More wealth tax

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WoodlandHills
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More wealth tax

Postby WoodlandHills » Fri Jun 26, 2015 6:51 pm

I am dual nationality, U.S. & EU, and I have a question about the wealth tax. I currently live in California and am contemplating a move to Spain for retirement. I have a 1/3 share in a family commercial property valued at $15m which pays me about $200k a year before taxes in CA and the U.S. I also have retirement savings for around $500k some in tax deferred retirement accounts. Should we move to Spain what will I have to pay each year?
I read that certain family businesses are exempt, would a shopping center owned by my step-brother, step-sister and myself which was an inheritance from my father qualify for an exemption? What about my income, is that taxable in CA and Spain?
I know these are complicated issues, but I am looking for some general guidelines, thanks.

Manchesteral
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Re: More wealth tax

Postby Manchesteral » Fri Jun 26, 2015 8:15 pm

What is E U nationality :eh:

WoodlandHills
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Re: More wealth tax

Postby WoodlandHills » Fri Jun 26, 2015 8:36 pm

I have a passport from an EU country as well as my US one. In my case Lithuania.

El Cid
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Re: More wealth tax

Postby El Cid » Fri Jun 26, 2015 8:46 pm

WoodlandHills wrote:I
I know these are complicated issues, but I am looking for some general guidelines, thanks.


Yes they are very complicated.

I doubt that you will find anyone on this forum with a similar situation.

I suggest taking professional advice on this might be a better approach.

Sid

wollie
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Re: More wealth tax

Postby wollie » Fri Jun 26, 2015 10:27 pm

As far as I know people from North America will come under Schengan agreement (google) and the possibility of retiring to Spain will not be an option.
It may be possible to get an investment type visa for Spain as I know this is an option in the US.
Considering you have loads of dosh I think leave as is and buy do trips to the states to keep it ok.
I am really not to informed but the google check will be a help I am sure...

scotty
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Re: More wealth tax

Postby scotty » Sat Jun 27, 2015 12:20 am

You should pay a professional tax advisor for advice and not ask "the armchair tax specialist" here :crazy: . Maybe your hash smoking has clouded your financial judgement.

El Cid
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Re: More wealth tax

Postby El Cid » Sat Jun 27, 2015 7:39 am

wollie wrote:As far as I know people from North America will come under Schengan agreement (google) and the possibility of retiring to Spain will not be an option. .


Read his post - he has an EU passport.

Sid

wollie
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Re: More wealth tax

Postby wollie » Sat Jun 27, 2015 9:41 am

El Cid wrote:
wollie wrote:As far as I know people from North America will come under Schengan agreement (google) and the possibility of retiring to Spain will not be an option. .


Read his post - he has an EU passport.

Sid


I think you will find a person cannot be "domiciled" in two different jurisdictions for tax purposes, this is to do with the 183 day rule.
The passport is a completely separate thing but I do know there is an investment passport available for US though hard to obtain.
It is possible that this may also be an option for Spain...

El Cid
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Re: More wealth tax

Postby El Cid » Sat Jun 27, 2015 10:02 am

wollie wrote:
I think you will find a person cannot be "domiciled" in two different jurisdictions for tax purposes, this is to do with the 183 day rule.


It is perfectly possible to be taxed in two jurisdictions, especially if you are a US citizen.

The US IRS makes you pay their taxes wherever you reside, so you would be tax resident in Spain under the 183 day rule and still have to pay taxes in the US.

As far as movement within the EU is concerned, if you hold an EU passport, even though you are also a US citizen, you would be free to travel within the EU - tax residency has nothing to do with it.

Sid

WoodlandHills
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Re: More wealth tax

Postby WoodlandHills » Sun Jun 28, 2015 8:49 pm

Thanks for the replies, come Monday I will give the Spanish Embassy here a call and see if they know of any accountants familiar with Spanish tax law. It would be nice to know just how much is excused from the wealth tax. I.e. Does my business with my step-family qualify as a family business for Spanish tax purposes? I need to find an expert.
Does anyone know if there is any variation between different parts of Spain? Is Catalunya stricter than Andalucia for example?


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