|
Re: Spanish tax
[QUOTE=Fred James;11623810]Probably not many, but Hacienda have just sent out loads of emails advising people that they must declare foreign pensions and have given an amnesty until June. There will be no fines if you declare for the last four years.
/QUOTE] Some people i have spoken to have never submitted a Spanish tax form even though I have tried to say they should even if only for their UK State Pension. They ignore my comment saying as they pay UK tax on Government pension they do same for state pension. They choose to ignore what I say so I don't bother any more. Thing is they wont have got an e mail as Hacienda wont have an email address for them! Ignorance is bliss I suppose until the wheel comes off! |
Re: Spanish tax
Amazing, the ignorance( or cunning) of many of my fellow expats
Oh, how we'll laugh if they get caught! |
Re: Spanish tax
Originally Posted by bobd22
(Post 11623804)
It is certainly a minefield especially if you retain assets to the value of Roxypoter. How ever given that you are quite young and get good income from your assets why not just spend 6 months renting in Spain followed by 3 months in say Portugal with 3 months in UK. Staying tax resident in UK and not having to worry about the 720? Not sure on Portugal rules for long stays.
It would be interesting to hear how many people that have not declared assets or paid income tax in Spain on say pensions paying it instead to UK have been prosecuted? I know the fines are high for not declaring, if they are used and followed up. i can afford.to do what you have mentioned above.. but the missus wants settle...so we can have children. And wants the children settled in one country.. |
Re: Spanish tax
Originally Posted by roxypotter
(Post 11623927)
Hi..
i can afford.to do what you have mentioned above.. but the missus wants settle...so we can have children. And wants the children settled in one country.. |
Re: Spanish tax
As many of you know, I was an expat with significant assets in the UK. Again, as many of you know one of the reasons I left was because I too asked the question, why does the Spanish tax man want to know so much about my worldwide assets.
I wasnt worried about current taxes, which had all been taken into consideration in my finances. I WAS worried about the Spanish economy and possible future taxes they might levy to try and steady their boat. I still stand by that idea, even though at the time I got the impression you all thought I was panic mongering. I'm no longer part of the system, so on that side of things I'm safe ..... but if I was considering moving to Spain at this moment it would be something that I would be thinking about very carefully indeed if I had significant UK assets. As i said at the time, people with little or no assets outside Spain seemed to think it was nothing to worry about. It's clear why, because for you it wasn't. For those that have spent their lives saving and investing, it's a different story and it has to be taken into consideration |
Re: Spanish tax
Originally Posted by Mitzyboy
(Post 11624641)
As many of you know, I was an expat with significant assets in the UK. Again, as many of you know one of the reasons I left was because I too asked the question, why does the Spanish tax man want to know so much about my worldwide assets.
I wasnt worried about current taxes, which had all been taken into consideration in my finances. I WAS worried about the Spanish economy and possible future taxes they might levy to try and steady their boat. I still stand by that idea, even though at the time I got the impression you all thought I was panic mongering. I'm no longer part of the system, so on that side of things I'm safe ..... but if I was considering moving to Spain at this moment it would be something that I would be thinking about very carefully indeed if I had significant UK assets. As i said at the time, people with little or no assets outside Spain seemed to think it was nothing to worry about. It's clear why, because for you it wasn't. For those that have spent their lives saving and investing, it's a different story and it has to be taken into consideration Ive never declared anything like this in uk.. seems bizarre.. There are loopholes etc.. as to avoiding tax.. i could transfer house to.my parents or sister. Etc.. but is it worth it.. Personally.. its really off puttin especially not.knowing why they want such details.. ive been told that reason behind it is called a rich tax which is anything over 700k euros of assets you pay tax on.. I would love to move to spain for lifestyle and weather etc.. but they dont have put people moving there.. you think.the spanish government would be looking after ex pats.. especially ex pats who bring all there uk earned cash with them.and spend it in spanish economy... shops.. bar restaurants etc.. Steve |
Re: Spanish tax
Originally Posted by Mitzyboy
(Post 11624641)
