[ Offshore Tax ] How are foreign pensions treated in Spain vs Portugal?
In Spain, Pensions understood as remunerations that have their cause in a job previously exercised, have different treatment depending on whether they are public or private.
• Public pension (article 21.2 CDI): a public pension is understood to be one that is received by virtue of previous public employment or received for services rendered to a State, to one of its political subdivisions, or to a local entity. For example, the pension received by an official. Its treatment is:
1. In general, public pensions will only be taxed in the United States. In Spain, they would be exempt, although exemption would be applied progressively. This means that if the taxpayer were obliged to file a return for obtaining other income, the amount of the exempt pension would be taken into account to calculate the tax applicable to the remaining income.
2. However, if the beneficiary of the public pension is a resident of Spain and has Spanish nationality, the pensions mentioned above would only be taxed in Spain.
TIMESTAMPS:
0:00 INTRO
0:20 Foreign pensions taxes in Portugal
2:30 Foreign pensions taxes in Spain
4:20 ROTH IRS taxes in Spain
6:38 OUTRO
----------------------------------------------
OUR CHANNEL OFFERS:
- Updated daily, we help 6, 7, and 8-figure International Entrepreneurs, Expats, Digital Nomads, and Investors legally minimize their global tax burden and protect their wealth.
- Join Amazon's best-selling author, Derren Joseph, in exploring the offshore financial world.
SUBSCRIBE TO OUR CHANNEL FOR MORE FREE INFORMATION:
https://www.youtube.com/c/TaxesforInternationalEntrepreneursandExpats?sub_confirmation=1
--------------------------------------------------
WATCH OTHER VIDEOS:
https://youtu.be/aec2se0x_cs
https://youtu.be/yKIQ78azSA8
https://youtu.be/pBvgddn4VQ4
--------------------------------------------------
Here are 4 ways we can help you:
SIGN UP for free webinars on US Expat Taxes and International Entrepreneur Taxes: https://htj.tax/events/
STREAM premium educational videos: https://htj.tax/youtube/
CONTACT us for tax optimization consults over Zoom: https://www.htj.tax/contact/
High Net Worth? We can QUOTE for doing your "US-International" tax returns.
FOR MORE DETAILS, CONNECT WITH US:
✉ Contact us at help@advancedamericantax.com
--------------------------------------------------
FOLLOW US ON:
🌍 Check our website: https://htj.tax/
🎙️ Listen to our podcast: https://podcast.htj.tax/
📸 Add us on Instagram: https://www.instagram.com/htj.tax/
🐦 Add us on Twitter: https://twitter.com/derren43/
📕 Add us on Facebook: https://www.facebook.com/htj.tax
💼 Contact Derren on LinkedIn: https://www.linkedin.com/in/derren-joseph-ea-03
#foreignpension #spain #portugal #HTJpodcast #internationaltax #taxplanning #taxes #internationalbusiness #offshore #expats #investors #offshorecitizen #nomadcapitalist #flagtheory #InternationalEntrepreneur #irs #offshorebanking #ibc #offshorecompany