U.S./SPAIN Taxes for Expats and International Entrepreneurs

INTRO:

HTJ.tax, is an International tax firm for six, seven, and eight-figure investors and entrepreneurs who are living that international life. Are you ready?

DERREN JOSEPH:

Welcome. Welcome. Welcome. If you did our tax, we do the live streams every week. So to find out what’s next, just go to our website at you do the attacks so on Facebook or wherever it is that you bought this. So we do this every week today. We have the honor and the privilege of speaking with and hearing from Ricky Gutierrez Becker, who was going to talk about taxes and, and Spain. So I just want to make you aware that this is not to be construed as advice. We’re going to have a general conversation about general principles and what we are hoping that you would do and take away from this is an understanding of what the key issues are that you need to keep in mind as you select your preferred tax advisor. But this is not advice. You can consider it educational, or it can consider it entertainment, but it’s about equipping you hopefully with the tools that you need to make the right decisions in terms of, you know, getting advice from someone who knows the situation inside out, this is being recorded, which should have been signaled to you on the way in. If it is you do not want your image to be captured, he just needs to become switched off. Otherwise, it will be captured for posterity and it is available for those who did inquire. It’s available on a website, as well as YouTube SoundCloud, iTunes, Amazon, basically, Spotify, wherever it is, you get your preferred podcast. This will be made available as well within a deal once it’s processed and uploaded. So if you have any friends or colleagues that can make it, just let them know that it will be available. The recorded version, either as a podcast or as a video recording, they’re both available. So without further ado, I turn you over to Ricky. Ricky, the stage is yours.

RICKY GUTIERREZ BECKER:

