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Taxes, is this correct?

Posted: Thu Jun 16, 2022 11:11am
1 reply126 views3 members subscribed
tonizufelt

Posts: 22

1 helpful points

Joined: 19 Jul 2020

Buenos,

My husband and I are American citizens who retired and are living in Spain because it is so inexpensive to live here and the benefits of the life here are amazing. We love it here!

We have become Residents, obtained our Residencia on a non-lucrative Visa.

As Residents, we knew we would have to pay taxes but last year were shocked at the amount we had to pay, over 8000 euros. We had the taxes done by a Gestor but not blaming them.

So, we took the money out of our savings and paid it. It hurt, but we paid.

This year we were stunned that we have to pay, over 10,000 euros because they taxed the money we took out of savings to pay taxes as income. We are afraid that next year, since this year has gone up, and we are paying a higher amount, our taxes will be ridiculously high and we will no longer be able to afford to live here.

Isn't that double taxation? Would this be correct?

Please let me know what you think. Thank you.

Holaitsdavid

Posted: Thu Jun 16, 2022 3:04pm

Holaitsdavid

Helpful member

Posts: 925

327 helpful points

Location: Mijas Costa

Joined: 30 Mar 2021

Posted: Thu Jun 16, 2022 3:04pm

A Gestor is not a qualified accountant, speak to this Lady - https://www.lemon.consulting/the-team?id=828602

There is a double taxation agreement, but you will be treated as a Tax resident here and the taxes stink, Laura will give you some good advice.

.

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