SIPP taxation
Dec 31st 2020 | 9:21 am
#1
Thread Starter
Forum Regular
Joined: Jul 2017
Posts: 48
From: Toronto
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.
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.
Dec 31st 2020 | 10:18 pm
#2
Retired and loving it!
Joined: Sep 2007
Posts: 5,211
From: Ontinyent - Valencia region (campo)
Re: 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.
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.