Okay. So, well, my name is Ricky Gutierrez Becker I’m from Barcelona, Spain, and basically, I’m going to be talking about Spanish taxes or for experts. Well, I’m actually, I work at a tax accounting and law firm in, Barcelona, Spain with just pajamas and partners. I mean, we’ve been the company already 35 years old. So there’s a lot of experience in this company. And there’s a lot of people besides me that they know a lot about the Spanish taxes and also they are, we are also mainly focused on, on international. So basically the first thing, the Spanish tax here, how it runs, the first thing you need to know is that in US expat Spain taxes are a little bit complex because you have to differentiate between state tax and also each one because depending on the region you live in, SPAIN, TAXES might be higher or lower failing to file your taxes. And Spain, you can have severe fines and penalties. So, we always recommend filing taxes rather than, to avoid filing and pain. Then the Spanish tax here runs from January to December. And one of the huge benefits that we have in Spain is that we have double taxation tributes with over a hundred and over a hundred countries, which is pretty good. The two most important Taxes, for individuals, are the income tax is also the well, One of the most important things to know is where am I text residents? Here? We are based on all three rules. The first fold is the substantial presence test. There’s a tangible presence test that says that whatever you have spent more than 183 days, you spend more than a hundred, 183 days in Spain within a single calendar year. The means to view our Spanish tax directive. The second rule is a center of economic interest. This means where are your primary activities? If they are conducted and Spain, if all your incomes come from Spain, that’s detectable. And lastly, we have the presumption test. The presumption test is where are your main interests? So let’s say that your wife, your children, they are living here. They are all going to school here. These will make you dependent on yourself. And these will mean that the tax salvage says that you are Spanish. That’s one thing to know. It’s the current time, bro, let’s say that you are Spanish sectors and you move to a tax event. Well, with this rule, the Spanish tax authorities, they can tell that you are a Spanish tax resident for the year. You’re moving in there four years after The income tax. This is the, let’s say, the biggest tax for individuals, Spain, well-spending sector residents, state-paid income tax on their worldwide income. And non-residents, only pay taxes on the income that they have generated in Spain techs and residents. They are allowed to deduct the expenses they have while non-toxic students. They can’t the tax rate for EU non-tax residents. It’s 19%. And for the rest of the world and our resident is 24%. The income tax is speeding to take hours. We have the general activities, and then we have the savings in some regions in Spain, as mentioned before they have lower taxes. And in one of the regions like Navara and the bass country, they have some special tax regimes where they kind of control their, own tax system in Spain, in as mentioned earlier, there, there are some regions where the taxes are lower. For example, in Madrid, taxes are lower than in Catalonia. And the income tax in Catalonia can go up to 54% for people who earn high salaries, or who have like huge icons. They would be in, in the progressive tax rate of between 50 and 54%, which is very high compared to two other countries. One of the parts of the income tax is the income from savings is interesting from saving dividend payments, income from life insurance policies, income from annuities, and also gains that are made from the disposal or transfer of assets since 2020, 2016. These are there, the rates for the, for the savings part, you can go from up to 6,000 or 19% from six to 50,000 24, 20 1% 50 to 200,000, 23%. And then there was a rate that was added in 2021, that it was incomes over 200,000. They are in the 26% rate. And the general part of the income tax, generally income, our income from employment, let’s say salary or wages, pensions, and also income from, from rents. And also here are, the tax rates. Then, you can see it comes up to 12,000 or 19% to a thousand to 20,024 and up and up, and it can go up to 45% personal allowance and deductions, as mentioned earlier, only tax Spanish secretary students are allowed to have deductions from their income from tax. One, of the allowances or deductions that people can apply for, is for people that are over 65 years of age, they have, some deductions. If you have some people that are living with you, you can have some deductions as well. If you have children that are under 25, and they’re also living with you, you can have some deductions of wealth tax with exits into pre-known tax year and Spain because in there in some regions in Catalonia, well, there’s only one region in Spain, sorry, we just Madrid in Madrid. They do not have a wealth tax. That’s a little bit controversial because then you have the other regions in Spain that they, they have wealth tax and it delivers a controversy because then you have a lot of people moving to Madrid because they do not have a well wealth tax, but at some point the Spanish government, they were thinking of putting wealth tax again in Madrid. But we’ll see. So basically this tax is designed for people who are a lot of, they have a lot of significant worldwide wealth, the declared after assets after-tax allowance of 700,000. But in Catalonia, the tax allowance, it’s only up to 5,000 thousand 500,300,000 tax allowance for primary residents. Spain, if you are in touch with Spain and the tax rate, it goes from 0.2% to 2.5. And also as mentioned imitators, NOLA form seven 20 used to be very important for them. I mean, it still is. And it’s an overview of DV individuals and worldwide assets. Basically. It’s just a picture of the assets that a person has before moving to, before moving to Spain. So individuals that come to live in Spain and become spending secular since they have to declare all the assets abroad that are worth more than 50,000 euros. And in previous years failing to file this, this form or informing incorrect information, people used to incur high penalties, but at the beginning of this year, the European Union court of justice, well, they decided, to stop or to kind of like ban all the, all the penalties from, from this, from this form because the penalties were like extremely high and they didn’t think it was, it was free, you know, for, for people. So nowadays the penalties for not filing or filing things wrong are very, very low. I mean, early in the days, they used to go up to like 50,000 euros or more. And nowadays, if you fail, to file form seven 20, you only pay around 250 300 euros. So, still, it’s worth to, to file this, form because here you have to show all the assets that you have. And, and it is good for the tax authorities to know Augie’s information because in the future, if people were to sell, some of the properties, then you would have to justify the gain and the tax authorities, 30 information come from the, from seven 20 property tax owning a property and living in, in there from January 1st, you are subject to, to AB it’s called the  IBI this tax. It applies to both residents and non-residents, we also have rubbish collection tasks, and there’s also transferred tax. For example, when you transfer or sell a property capital gains, basically capital gains taxes on the profits from selling a property or other investments, tax residents, they pay capital gains on the disposal of any of the worldwide assets. And the rates are 19% for the 6,000 profit, then six to 50 it’s 21% 50 to 200,023. And also the last one that was implemented in 2021, was up from 200,000 upwards it’s 0.6% for non-residents. Then they pay capital gains on all the gains that were made, in Spain. And there’s only a flat rate of 19% for EU residents and 24% for nonresidents and Spain, we also have inheritance and gift tax. The site is kind of complex because it’s hard to, calculate, the right percentage that well, individuals are subject to tax when they transmit, or, they keep an asset tax to extents. They can be taxed on their, on their worldwide income as mentioned earlier, and non-residents only, or they’re under Spanish assets in this kind of tax. there can be some reductions applied and some of them, are based on the TP of kinship. There are also some deductions that you can apply in, in these taxes that can lower the tax. You pay another important, important tax in Spain, the corporate tax currently the current tax rate is 25%, but you have to know that newly formed companies, only pay 15% for the first two years. Then they go up to two 25%, basically, the calendar year for corporations. It goes from January to December and the tax each spade, the July 25th of the following year, some special tax regimes, for holding companies. I mean, nowadays in Spain, we have different types of group structures. You have the vertical structure horizontal, and also hybrid dividend in Spain. They used, there used to be a hundred percent exemption until 2020, but in 2021, they decided that instead of a hundred percent, it would be 95%, the most known or the well-known holding the Spanish holding companies called ATVs. It’s a Spanish holding company dividend received from a non-tax resident company. They can apply for the 95% and a 95% exemption. As you can see on the, on the right side, there’s the example of the, of the structure. So there’s a foreign company, the ETV, and then you have the foreign tax resident. There’s no withholding and the shareholder needs to be non-Spanish equity. And of course, these kinds of companies have taken benefits from the double taxation treaties. And lastly, I’m going to speak about the spatial tax regime, for foreign people who want to come to live in Spain. It’s very well known. It’s called the Beckham law. This law enables foreigners who want to move to Spain to just pay a 24% flat rate of 24%. Instead of going from a, to a progressive tax rate like Spanish tax rescues, basically the Beckham law. You only pay the 24%. And, but it’s up to an amount of 600,000 because this, this law used to be very common or very useful for very rich people that a few years ago, they decided that no, it’s an only flat rate up to 600,000. If you go over 600,000, then you entered into the progressive tax rate and you kind of have to pay as if you were a Spanish tax resident debit and load. It only lasts for six years on the year. You become sunny, you get to Spain and they’re following five years. So in total of six years, and there are some requirements, basically the expert can have been written in Spain during the past 10 years. So you can be a Spanish national, but if you haven’t been resident in Spain, for the previous 10 years, you can apply the backend law. The foreigner must have a job contract signed by a Spanish company. Directors of companies, chemicals are more than 24% of the company. And finally, the core of the workers’ performance and professional activities must be in Spain. And basically, that said, I mean, if you are any questions, I’ll be more than glad, to answer them.

