[ Offshore Tax ] Are Trusts Recognized in Spain and Portugal?

The legal concept of trusts does not exist in Spanish law; therefore, it is not recognized by the Spanish tax authorities or the Spanish courts. As a result, the tax treatment of trusts may vary on a case-by-case basis, and the Spanish tax authorities typically analyze the economic reality of the trust rather than its legal nature.
It is important to note that a trust should always take the form of a legal entity recognized by Spanish law. Since Spanish tax law does not specifically regulate the taxation of trusts, the tax treatment of the legal relationships involved in trusts should be determined abstractly based on the general guiding principles of the Spanish tax system.
However, this task is further complicated by the scarcity of scientific and administrative doctrine on the subject, which lacks clearly defined criteria.
In practice, this means that the economic relationships between the members of a trust should be regarded as held directly between them, and the tax implications of this should be analyzed accordingly.

TIMESTAMPS:
0:00 INTRO
1:00 Value of trusts for foreign assets
2:10 Trusts in Spain or Portugal
3:20 Taxation of assets in Spain or Portugal for ex-pats
5:22 OUTRO


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[ Offshore Tax ] Does Spain Allow Dual Citizenship?

Spain doesn't routinely allow nationals of another country to acquire Spanish citizenship if they intend to retain their original nationality. This means that if you want to become a Spanish citizen, you will usually be obliged to give up the citizenship of your country of origin.

TIMESTAMPS:
0:00 INTRO
1:00 Dual citizenship in Spain
2:30 Duration or process of citizenship in Spain
3:18 OUTRO


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DERREN JOSEPH:
As has been happening over the past couple of live streams, the number of questions that we've received has been way in excess of the allowable time. So, we don't do any sales pitches or anything like that. It's 100% Q and A and we just kind of do a hard stop after one hour. And I guess it's a testimony to how hungry people are for accurate information that we just received a summary of many requests. So as a result, what I decided to do is go through some of the questions that we didn't have a chance to cover in the live stream and not give a definitive answer, but speak to the main issues that you should consider as you decide the best way followed and you engage your preferred tax advisors. Alright, so we have another question. This question is more of an immigration question as opposed to a tax question. And in full disclosure, I am not an immigration consultant. So, I guess when this question was submitted, it was in time, at the moment when we did have an immigration expert from, Headland Partners, on the live stream with US. So, I guess that is within that context. So someone is asking, basically, someone is a cool chat name. Patience is alpha. So I thought that that was pretty cool. So you know who you are, patience is alpha, you, you have a cool name. So, you're asking about naturalizing as a citizen in Spain and surrendering the passport from your country of origin or any other passport. So you, so again, it's nuance. I'm not an immigration expert. Please consult an immigration expert. But generally speaking, yes, Spain is one of those countries like Germany and there are some other countries in Europe where they prefer that you have one citizenship. You have, you have, you have, you're a citizen of one country and therefore that is, that citizenship is evidenced by just having a single passport. So when you naturalize, generally speaking, when you naturalize in citizen Spain, you would need to surrender your other passports. But there are exceptions because Spain has signed agreements with other nations. And I think you mentioned France in your comments for that question. So you are correct, Spain has cited your mention of other countries and in those cases then dual citizenships would be allowed. But generally speaking, it'll probably be one citizenship. And in terms of the duration, if it is that you come from one of those, I guess so-called IBU American countries. So countries that were formal, I dunno what the politically correct term would be, but ho colleagues from Spain, and Idaho, that's the right thing to say. But then, and this includes Puerto Rico, this includes the Philippines.

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[ Offshore Tax ] Forced Heirship Rules for Americans in Spain and Portugal

What are the succession laws in Spain? Spanish succession law requires that a certain amount of the estate is left to children. This is often referred to as 'forced heirship,' and descendants must inherit two-thirds of their parent's inheritance. The first third must be distributed equally among all children or other descendants.

TIMESTAMPS:
0:00 INTRO
1:00 Area of tax practices US ex-pats in Portugal
2:00 Forced Heirship Rules for Americans in Spain
4:00 Getting tax advice for US ex-pats when moving to Europe
5:30 Applying for citizenship in Spain or Portugal for US ex-pats
8:00 OUTRO


