Go Back  British Expats > Living & Moving Abroad > Europe > Spain
Reload this Page >

Kids having rich parents - residin in spain - what taxes for them?

Kids having rich parents - residin in spain - what taxes for them?

Thread Tools
 
Old Jul 10th 2012, 4:48 pm
  #1  
Just Joined
Thread Starter
 
Joined: Jun 2012
Posts: 17
evelyn01 is an unknown quantity at this point
Default Kids having rich parents - residin in spain - what taxes for them?

how about those kids, who have rich parents - and they send them money every month for example (enough for rent and for food... how that apply then - if somebody like that lets say from Canada would moved to Spain and got residency - would they be obliged to pay any taxes from "gifts" from their parents? (I know there is some limit in the USA - about 12000$ for one year for one person from one person... but how about Spain??
evelyn01 is offline  
Old Jul 10th 2012, 6:52 pm
  #2  
¿Dónde estoy?
 
lynnxa's Avatar
 
Joined: Jun 2004
Location: my paradise - Jávea
Posts: 13,330
lynnxa has a reputation beyond reputelynnxa has a reputation beyond reputelynnxa has a reputation beyond reputelynnxa has a reputation beyond reputelynnxa has a reputation beyond reputelynnxa has a reputation beyond reputelynnxa has a reputation beyond reputelynnxa has a reputation beyond reputelynnxa has a reputation beyond reputelynnxa has a reputation beyond reputelynnxa has a reputation beyond repute
Default Re: Kids having rich parents - residin in spain - what taxes for them?

Originally Posted by evelyn01
how about those kids, who have rich parents - and they send them money every month for example (enough for rent and for food... how that apply then - if somebody like that lets say from Canada would moved to Spain and got residency - would they be obliged to pay any taxes from "gifts" from their parents? (I know there is some limit in the USA - about 12000$ for one year for one person from one person... but how about Spain??
Canadians have to apply for residency - there are very strict criteria

the best thing would be to contact the Spanish Consulate in Canada to see which visa (if any) would apply
lynnxa is offline  
Old Jul 10th 2012, 6:58 pm
  #3  
Just Joined
Thread Starter
 
Joined: Jun 2012
Posts: 17
evelyn01 is an unknown quantity at this point
Default Re: Kids having rich parents - residin in spain - what taxes for them?

ok, I understand, that was not good example... lets say british instead of canucks?
evelyn01 is offline  
Old Jul 10th 2012, 7:10 pm
  #4  
Banned
 
Joined: May 2012
Location: TVtenerifeTViberia
Posts: 380
BAT7311 is an unknown quantity at this point
Default Re: Kids having rich parents - residin in spain - what taxes for them?

well if they had their head on right then the rent and bills would be paid direct by the parents and they would give them a UK debit/credit card to take money out of bank ....result ... no income in spain as they are not ´working´ here so i can see anyone even bothering to care ....lot easier to tax a brit who is renting an apartment illegally then a 20 year iold in the discos ....
BAT7311 is offline  
Old Jul 10th 2012, 7:12 pm
  #5  
¿Dónde estoy?
 
lynnxa's Avatar
 
Joined: Jun 2004
Location: my paradise - Jávea
Posts: 13,330
lynnxa has a reputation beyond reputelynnxa has a reputation beyond reputelynnxa has a reputation beyond reputelynnxa has a reputation beyond reputelynnxa has a reputation beyond reputelynnxa has a reputation beyond reputelynnxa has a reputation beyond reputelynnxa has a reputation beyond reputelynnxa has a reputation beyond reputelynnxa has a reputation beyond reputelynnxa has a reputation beyond repute
Default Re: Kids having rich parents - residin in spain - what taxes for them?

Originally Posted by BAT7311
well if they had their head on right then the rent and bills would be paid direct by the parents and they would give them a UK debit/credit card to take money out of bank ....result ... no income in spain as they are not ´working´ here so i can see anyone even bothering to care ....lot easier to tax a brit who is renting an apartment illegally then a 20 year iold in the discos ....
but.................. they should register as resident after 90 days & would have to show proof of income & healthcare provision

Last edited by lynnxa; Jul 10th 2012 at 7:22 pm.
lynnxa is offline  
Old Jul 10th 2012, 7:13 pm
  #6  
Banned
 
Joined: Aug 2009
Posts: 5,008
JLFS has a reputation beyond reputeJLFS has a reputation beyond reputeJLFS has a reputation beyond reputeJLFS has a reputation beyond reputeJLFS has a reputation beyond reputeJLFS has a reputation beyond reputeJLFS has a reputation beyond reputeJLFS has a reputation beyond reputeJLFS has a reputation beyond reputeJLFS has a reputation beyond reputeJLFS has a reputation beyond repute
Default Re: Kids having rich parents - residin in spain - what taxes for them?

Originally Posted by evelyn01
how about those kids, who have rich parents - and they send them money every month for example (enough for rent and for food... how that apply then - if somebody like that lets say from Canada would moved to Spain and got residency - would they be obliged to pay any taxes from "gifts" from their parents? (I know there is some limit in the USA - about 12000$ for one year for one person from one person... but how about Spain??
I dont think that paying for your childrens education is regarded as a gift for which they pay tax.
JLFS is offline  
Old Jul 10th 2012, 9:37 pm
  #7  
 
Fred James's Avatar
 
Joined: Jun 2006
Location: Granada Costa
Posts: 10,902
Fred James has a reputation beyond reputeFred James has a reputation beyond reputeFred James has a reputation beyond reputeFred James has a reputation beyond reputeFred James has a reputation beyond reputeFred James has a reputation beyond reputeFred James has a reputation beyond reputeFred James has a reputation beyond reputeFred James has a reputation beyond reputeFred James has a reputation beyond reputeFred James has a reputation beyond repute
Default Re: Kids having rich parents - residin in spain - what taxes for them?

If they were resident in Spain any money given to them could be treated as a gift and taxed just the same as an inheritance.

The only difference is that there is no allowance against gifts at the national level.

That said it might be very difficult for the taxman to pick up on this but there is a risk they might if it went on for some time and was a significant amount.
Fred James is offline  
Old Jul 11th 2012, 7:34 am
  #8  
BE Forum Addict
 
Joined: Aug 2006
Location: Velez-Malaga
Posts: 4,920
Lynn R has a reputation beyond reputeLynn R has a reputation beyond reputeLynn R has a reputation beyond reputeLynn R has a reputation beyond reputeLynn R has a reputation beyond reputeLynn R has a reputation beyond reputeLynn R has a reputation beyond reputeLynn R has a reputation beyond reputeLynn R has a reputation beyond reputeLynn R has a reputation beyond reputeLynn R has a reputation beyond repute
Default Re: Kids having rich parents - residin in spain - what taxes for them?

Originally Posted by Fred James
If they were resident in Spain any money given to them could be treated as a gift and taxed just the same as an inheritance.

The only difference is that there is no allowance against gifts at the national level.

That said it might be very difficult for the taxman to pick up on this but there is a risk they might if it went on for some time and was a significant amount.
Not a good idea to pack the black sheep of the family off to Spain as a "remittance man" as they used to be known in times gone by, then?
Lynn R is offline  

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off



Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service -

Copyright © 2024 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.