DERREN JOSEPH:

Thank you. Thank you very much Ricky appreciate it. That’s a pretty comprehensive overview. I’m sure everyone recognizes that. Now, if you have any questions, we invited you by message on Eventbrite and then invite email to submit questions. We did get some questions. If you didn’t get a chance to submit your question, feel free to type in the box below. And we get to them in the order in which they’re received. So retail goes through the questions that were previously submitted. So I understand that because of Spain’s history, certain nationalities get a fast track when it comes to citizenship. So typically you need to be residents in Spain for, is it five, 10 years before?

RICKY GUTIERREZ BECKER:

Well, you mean to, to be, to get the nationality and Spain, I mean, that there are different kinds of pieces that, that you can apply to Spain. But I mean, the most common is that the golden bees on once you get the golden visa, basically, you, you become Spanish national. I mean, I wouldn’t say that they’re, they’re not that their nationalities that they get fast-tracked because here in Spain, it’s very common for a lot of Latin America to come to Spain. You have these rich people that, who are from Colombia, Venezuela, and they just want to get this Spanish passport. Most of them, just come, through the golden visa with the golden visa, you need to invest half, a million euros. You can either just deposit the money in a bank account, or you can invest, let’s say, buy a house or, or, or, yeah. Invest. But I wouldn’t say that there’s, that there’s like a nationality that gets like, fast-track probably, if you are from the EU, maybe you have like a bird chance to, to, to become Spanish national. That, I mean, I don’t know a lot of people from the U that just want to become Spanish national because they already have the, or your benefits. So

DERREN JOSEPH:

Exactly.