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DERREN
As has been happening over the past couple of live streams, the number of questions that we've received has been way in excess of the allowable time. So, we don't do any sales pitches or anything like that. It's 100% Q and A and we just kind of do a hard stop after one hour. And I guess it's a testimony to how hungry people are for accurate information that we just receiving summary requests. So as a result, what I decided to do is go through some of the questions that we didn't have a chance to cover in the livestream and not give a definitive answer, but speak to the main issues that you should consider as you decide the best way, follow it and you engage your prepared tax advisors. Okay. So the second question that we have here is about the forced airship rules for someone who is American Living in Inia, sorry, Spain, Portugal. So, they were asking, can you talk about it? And there's a follow-up part to that question about whether it makes a difference whether the person takes Iberian citizenship or not. Iberian being either citizenship in Spain or Portugal. So first of all, I guess just like in the US the area of tax practice or the highest amount of litigation the highest amount of disputes is arguably estate taxes. So I think it's a fair comment to say that in idea, so in Spain and Portugal, it is quite similar. So there is, there will be quite a number of areas that are very, very nuanced and therefore you would definitely, definitely need to get expert advice, especially for higher, higher net worth, higher in income earners, which would be typically the type of clients that would seek to engage and, and to approach us. So essentially with Spain and Portugal, it, it's, again, there's some detail there. It's really available, all right, if you have a lot, but there are rules as to succession. So if it is that you, you have assets and you, you pass away, particularly in cases where you pass away without a will. The law of laws of Spain and Portugal are very specific in terms of who gets what. And it's, and the school idea of the forced airship as it's, it's commonly called, it's, it's a, it's characteristic of civil law jurisdictions. So continental Europe as opposed to common law jurisdictions such as the US and UK, Australia, New Zealand, Canada, and former colonies.

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[ Offshore Tax ] How are US retirement products taxed in Spain?

In a simplified manner, taking into account the provisions of the agreement between Spain and the United States of America, the taxation for fiscal residents in Spain of the most commonly obtained US source income would be as follows:
Pensions are considered as remunerations derived from previous employment and are treated differently based on whether they are public or private.
Public pension (Article 21.2 CDI): A public pension is received due to previous public employment, such as a pension received by a government official. Its treatment is as follows:
In general, public pensions will only be taxed in the United States. In Spain, they would be exempt, although the exemption would be applied progressively. This means that if the taxpayer were obliged to file a return for obtaining other income, the exempt pension amount would be taken into account to calculate the tax applicable to the remaining income.
However, if the beneficiary of the public pension is a resident of Spain and also holds Spanish nationality, the aforementioned pensions would only be subject to tax in Spain.

TIMESTAMPS:
0:00 INTRO
1:00 Taxation of US retirement in Spain
2:30 US retirement products taxed in Spain
4:16 OUTRO


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[ Offshore Tax ] Tax Implications for Running US LLCs as a Resident of Spain or Portugal

It must be noted that LLCs and LPs are not generally eligible for the application of the benefits granted under most of the DTCs entered by Portugal. For instance, under Article 3, paragraph a) of the Protocol of the US/Portugal DTC, LLCs shall only be deemed residents in the US provided that income obtained by said corporate vehicles is effectively subject to tax in the US, either at the level of the corporation or at the hands of its partners.
This topic has already been brought to the attention of the Portuguese tax authorities, who have already issued several binding rulings stating that:
Pursuant to domestic legislation, the allocation of income/profits by an LLC shall be deemed as a distribution of dividends, generally subject to 28% PIT in Portugal.
An LLC, being tax transparent, is not deemed resident in the US for the purpose of the DTC with Portugal. As such, income attributed to LLC's partners shall not be deemed or treated as dividends for treaty purposes but rather shall be subject to the provisions of Article 24 of the DTC ("other income"), which attributes cumulative taxing rights to the source and residency contracting states.
The look-through approach adopted and the disregard of the LLC for the purpose of applying the DTC provisions does fit entirely with the NHR taxing principles, as the Portuguese tax authorities shall be looking at the nature of the income received by the individual taxpayer rather than the corporate vehicle.
Ultimately, even if the Portuguese tax authorities would deem the LLC/LP eligible for the DTC with the US, the LLC gains could be assimilated to dividends, which, pursuant to Article 10 of the treaty, are also taxable in the US, allowing thus to operate the exemption under the Portuguese legislation.

TIMESTAMPS:
0:00 INTRO
0:18 Tax residency in Spain or Portugal
1:20 Tax Implications for Running LLCs in Spain or Portugal
2:00 Running treaty of dividends in European countries for US ex-pats
3:27 OUTRO

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DERREN JOSEPH:
So, okay, I'm a Spanish tax resident with an American LLC. Should I pay taxes both in the US and Spain? What are the steps and procedures in that case?

TODD COWAN:
No. Yeah, so I mean, I think that for a Spanish tax resident, it sounds like you're definitely gonna need to be reporting this income of the US LLC, to the Spanish tax authorities. And to the extent that you have a liability, you're likely to be on the hook for that. And again, this goes back to the idea that if that liability is, is more than what you might otherwise pay in the us maybe there are foreign tax credits by which you're going to to accumulate. But again, if you're not on, a favorite tax regime, then I would, which I don't know in this instance if there would be some sort of combination between digital nomad Visa as well as Beckham regime and, you know, allow you, allowing you to plan around this.

