SIPP taxation

Old Dec 31st 2020, 9:21 pm
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Default SIPP taxation

I have been searching the forum and find conflicting information regarding taxation of SIPPs in Spain

Here is the scenario;
59 years old, so can access SIPP. SIPP is growing in value ~ 5-10% per year from capital gains and dividends on shares.
Want to retire in Spain. I realize that any withdrawal from SIPP will attract taxation by Spain.

My questions;

1) If move to Spain, do I need to include the SIPP value on Modelo 720 wealth declaration?
2) Are the capital gains and dividends from growth every year in the SIPP taxable in Spain.

I realize this has been talked about before. Hoping to hear from someone in a similar situation, and also a recommendation on an advisor ( reply or pm ) would be welcome.
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Old Jan 1st 2021, 10:18 am
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Default Re: SIPP taxation

Originally Posted by Vinny17
I have been searching the forum and find conflicting information regarding taxation of SIPPs in Spain

Here is the scenario;
59 years old, so can access SIPP. SIPP is growing in value ~ 5-10% per year from capital gains and dividends on shares.
Want to retire in Spain. I realize that any withdrawal from SIPP will attract taxation by Spain.

My questions;

1) If move to Spain, do I need to include the SIPP value on Modelo 720 wealth declaration?
2) Are the capital gains and dividends from growth every year in the SIPP taxable in Spain.

I realize this has been talked about before. Hoping to hear from someone in a similar situation, and also a recommendation on an advisor ( reply or pm ) would be welcome.

(1) - yes, must be declared if over 50k

(2) if you physically withdraw any funds, then these are taxable. If the funds are not in a "Spanish wrapper", then any growth may attract tax. Within a Spanish wrapper, the growth doesn't.
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