RICKY GUTIERREZ BECKER:

I would say it’s more for Latin American people.

DERREN JOSEPH:

Right. And, and from Puerto Rico as well, because of the history, I understand from speaking to people from Puerto Rico.

RICKY GUTIERREZ BECKER:

Yeah. And yeah, of course also for the language, I mean, people they feel more comfortable speaking Spanish.

DERREN JOSEPH:

Yeah. Okay. Right. Oh, okay. So I’m moving on to the next question, which is about the quarantine group, right? So, so basically if it is that, how does it work if it is that you go to any jurisdiction that has a lower, effective tax rate than Spain? Or does it have to be one of the jurisdictions?

RICKY GUTIEERREZ BECKER:

Yeah. If it’s a blacklisted ritualization, so let’s say someone that, that is spent sacrificing, they want to move to, let’s say to Ireland, they won’t have any issues with that. I mean, they, they can, of course, we always recommend doing some tax planning before to see how is it going to affect them. They’re moving, to another jurisdiction. But if you go, to someplace with a low tax, low taxation, that’s no problem at all. But if you go to a tax Haven that base nothing, then the Spanish tax authorities for sure will come to you and they will come claiming the taxes that you are not paying in, in these other countries. And as mentioned in the first year you get to the other country and the following four years. So in total, it’s five years. Yeah.

DERREN JOSEPH:

Okay. So that would also include no taxes, no tax jurisdictions, like the UAE, Dubai United Arab Emirates, Dutch, Caribbean, The Bahamas Barbados, lots of Caribbean islands, basically here. Lots of nice places. Yeah. That list. Okay. Gotcha. Now then the follow-up question from that is how would spend know that someone has moved to let’s say Dubai or The Bahamas?

RICKY GUTIERREZ BECKER:

Well, because whenever you’re, whenever you move to another country, you will have to inform the tax authorities to, for the following year. You will not be a tax resident. Otherwise, they will, if you don’t inform them, they will come to you and they will send you a letter, Hey, you haven’t filed an income tax for this year. Why aren’t you filing this year? Always it’s better to inform them in advance rather than them coming to you, asking for the information.

DERREN JOSEPH:

Absolutely. Absolutely. That’s I think that’s a Cod no rule. When it comes to dealing with tax authorities, you are proactive with them rather than waiting on them to try to hunt you down. Okay. Now pro and from, a tax planning perspective, are there any pre-exit? So if someone has been a tax resident and Spain, and they are considering moving to one of the low tax jurisdictions that are on the black list, like for example, in Dubai, it’s come up a lot with people asking us. So what, are there any strategies that they can use, or is it tough luck? You’re going to be a tax resident anticipating.

RICKY GUTIERREZ BECKER:

I mean, I’m not very, I’m not very familiar from Dubai, but I know that depending on the re or the there’ll be channel the, of Dubai, I think some of them, you are like tucks in some way, or, I mean, I’m more common with, I’m more familiar with that for, for companies, for individuals. But I think that there, there are some ways to view that you can do it without having this Spain coming, coming after you. But of course, we would just need to, we just need to look at it that, because we, we know some, some cases that they, the data transfer from, from Spain to, to Dubai and they hadn’t had any issues.

DERREN JOSEPH:

Okay. So there are tax planning opportunities, but to find out more, someone needs to reach out to you directly.

RICKY GUTIERREZ BECKER:

Yeah. Okay.

DERREN JOSEPH:

Gotcha. Gotcha. Now, what about the opposite? So someone is asking for the opposite, so they intend to move to Spain and there is some concern, especially around the wealth tax and stuff like that. What planning opportunities do you think they should be considering?