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[ Offshore Tax ] Tax Implications of Retiring in Spain on a UK Pension


The British ISA (Individual Savings Account) is not a pension plan because it can be accessed in cases not provided for in pension plans. Therefore, its declaration may vary. The most similar product we have in Spain is the PIAS, whose benefits are also exempt, similar to ISAs.
The British QRPPS (Qualifying Recognized Overseas Pension Scheme) is a fund to which the rights of a pension plan can be transferred. It is designed for UK residents who move abroad. Therefore, it is still considered a pension plan. For the purpose of Form 720, it is not required to be declared. However, for IRPF (Personal Income Tax) purposes, it is considered regular income when redeemed.
The SIPP (Self-Invested Personal Pension) is a British pension plan itself and does not need to be declared in Form 720.

TIMESTAMPS:
0:00 INTRO
0:20 Tax implications when retiring in Spain
1:15 Special tax regime in Spain
2:09 OUTRO
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DERREN JOSEPH:
Okay, so is a UK ISA private pension excluded or included in Spain? Well, taxed Todd.

TODD COWAN:
Yeah, I think that that's a good question. From my perspective, I'm not, again, you caveated us very well at the outset, Derren, in terms of, you know, not advice. That said, I am not fully up to speed, on the Spanish-UK tax treaty. But what I do know is that that it, well, Derren, I don't wanna throw it back to you so quickly, but my, my understanding would be that it's very possible that it would be caught up in, unless they're part of, unless they're involved in the Beckham regime or they have some sort of tax favorable status within Spain, if they do have wealth tax exposure, an ISO would certainly form part of that. But again, I almost caveat myself to make full representations. And again, it's more my understanding. I'm, I'm almost applying other, other experiences against this particular instance. So, I apologize for maybe passing it back to you get to get

DERREN JOSEPH:
No problem at all. So, yeah, this is something that we get into in a lot more detail in some of the other talks that we've done. Also on the website, we have an article that dives into a lot of detail, and are you absolutely correct, it really depends. Are you in one of the special tax regimes, Noma Beckham law, in which your immigrant resident, but not a tax resident anyway, so the answer's going to be nothing is included, right? So, but if it is that you have, you don't have the protection, you're not on the golden visa, you're not on the back of the log, you're not on NOMAD visa, then yes, chances are your is and may be included in, in the multitask calculation. But of course, you'd wanna sit with someone and get advice run upon to your situation. Where are you in Spain?

TODD COWAN:
You know, are you on the trip or are you in Barcelona? Are you in the bask? Are you, you know, where are you? So, what is your overall situation? We need to know. So, okay.




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[ Offshore Tax ] Moving to Spain Tax Considerations for High-Income Americans with Rental Properties

The Spain Residence by Investment Program requires that a foreign individual fulfills one of the following investments in the country:
The acquisition of real estate with a minimum value of EUR 500,000 (one or several properties).
Investment funds, bank deposits, or listed company shares in Spanish financial institutions with a minimum value of EUR 1 million.
A government bond investment with a minimum value of EUR 2 million.
Documentary evidence of the investment must be provided as part of the application process.

TIMESTAMPS:
0:00 INTRO
0:20 Moving to Spain as a Digital Nomad
1:34 Tax Considerations for High-Income Americans with Rental Properties
3:20 Nomad visa qualifications when moving to Spain
4:44 Inheritance taxes when moving to Spain as an Expat
6:15 Tax planning when moving to Spain
7:30 OUTRO


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DERREN JOSEPH:
The Mexican and US citizens have a rental portfolio. So the net rental income from US portfolio properties exceeds 300,000 per year. They also do consulting for US companies, they work remotely and so I guess they're looking at Spain. So they're asking if a nomad visa is the best route for a US or Mexican citizen? Also, will I be taxed on a rental income in the US in Spain? And last will assets in the US be subject to Spain, inheritances, and inheritance taxes, Andres, Todd wants to take a look at that question.
ANDRES GUTIERREZ:
One can check a little bit, on the immigration side, basically nomad versus golden visa. So at the end of day the nomad visa will just basically look into, the certain requirements of moving here, working remotely, et cetera, et cetera. So it's just looking to comply with those requisites and also on the amount of flexibility that that individual wants to, wants to have because with that amount of income and with those stream income from other parts of the world is probably that they have a sort of lifestyle that they may not be most of their time in Spain with a NOMAD visa. So my recommendation there is, especially if they're Mexican, it is basically to look, I mean it will apply with, with their, with a NOMA visa as well, but with their lifestyle is looking at a golden visa that will allow them to live in Spain. Basically not have any particular ties with their consultancy work because it seems that they want to move and be free on that side and link their residency rights to a property or financial asset investment in Spain. That allows 'em to have a base here to go around Europe and in two years' time, provided that they are the vital center of interest that is in the country.

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