Resedencia - Page 2

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Posted: Wed May 10, 2023 7:27pm

markthelark

Posts: 44

5 helpful points

Location: Arroyo de la Miel

Joined: 12 Jun 2020

Posted: Wed May 10, 2023 7:27pm

Holaitsdavid wrote on Wed May 10, 2023 6:45pm:
Sorry you are incorrect, I try to give correct advice, you state "Registering for tax is a separate completely" non-lucrative residence visa
First of all, this residence card requires you to stay a minimum of 183 days a year in the country to renew, 'you wil...

Read more...

...l become a tax resident".
This basically means that you will have to pay income tax on your worldwide income. Keep in mind that there are double taxation agreements. These will prevent you from paying twice for the same income if it was generated in another country but also paid in Spain. In the event that you decide to invest, for example in company shares, and you generate a profit from your investments, you will have to pay capital gains tax. In addition, in the case of buying a property, there may also be taxes associated with the transactions.https://balcellsgroup.com/non-lucrative-residency/

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I see what you mean, all the best!

Reply

Posted: Wed May 10, 2023 7:30pm

Holaitsdavid

Very helpful member

Posts: 1483

560 helpful points

Location: Mijas Costa

Joined: 30 Mar 2021

Posted: Wed May 10, 2023 7:30pm

markthelark wrote on Wed May 10, 2023 7:27pm:
I see what you mean, all the best!

Sorry you are incorrect, I try to give correct advice, you state "Registering for tax is a separate completely" non-lucrative residence visa

First of all, this residence card requires you to stay a minimum of 183 days a year in the country to renew, 'you will become a tax resident".

This basically means that you will have to pay income tax on your worldwide income. Keep in mind that there are double taxation agreements. These will prevent you from paying twice for the same income if it was generated in another country but also paid in Spain.
In the event that you decide to invest, for example in company shares, and you generate a profit from your investments, you will have to pay capital gains tax.
In addition, in the case of buying a property, there may also be taxes associated with the transactions.

https://balcellsgroup.com/non-lucrative-residency/

.

Reply

Posted: Wed May 10, 2023 8:07pm

markthelark

Posts: 44

5 helpful points

Location: Arroyo de la Miel

Joined: 12 Jun 2020

Posted: Wed May 10, 2023 8:07pm

Holaitsdavid wrote on Wed May 10, 2023 7:30pm:
Sorry you are incorrect, I try to give correct advice, you state "Registering for tax is a separate completely" non-lucrative residence visa
First of all, this residence card requires you to stay a minimum of 183 days a year in the country to renew, 'you wil...

Read more...

...l become a tax resident".
This basically means that you will have to pay income tax on your worldwide income. Keep in mind that there are double taxation agreements. These will prevent you from paying twice for the same income if it was generated in another country but also paid in Spain. In the event that you decide to invest, for example in company shares, and you generate a profit from your investments, you will have to pay capital gains tax. In addition, in the case of buying a property, there may also be taxes associated with the transactions.https://balcellsgroup.com/non-lucrative-residency/

.

Thanks for your comment

Reply

Posted: Thu May 11, 2023 8:17am

Morelo S

Posts: 74

25 helpful points

Location: Estepona

Joined: 8 Nov 2021

Posted: Thu May 11, 2023 8:17am

Holaitsdavid wrote on Wed May 10, 2023 6:45pm:
Sorry you are incorrect, I try to give correct advice, you state "Registering for tax is a separate completely" non-lucrative residence visa
First of all, this residence card requires you to stay a minimum of 183 days a year in the country to renew, 'you wil...

Read more...

...l become a tax resident".
This basically means that you will have to pay income tax on your worldwide income. Keep in mind that there are double taxation agreements. These will prevent you from paying twice for the same income if it was generated in another country but also paid in Spain. In the event that you decide to invest, for example in company shares, and you generate a profit from your investments, you will have to pay capital gains tax. In addition, in the case of buying a property, there may also be taxes associated with the transactions.https://balcellsgroup.com/non-lucrative-residency/

.

It is good that you share some accurate statements with the OP. There are many elements of the NLV and they are well documented for those serious about the process to learn from and engage. It requires commitment and understanding and some decisions that may be unpalatable to some. Tax being a crucial one, and even a DTT does not necessarily save you from possible increased annual taxation across the Hacienda and HMRC combined. You can indeed play the hooligan with your NLV in year one (if indeed you are even successful with a cavalier attitude), but renewal at the end of year one will be denied if their rules have not been honoured. Thats not to say that its all doom and gloom but getting good no nonsense advice is essential. There is a lot of data sharing between national tax authorities in this digital age.