As i said at the time, people with little or no assets outside Spain seemed to think it was nothing to worry about. It's clear why, because for you it wasn't. For those that have spent their lives saving and investing, it's a different story and it has to be taken into consideration It is a pain to declare them each year but until there is a government accouncement about seizing foreign assets then I am not too worried If that were to happen then yes I may contemplate leaving Spain, but until then... One has to understand the context of why modelo 720 was brought in. It was following the financial crisis and under petition from Brussels that too many Spanish tax payers were hiding their wealth in foreign property and savings accounts Since then, 100s of Spaniards have been taken to court for tax fraud. So the regulations are doing their job |
Re: Spanish tax
Originally Posted by cricketman
(Post 11624690)
I have hundreds of thousands of pounds of foreign assets all declared on the modelo 720
It is a pain to declare them each year but until there is a government accouncement about seizing foreign assets then I am not too worried If that were to happen then yes I may contemplate leaving Spain, but until then... One has to understand the context of why modelo 720 was brought in. It was following the financial crisis and under petition from Brussels that too many Spanish tax payers were hiding their wealth in foreign property and savings accounts Since then, 100s of Spaniards have been taken to court for tax fraud. So the regulations are doing their job .... and what about the fact that the EU has or may be about to rule that the Modelo 720 is illegal due to the high penalties associated with it? |
Re: Spanish tax
Originally Posted by snikpoh
(Post 11624695)
.... and what about the fact that the EU has or may be about to rule that the Modelo 720 is illegal due to the high penalties associated with it?
But still, Mitzyboy is absolutely correct in his decision making. If the regulations freak you out and worry you then best to be in a country where you are comfortable with the taxation system If Podemos get in power later in the year (although I dont think they will) then who knows, they could impose a wealth tax on all foreign assets. They have hinted at it |
Re: Spanish tax
Originally Posted by cricketman
(Post 11624706)
Well yes, that is another reason to think that legal foreign assets are safe and the Spanish government won't be imposing the terrible fines for just an admin error
But still, Mitzyboy is absolutely correct in his decision making. If the regulations freak you out and worry you then best to be in a country where you are comfortable with the taxation system If Podemos get in power later in the year (although I dont think they will) then who knows, they could impose a wealth tax on all foreign assets. They have hinted at it I guess I was in a different position to many though as Spain was never a permanent move for us .... just another section of our life that we enjoyed tremendously. |
Re: Spanish tax
Originally Posted by Mitzyboy
(Post 11624641)
As many of you know, I was an expat with significant assets in the UK. Again, as many of you know one of the reasons I left was because I too asked the question, why does the Spanish tax man want to know so much about my worldwide assets.
I wasnt worried about current taxes, which had all been taken into consideration in my finances. I WAS worried about the Spanish economy and possible future taxes they might levy to try and steady their boat. I still stand by that idea, even though at the time I got the impression you all thought I was panic mongering. I'm no longer part of the system, so on that side of things I'm safe ..... but if I was considering moving to Spain at this moment it would be something that I would be thinking about very carefully indeed if I had significant UK assets. As i said at the time, people with little or no assets outside Spain seemed to think it was nothing to worry about. It's clear why, because for you it wasn't. For those that have spent their lives saving and investing, it's a different story and it has to be taken into consideration |
Re: Spanish tax
Alsopr I can actually help with this, last month I had the same problem, I was an expat that moved back to UK and was going to get taxed heavily on my savings etc for moving back. So I contacted a company in the UK that have an office in Spain, they helped me avoid paying more tax and actually earned me more interest. Do you want their details? They are really friendly and can do everything over the phone or face to face.
|
Re: Spanish tax
Originally Posted by Hendrix
(Post 11624959)
Alsopr I can actually help with this, last month I had the same problem, I was an expat that moved back to UK and was going to get taxed heavily on my savings etc for moving back. So I contacted a company in the UK that have an office in Spain, they helped me avoid paying more tax and actually earned me more interest. Do you want their details? They are really friendly and can do everything over the phone or face to face.
|
Re: Spanish tax
I wasnt paying tax in the middle East but im technically a British citizen, also I was contributing into a UK Pension. The Australians have just had it made easy they get a tax break if they return :-( and they can still save without getting taxed. You got have a different type of bank account for that i think?
|
| All times are GMT -12. The time now is 1:38 pm. |
Powered by vBulletin: ©2000 - 2026, Jelsoft Enterprises Ltd.
Copyright © 2026 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.