SPANISH TAX Questions Answered for EXPATS | US Citizens Moving to Spain

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Күн бұрын

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@FredQuinn 3 ай бұрын

Very good Video! US public pensions are not subject to income tax directly from Spain, however you must add them to your taxable income in Spain which increases the progressive tax rates on your other income. Taxes and bureaucracy (such as taking 4 months and over 1000 euros to get a drivers license in Spain if you are from the US) are two of the very few negatives of moving to that beautiful country from the US.

@SeekingParadiseBugs 3 ай бұрын

Thanks so much. You are correct that you must add public pensions to your taxable income in Spain which increases the progessive tax rates on any other income you may have. Yes, we've heard obtaining the Spanish drivers license for US citizens can be rather aggrivating. Didn't realize it is that expensive too. Thanks for sharing!!

@gokhalesadan Ай бұрын

Very helpful video , just a side note background music is slightly loud, difficult to hear the speaker .

@SeekingParadiseBugs Ай бұрын

yes, unfortunately we had issues with the sound recording hence the closed captions 😔

@chapter3travels5 3 ай бұрын

That was a ton of information packed into a 25 minute video. The onscreen summaries and bullet points were especially helpful in synthesizing the information. Thanks to your guests for their helpful info and thanks to you two for making a complicated subject really accessible. Keep up the good work!

@SeekingParadiseBugs 3 ай бұрын

Thanks so much for the positive feedback! 😍

@mariuszszymoniak6663 15 күн бұрын

Could you please clarify the deductions available against rental income for properties outside of Spain and EU? Specifically, can I deduct expenses such as mortgage interest, property management fee, maintenance, property taxes, etc. against rental income for Spanish resident taxes for a property in USA?

@SeekingParadiseBugs 15 күн бұрын

The rental eductions allowed in Spain for rental properties outside of Spain, are very similar to deductions allowed in the USA. However, we always recommend you consult a tax advisor in Spain such as the professionals at Pro Spain Consulting.

@melisacurry532 3 ай бұрын

Thank yoi so much for doing this video! I was sooooo confused by the tax laws in Spain and I feel.like I have much better understanding! Thank you

@SeekingParadiseBugs 3 ай бұрын

thank you for watching. we are glad to help 🙂

@sonaliahairsalon657 2 ай бұрын

you make great professional videos

@SeekingParadiseBugs 2 ай бұрын

thank you 🤗

@SIsom-gk8ch 3 ай бұрын

Thanks for providing such detailed information in your video and the 20-minute consultation opportunity. I will indeed be getting in touch with them soon. I am a retired civil servant who also happens to be Latin American. I was previously considering Portugal to retire, even after NHR stopped; however, Spain's lack of taxation on my pension altogether is more enticing. Really appreciate the content and your channel!

@SeekingParadiseBugs 3 ай бұрын

Thank you, we appreciate you watching and commenting! Glad to help you with more options to plan a great retirement!! Wishing you the BEST!

@nicolashernandez3533 2 ай бұрын

Lots of great info. I have searched long and hard for a video that would explain if public (military retire) pension and VA disability payment are taxable or not. Your video addresses that and much more. Thank you for this great video and information.

@SeekingParadiseBugs 2 ай бұрын

thank you for watching! We have another Spanish Tax video prior to this one that addresses even more important tax related subjects. 😊

@iamrob7270 Ай бұрын

This was so helpful! We are actively following you because we are on a similar track.

@SeekingParadiseBugs Ай бұрын

that is wonderful to read, thank you! We are glad to be of help and we wish you the best on your journey. Stay in touch and let us know how it goes, maybe we cross paths someday 😊

@kenesee 3 ай бұрын

Thank you for the great information. I always enjoy your videos. The one thing that has always confused me is that I've read on some Spanish tax sites that a 401K and Traditional IRA are treated like a pension and are not subject to wealth tax (except for distributions). Roth IRAs are subject though as they are seen as bank accounts. I do plan on meeting with a professional at some point in the future in person and hopefully can clear up those details.

@SeekingParadiseBugs 3 ай бұрын

Thanks for watching!! We have seen the same thing and you will find that different tax professionals in Spain will give you different answers. Pro Spain advised that according to tax authorities criteria since these financial products allow for withdrawal at any time, the tax payer has a right of surrender similar to that which can occur in a life insurance policy so they will be considered for wealth tax. Additionally, tax laws change rather often in Spain, therefore, we prefer to consider that it will be subject to wealth tax and if it changes in our favor then it is the cherry on top to living in Spain.

@mariuszszymoniak6663 15 күн бұрын

@@SeekingParadiseBugs They do not allow for withdrawal at any time without penalty, as the law prescribes penalty free withdrawal either at 55 or 59.5. I have seen other tax consultant say they bare indeed treated like a pension because of that feature as the government puts limitations on withdrawals.

@FionaPerez-up9xn 3 ай бұрын

Love the info in the video, but find the background music to be very distracting.

