Living in Marbella
Posted: Fri Oct 29, 2021 9:51am
I would like to relocate to Marbella. I have also found out that my taxes would be over 40%.
So what makes living there worth it?
Posted: Fri Oct 29, 2021 2:11pm
Very helpful member
Indeed Tax rate are high and allowances low https://www.expertsforexpats.com/expat-tax/expat-tax-advice/taxes-in-spain/
But if wish to come and go freely, you can invest in a golden Visa. https://www.goldenvisas.com/spain-golden-visa (providing you don't stay over 6 months)
Holaitsdavid wrote on Fri Oct 29, 2021 2:11pm:
Indeed Tax rate are high and allowances low https://www.expertsforexpats.com/expat-tax/expat-tax-advice/taxes-in-spain/
But if wish to come and go freely, you can invest in a golden Visa. https://www.goldenvisas.com/spain-golden-visa (providing you don't stay over 6 months)
Thank you, but that was not what I asked.
Posted: Fri Oct 29, 2021 10:50pm
Very helpful member
Skipgreg wrote on Fri Oct 29, 2021 8:50pm:
Thank you, but that was not what I asked.
Sorry - I presume for most of us Brits who are residents here it's all about the atmosphere and the weather, some of the best in Europe, but if not into the vibe, Spanish life & the people, from a tax point of view it's daft.
Holaitsdavid wrote on Fri Oct 29, 2021 10:50pm:
Sorry - I presume for most of us Brits who are residents here it's all about the atmosphere and the weather, some of the best in Europe, but if not into the vibe, Spanish life & the people, from a tax point of view it's daft.
Thank you. Appreciate it.
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Skipgreg wrote on Fri Oct 29, 2021 9:51am:
I would like to relocate to Marbella. I have also found out that my taxes would be over 40%.
So what makes living there worth it?
You do not say who told you that you would pay 40% in tax. Tax is based on your circumstances. You could pay 0 in tax.
I think its best to speak to an Accountant who can advise you based on your circumstances. Most countries will tax high income earners 30-50% personal income tax. In the UK its the same.
Income Tax rates and Personal Allowances - GOV.UK (www.gov.uk)
Posted: Sun Oct 31, 2021 4:50pm
Very helpful member
Kerri wrote on Sun Oct 31, 2021 4:27pm:
You do not say who told you that you would pay 40% in tax. Tax is based on your circumstances. You could pay 0 in tax.
I think its best to speak to an Accountant who can advise you based on your circumstances. Most countries will tax high income earners 30-50% personal income tax. In the UK its the same. ...
Read more...
Correct Kerri - He did pluck 40% out of the air, like most countries progressive, from 19% to 47%. The tax allowances not very generous compared to UK no tax until earn over £12400. For Spain, under the age of 65 set at €5,550, or €6,700 from age 65, and €8,100 from age 75.
PWC list the TAX rates below.
https://taxsummaries.pwc.com/spain/individual/taxes-on-personal-income
Holaitsdavid wrote on Sun Oct 31, 2021 4:50pm:
Correct Kerri - He did pluck 40% out of the air, like most countries progressive, from 19% to 47%. The tax allowances not very generous compared to UK no tax until earn over £12400. For Spain, under the age of 65 set at €5,550, or €6,700 from age 65, and €8,100 from age 75.
PWC list the TAX rates below.
...Read more...
Yep you are correct David. I have done extensive review on the personal tax allowances on 3 Countries. Such absolute fun!!!!! :)
The UK has a really good personal allowance but once over a certain income bracket they get you. Anyway, taxes are imbedded in more than just income.
After all my efforts to figure this out with 3 countries, I think it balances out because one country gets us in one way and another country another way. Its just not as simple as income tax. At the end of the day, how much money do you have in your pocket to play with?. This, to me, is the important question.
Cheers!
Posted: Wed Nov 3, 2021 7:07pm
Kerri wrote on Sun Oct 31, 2021 5:00pm:
Yep you are correct David. I have done extensive review on the personal tax allowances on 3 Countries. Such absolute fun!!!!! :)
The UK has a really good personal allowance but once over a certain income bracket they get you. Anyway, taxes are imbedded in more than just income. ...
Read more...
...
After all my efforts to figure this out with 3 countries, I think it balances out because one country gets us in one way and another country another way. Its just not as simple as income tax. At the end of the day, how much money do you have in your pocket to play with?. This, to me, is the important question.
Cheers!
How much money do you have in your pocket to play with ?
The answer is obvious - as much as you started out with less tax............
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