New residency rules from today
#16
Re: New residency rules from today
In the small print it says that to qualify you must spend more than 183 days in Spain - which of course would make you tax resident and liable for tax on your world wide income.
I can see that putting off a large percentage of would be foreign investors!
I can see that putting off a large percentage of would be foreign investors!
#17
Re: New residency rules from today
http://elpais.com/elpais/2012/11/19/...04_703937.html
It is not yet clear how Spain would implement the proposal, but it would involve creating a special temporary residence permit for such investors as Portugal did last August.
The Portuguese law grants residence rights to foreigners who buy a property valued at over 500,000 euros, to those who transfer one million euros to the country and to those who set up a company that hires more than 30 employees.
The difference is that people with this profile do not have to spend at least six months and a day a year in Portugal as is the case with other foreign residents. Instead, after having made their investment, they only need to spend 30 days a year in the country in the first year of residence and 60 days in the second.
The Portuguese law grants residence rights to foreigners who buy a property valued at over 500,000 euros, to those who transfer one million euros to the country and to those who set up a company that hires more than 30 employees.
The difference is that people with this profile do not have to spend at least six months and a day a year in Portugal as is the case with other foreign residents. Instead, after having made their investment, they only need to spend 30 days a year in the country in the first year of residence and 60 days in the second.
#18
Re: New residency rules from today
I think you will find Chinese and Russians are as forthcoming with due taxes as the Spanish
#21
Just Joined
Joined: Nov 2012
Location: Barcelona, Cataluña
Posts: 7
Re: New residency rules from today
You do have to spend a certain number of days in the country to be eligible. Basically I agree with previous posters. The Spanish housing market is in a total crash. People can no longer afford to pay their mortgages off due to crippling financial crisis and high unemployment. Many properties are being returned to banks or up for sale which many Native Spaniards or Catalans can no longer afford. This is a solution designed to appeal to non EU people who do have the capital to buy. This does include Russians for example who are fast becoming a big market especially here in Barcelona. Chinese property owners are common here also. They are buying up all failing bars, business and property at low fast sale prices. But if they are providing income and paying taxes I do not see it as a bad thing. It can only help the economy in that respects. However, there should be some sort of limit in place to ensure the country is not bought up by internationals. Just my two cents, Bryan
#23
Forum Regular
Joined: May 2006
Location: denia
Posts: 192
Re: New residency rules from today
I would not trust what the spanish government says is truthful it will do or not as they move the gaol posts to suit themselves as many times as they care to like an annoying fly buzzing past you head in your lounge you can never quite catch!
ps
#24
Forum Regular
Joined: May 2006
Location: denia
Posts: 192
Re: New residency rules from today
paris
#25
Re: New residency rules from today
Hacienda aren't stupid and they are catching thousands of tax evaders every year.
#26
Forum Regular
Joined: May 2006
Location: denia
Posts: 192
Re: New residency rules from today
paris
#27
Banned
Joined: Feb 2011
Location: Mallorca
Posts: 19,367
Re: New residency rules from today
If buying a €160K house makes you "rich" and likely to "evade" taxes, then frankly, I think we have much more serious problems than I thought.
#28
BE Enthusiast
Joined: Apr 2008
Location: Catalonia, Spain
Posts: 530
Re: New residency rules from today
I would have thought most of the Russians buying property are only looking for holiday homes. They don't want residency anyway and they are unlikely to spend 183 days here.