@SeekingParadiseBugs 3 ай бұрын

Thanks for watching! Sorry the background music is distracting. This is our first Q&A (podcast style) video, we are learning what our viewers like and appreciate you commenting.

@mariuszszymoniak6663 15 күн бұрын

@@SeekingParadiseBugs I second that it was really hard to hear the consultants because of the background music

@olegkon1 19 күн бұрын

Great video. We are a couple in US, planning to move to Spain permanently in a few years for retirement in Alicante area (around 62 yrs old). I assume that combined we will have around $60k/yr or less in SS and IRA/401k. Could you please give an estimate how much taxes we will pay in Spain? Someone told me it will be 30% or less. Is it true? Is Bekham law applicable for us?

@SeekingParadiseBugs 18 күн бұрын

Thanks for watching and congrats on your upcoming move for retirement! If you will be retired then Beckham law is not applicable. In regards to your taxes, we highly recommend you reach out to a professional like Pro Spain Consulting. Taxes are very personalized and depending on the accounts your withdrawals are coming from and how much from each person's account, the percentage can differ.

@TimothyBerkey 2 ай бұрын

Thanks for all the info! However, I'm confused by Flor's comment about the 183 days rule. She said that if you arrive after June 30 in a year, you won't be a tax resident for that year because you won't make it to 183. There are 184 days from July 1 to December 31, correct?

@SeekingParadiseBugs 2 ай бұрын

You are very welcome and thanks for watching! In regards to your question, July 1 to December 31 is 183 days. In our first video, we mentioned moving after July 3rd so there could not be any confusion. I'd rather be safe than sorry over just a few extra days.

@TimothyBerkey 2 ай бұрын

@@SeekingParadiseBugs Thanks for the reply. I'm like you, in that I'd rather be safe than sorry. I'm still not sure about your calculation, though. There are 31 days in July, August, October and December. That would make 184. If it happens for us, I'll probably do July 3 to be safe! :)

@hjdreams1429 3 ай бұрын

Does placement with NALCAP qualify for the Beckam Law then? Thanks for the great info!

@christinecleavest9099 3 ай бұрын

No, you are on a student visa and the stipend you get is considered a grant not a salary and therfore not taxed. However, you still have to file your US taxes.

@hjdreams1429 3 ай бұрын

@christinecleavest9099 Thank you! I'm guessing that Participating in NALCAP doesn't mean you can't get Beckham law later on bc you weren't a Spanish tex payer during that time then?

@TimothyBerkey 2 ай бұрын

Not sure how the free 20-minute consultation is supposed to work. I scanned the QR code and it took me to their site. From there, I typed my name and phone # as directed and after submitting, it took me to a page in Russian. I went back to their home page and sent a message to them via email. I have heard nothing back from them via this route, either. Not a great advertisement for a company.

@SeekingParadiseBugs 2 ай бұрын

Thank you for letting us know. We know they've had consultations with other viewers and are sorry to hear you haven't had a prompt response. We will follow up with them today for a status.

@SeekingParadiseBugs 2 ай бұрын

@TimothyBerkey Pro Spain informed us they tried to contact you but the phone number they received did not include a country code. They tried the US country code and it didn't work. Would you like to email us to coordinate with them? Our email is our channel name @gmail.

@TimothyBerkey 2 ай бұрын

@@SeekingParadiseBugs That's strange. Yes, it would have been US. Not sure why it wouldn't have worked for them. Thanks for following through. I will send you an email.

@CalifaJohn1 3 ай бұрын

This might have some good information in it, but the sound quality is terrible, and that irritating background music makes it worse.

@SeekingParadiseBugs 3 ай бұрын

Thank you for your feedback. This is our first Q&A (podcast style) video and we are learning.

@yoginelson 3 ай бұрын

Can you share the email of the lawyers please. I am looking to move to Spain and have tax questions.

@SeekingParadiseBugs 3 ай бұрын

KZbin will not let us share an email in comments but our link to contact them is prospainconsulting.com/main? . Best of luck with your move!

@fp2374 3 ай бұрын

Just read well and expert advise before the move on Fatca/Fincen US ridiculous rules.

@SeekingParadiseBugs 3 ай бұрын

Yes, from the US side of an international move there are many requirements. We always file a FBAR regardless of how much money we have in foreign accounts.

@46luchia Ай бұрын

The music behind the video is unprofessional and it's a bit annoying. People see this to learn and they do not have time wait and listen to the video so, this should have been only chat about about the subject.

@SeekingParadiseBugs Ай бұрын

Thank you for the feedback. This is our first video interview and we are perfecting the sound quality for the future.

@46luchia Ай бұрын

@@SeekingParadiseBugs No worries, it’s a very good subject. However, if the music could be removed, that would be great. Also, it would be helpful to see more videos about remote workers and paying tax in Spain. Good luck for the future!