisdictions like Spain, certain arrangements are beneficial for holding real property assets, both from a tax and estate-buying perspective. One such example is usufruct. However, using such structures may have implications from a US tax perspective.
Remember, moving to a new country is a big step. Make sure you’re well-prepared and informed to avoid these common pitfalls!

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0:08 First Mistakes that Wealthy Americans Make in Moving to Spain
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0:37 ThirdMistakes that Wealthy Americans Make in Moving to Spain
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