RICKEY GUTIERREZ BECKER:

Well, the protection of their assets, mainly because whenever they become Spanish sexual students, they are going to be taxed on their worldwide income and well, basically on everything and their assets will be touched on their wealth tax. I mean, we normally recommend working with, if you have a lot of incomes and you have a lot of properties, we always recommend using companies because rather than you coming here, and if you are, everything is under your self and you are taxed under that. And you have like really high incomes as mentioned before, as you mentioned, during the presentation, in some parts of Spain, for example, here in Catalonia, people can pay up to 54%, which is high. And then if you, if you have a lot of properties, then the wealth tax that you’re going to pay, it’s going to be like very, very high.

DERREN JOSEPH:

So, so one of them, one of the key planning strategies potentially from a wealth tax perspective might be using a company structure, because if you have a company outside of the US your investments in that company don’t get used in the calculation,

RICKY GUTIERREZ BECKER:

That is correct. Or the other way would be moving to Madrid where there’s no way that’s right. But that doesn’t assure you that in the future, that the types of the Spanish government, they, they say, okay, now we impose wealth. Like we met with them as well.

DERREN JOSEPH:

Exactly. And just for the record, Spain does not recognize trust because, you know.

RICKY GUTIERREZ BECKER:

Yeah. Yeah. And Spain the figure of the trustees is not recognized. I mean, we have had many cases for people from US or UK that they did. They had the trust structure, and yet there it is not recognized. It goes directly, to the main beneficiary of the trust.

DERREN JOSEPH:

That’s fair. Okay. Another question we got was, what about someone who lives on the border between Portugal and Spain? So how are taxing rights assigned? Is it where they physically reside or maybe where they work? If they work in one and resided?

RICKY GUTIERREZ BECKER:

I mean, I would go to the, to them, basically the three rules I mentioned. I mean, I would go, where does he spend most of these tiny pieces of pants, more than 183 days in Spain, he will be taxed first in Spain, but I mean, it probably is the same in Portugal. And then if we still don’t know if we go from the, like the first bull and we still don’t know if it’s Spanish or Portuguese, we will go to the second one, whereas his central vital interest or economic interest, like where you’re working if you work in more in, in Spain or more important to them, and then the presumption test, where’s his family.

DERREN JOSEPH:

Okay. That’s perfect. Thank you for that. The next question is about the Beckham of the law. Does the law apply to wealth tax or does it exclude you from the wealth tax calculation as well?

RICKY GUTIERREZ BECKER:

Well, basically, for the backend law, it’s like it’s as if you were not taxed tax rates in Spain. So basically what is a tax under the bedroom Lloyds, the incomes that you earn in Spain, right? So if you have, we’ll be in Spain, get, these will be, these will be taxed. Well, that’s it? That it’s only regarding like incomes, it’s only a flat fee or flat rate of 24%,

DERREN JOSEPH:

The 24% it’s income up to 600,000. Yes.

RICKY GUTIERREZ BECKER:

Yeah. And then if you, you go over 600,000, it goes to the progressive tax rate, which

DERREN JOSEPH:

Will

RICKY GUTIERREZ BECKER:

Be probably yeah. 45 50.

DERREN JOSEPH:

Gotcha. So then obviously it’s a very attractive structure. How much would it cost to implement a struggle? You know, roughly speaking like that, for someone interested in.

RICKY GUTIERREZ BECKER:

But basically, nowadays would we have discussed because we’ve had many individuals that they come asking for the, for them, for the Beckham law. I mean, the thing is that it only lasts six years. So some of them just set up a company. The only thing is that you cannot be the shareholder of the company, so you cannot hire yourself. So normally we use our services, we access as directors and shareholders of the company. And then we are in charge of hiring this person. So this person can apply the, for the bank envelope. I mean, whenever, we set up the company, we also sign a deed of incorporation stating it’s a private kind of like a private agreement stating that the true shareholder is the, is the individual that contacted our services. So once the six years are, are done, then he can ask, okay, I want to start operating. I’m going to be excited, about the second version, but I still want to be operating through the Spanish company. There’s the most common structure that we have found nowadays.

DERREN JOSEPH:

Absolutely. It’s the most attractive structure.

RICKY GUTIERREZ BECKER:

For

DERREN JOSEPH:

The first six years. Yeah.

RICKY GUTIERREZ BECKER:

Yeah, of course. Because a lot of people, they just come here and they don’t have a job contract. They don’t have maybe some, like some retired people that they have a lot of wealth, or they have a lot of income from, from the US or other jurisdictions. And they just want to transfer this income skier to Spain and that’s one way to do it.

DERREN JOSEPH:

Absolutely. And roughly, how much does it cost to set up a ballpark? Just roughly.

RICKY GUTIERREZ BECKER:

I would say around 15,000 euros, more or less, but of course, if anyone needed, needed this, if they needed this, I mean, we would set up a meeting with them. I mean, of course, we would explain everything in more detail and we would send them a fee proposal with all the, with all them, all the work that we would do, all their, as the set up of the company being the directors, all the contracts they had in contracts, also taking care of the payrolls, everything. Yeah. We’ll send them a detailed proposal with everything, with all the work to be done.

DERREN JOSEPH:

Yeah. So in other words is not like, you know, Portugal has NHR, Ireland has resonance, Dom. It’s not straightforward. It’s something that you require. Tailor-made, it’s a T it’s a bespoke solution to someone.

RICKY GUTIERREZ BECKER:

Yeah. That is, that is correct. That’s why a lot of people, instead of moving to spend brother go to, to Portugal, I mean, for individuals, we know that the Portugal that they do have some advantages over, over Spain, but still people want to come to Spain. So that’s good.

DERREN JOSEPH:

Yeah. I mean, to be fair in terms of our practice, the majority of people, even though there’s an uptick in Portugal, the majority of people still want to go to Spain for several reasons. So anyway, next with a few more questions.

RICKY GUTIERREZ BECKER:

You know,

DERREN JOSEPH:

I have a question about us LLCs. So as you, as you, well, just to kind of create context. So U S LLC is a hybrid structure, so they are a limited liability company, but they are transparent since the default, you can make selections and the section C, so it can be a sequel Corp section asset could be an ESCO, but essentially it’s, it’s, it’s transparent. So it’s almost like a partnership of more than one member, or it can just be like a disregarded entity. It’s just a single member. So from Spain’s perspective, assuming that you’re not under the back of law, how does Spain reconcile or understand USL fees, which are owned by a Spain tax resident?

RICKY GUTIERREZ BECKER:

Well, I mean, disregarded entities it’s, I mean, I wouldn’t say it was an issue, but it is a problem if someday the Spanish tax authorities, did they come to ask you about, they come asking about this company, because then they would say, please show us a tax return that this company or this company, and if you haven’t, if you haven’t paid any taxes, then they will come claiming Taxes. For sure. So we always recommend whenever for companies at least for our Spanish clients, we normally recommend C Corp rather than just a regular LLC.

DERREN JOSEPH:

Yeah. So there’s no doubt. There’s no debate. It is. It’s pretty much such and what it is. Okay.

RICKY GUTIERREZ BECKER:

Yeah. And the thing is that the C Corp is kind of like the DSL here. They have like a low flat tax rate. I mean, well, of course, you have the federal and then the estate tax, but yeah, basically that’s how it works here.

DERREN JOSEPH:

Gotcha. Okay. So, that was the list of pre-submitted questions. So we have two questions from two more questions on zoom. The first one’s Bruce’s asking, can you explain how IRAs and Roth withdrawals are a tacit visa, US private pension plans? This question, every time I do this Reno.

RICKY GUTIERREZ BECKER:

Yeah, we are, we are very familiar with this. So basically you have to know that traditional IRAs and traditional 401ks, are taxed suspensions in Spain. So in this case, they are not added to the wealth tax, which is a good idea. So you are only taxed. This will be Texas income. Once you start making withdrawals, if you have Roth IRAs or Roth 401ks, then these kinds of pension plans, are not treated as pensions as in Spain. So both of them are, are included on there, the wealth tax. And then once you also, of course, once you make withdrawals, they will be taxed the, under the income tax. But that’s a beaut, a huge difference between Roth and traditional. One of them it’s not a tax under wealth tax.

DERREN JOSEPH:

Right. And, and for Bruce or anyone else who’s interested Richie and I, we call up a pretty comprehensive article on us pensions and how they are regarded from a Spain perspective would because just to add to what Ricky has said would Roths, right? Because it’s, it’s after-tax income that went in there may be an exercise and opportunity to bifurcate the distribution, to see what portion of it was the original capital. And what portion is the return on capital being? If you could defend that calculation, then it’s the growth in the fund that is taxable to Spain, not the original after-tax money that you put in. So, that could be a planning opportunity. So, yeah. Okay. We hope that helps. Next question. So someone else is asking, so for clarification, if someone living in Spain for more than 180 3 days only has income from us, social security, the government, retirement, pensions, 401k, and IRA is this income considered taxable and Spain, we already addressed the 401k, the IRA rate. So it’s the government stuff, Ricky.

RICKY GUTIERREZ BECKER:

Yeah. The government stuff, this kind of, I mean, they are not pensions, but everything that comes from the government, it’s it. I mean, we, we would have to look at the, exactly what kind of funds or what kind of income we are, we are looking at. And we also have to check if there, if there’s anything on them, on the double taxation treaty between Spain and in the U S but normally, or the cases that we have had here, these kinds of income is exempt here in Spain. I mean, there’s a note, an informative note from the, from the Spanish sexual authorities that it cannot talk about private and public pensions. It says that public pensions are exempt here in Spain, that when they say public pensions, they mean people that have been working for the government. And then all the private pensions let’s say, well, yeah, private pensions. They, they are, they are considered taxable here in Spain.

DERREN JOSEPH:

Right. And, again, guys are, I refer to the article that we have on our website. Each of you did our test that Ricky and I call up there. It goes into a lot of detail. And I think it’s super helpful because it’s a bit nuanced. So for example, if it is that you, the US tax team is not familiar with international issues, it can get confusing because you, you guess you would, you’re going to involve the treaty. But the thing is, that’s been, as, as Ricky has said, Spain does have taxing rights. So Spain will tax it. They, the private, the non-government stuff. And so therefore you need to use a certain us gospel and Colombian 1116, and you make a special election on the 11, 16 that allows you to recategorize income and clean the credit you claim a credit for the taxes paid to Spain against you, the US tax liability. So it’s, you know, there’s a bit of a tax gymnastics involved. So you probably want to speak to a tax team that understands both sides. So anyway, I hope that answers your question, sir, or Madam, you don’t identify yourself, but I hope this answers. I’ll just do a quick check on Facebook to see what people are saying. Eh, if any questions. Okay. Nope. I think we’re good there. Assuming that then no more questions from this side from zoom. We thank you. We appreciate you. If you want to reach Ricky, what’s the best way for people to reach you?

RICKY GUTIERREZ BECKER:

Well, the way the best way to reach us to reach me is like three emails. I mean, I’ll just leave my email in the chat. And, and also you can, you can contact me through, through our website, which is www.gpasoc.com. I’ll also put that on, on the chat, for everyone.

DERREN JOSEPH:

Okay. So for those who may be listening and not even to see, so www.gpasoc.com

RICKY GUTIERREZ BECKER:

Yeah. Yeah.

DERREN JOSEPH:

Okay, wonderful. And you get through to Ricky or the relevant member of his team. Okay. Yep. Gotcha. I see it. Okay. Thank you for your time, Ricky. We appreciate you sharing your time and your insights have a great day for everyone in Spain. Okay.

RICKY GUTIERREZ BECKER:

Bye-bye

OUTRO:

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Table of Contents: U.S./SPAIN Taxes for Expats and International Entrepreneurs

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