Time to Buy a Mansion in Spain?
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- Опубліковано 16 жов 2024
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Wealth tax has been abolished in Spain, in Andalusia to be more precise.
Spain has always been a very popular country, and many wealthy people purchased property in this country. Whether you're in their capital Madrid, Barcelona or somewhere else Spain is a country that has lots to offer.
Unfortunately, Spain has wealth tax and even if you are not living there the entire year you still need to pay wealth tax. This means that you'd need to pay this tax on your assets, including property.
In 2022 Andalusia abolished their wealth taxes. This happens to be the place with lots of beautiful mansions. So, if you were thinking of buying property in Spain, this may be the best time to do so!
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Author: Michael Rosmer
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Michael, I am usually a big fan of your content. But I think you’ve missed a key point here by not mentioning the new nationwide Solidarity Tax that sits alongside Wealth Tax. It essentially targets the wealthy in Andalucia and Madrid (among other areas) who would have benefitted from zero Wealth Tax. I’m afraid you can’t say there is no Wealth Tax in Andalucia anymore given the Solidarity Tax.
Source: I’m a financial planner and citizenship consultant based here in Spain (if you’d like to work together on your Spain/Portugal videos I’d love to contribute)
does Spain tax it's citizen on its worldwide income and how to avoid it as a citizen of Spain or permanent resident of Spain?
is there a way to become a non domicile tax resident in Spain? I'm from the Philippines.
@@micomarinas2753
It taxes it’s residents on a world wide basis not it’s citizens like the US.
If you want to move to Spain and save on taxes you can use their tax holiday called Beckum’s law
@@micomarinas2753 Spain is very strict on such things. Ask Shakira, Messi, Mourinho… it’s often better to just pay the tax than look for a creative workaround. Spain’s CFC rules also make overseas company ownership complicated unless you have multiple shareholders in various places
"Andalucia is the region around Marbella" Being spanish I found this extremely funny
Im a spaniard here. Its actually true you have to be always carefully with your bags or pockets. I live in Barcelona and I want to move out of here. Government and safety in the last 5 yeara its mund blowing. Lisbon is better in my view.
Sad to say but you're right.
how about in Madrid?
Well it’s Barcelona
It’s still down to personal preference. I prefer Barcelona over Lisbon. More upbeat and lively.
"This announcement has already raised public debate regarding the possibility that the “Solidarity” Wealth Tax may not be compatible with the Spanish CONSTITUTION and the legislation that grants the autonomous regions authority to legislate and charge Wealth Tax in their territories. In fact, some parliamentary groups have already announced their intention to challenge the constitutionality of the new tax.".. so expect some court actions in the Constitutional Court.
Hey Michael, I live in Marbella, real estate has gone through the roof here, it’s absurd, you see investors buying “old” properties, built during 2006-2007, changing a few things i.e. windows, kitchen, and selling those properties again for double of what they paid.
This is the worst time to buy a property in the South of Spain.
I’m planning on leaving Marbella this year and moving to Mexico 🇲🇽
Too expensive now IMO as well, much like many places on the CDS. The gap is narrowing quite a bit compared to a friendly, small place an hour down the road that doesn't impose any number of things that the Hacienda is hammering down on you.
Golden mile in Estepona is a good place
Yeah as mentioned in the video i noticed prices rose a lot. This being said if you watch for deals...
As a Spanish citizen, I would never buy RE in Spain. Be very careful if you decide to buy a house in Spain.
What do you think people should be careful about?
@@OffshoreCitizen I dont know Martin experience, but I would be careful about taxes (national, local, etc.) and also Okupas, it means people that enters to a house (or renting and paying the first month or empty) and live there. To take them out, it can take you years.
@@matiasmanzato1419 I know of example of a friend's family taking a generation (or about 20 years) to get rid of a squatter - and even then they had to be 'creative' in order to get the courts finally on their side about the eviction.. I also know from recent years, media showcasing vacation property being squatted and when the owners return for their holiday the locks have been changed and the Police and courts are protecting the squatter who just broke in and started using the home as their own.. So yea, buying property in Spain seems way too risky unless you have some trusty guards to watch it 24/7 when you're away.
Man. You’re channel is becoming my fav on UA-cam. Will be booking a call with you over the next couple of weeks
Property in the south of Spain has already gone up, so this has already been priced in.
I would much rather apply the same principle to other places that have high property taxes which will lower them; Greece is top of mind for that.
What do you think makes Greece a better choice?
Big properties? Big yards in Canada? What I see around me is a bunch of cookie cutters separated 1 meter from each other; all of if poorly built like prefabs.
You must live in a newer more high density area
With the solidarity tax being considered (or passed?) if you have over €3 million you are now subject to 1.7% to 3.5% per year based on your total wealth even in Madrid and Andalusia.
it's always time to buy a mansion in Spain. My mac deskop wallpaper is an image of my dream house villa/finca backyard (old style architecture) with a pool and no fence, with palm trees around the perimeter and some Valencia orange trees. Actually making it happen is a world away. Rural areas around Elche are beautiful...less touristic and open countryside.
This video is very vague. Where can I go to find the details?
Barcelona is one of the worst places for robbery unfortunately, and it has a lot to do because the political situation there. 😔
What's your opinion on Spain in the future? It seems like they've been making some serious changes to attract money into the country. Long term trend? or just random event?
I'm not optimistic, I think it will take quite a serious shift to change the core mentality and establishment in Spain. But looks like there are some benefits for the next few years
Nah.. it's gonna be even worse in the next years. More and more taxes
What do you think about the Greek islands and Cyprus real estate?
"A temporary tax for years 2023 and 2024 (to be reviewed before the end of 2024). To be paid by individuals with net assets (i.e. total assets minus total liabilities) worth at least EUR 3 million. A rate of 1.7% will be applied to those holding net assets worth between EUR 3 and 5 million, 2.1% to those holding between EUR 5 and 10 million, and 3.5% to those with more than EUR 10 million." ... these are just announcements... wait for legislation...
here's my question: does Spain tax it's citizen on its worldwide income, and how to avoid this as a permanent non domicile resident? is there a private/exclusive subdivision in Spain? is Madrid a more safer city in Spain?
Not their citizens, their residents.
We've done videos talking about Spanish tax planning. The best is to reach out to us directly for specifics that apply to you.
Is there a resource to learn the wealth tax in various Spanish provinces? Thanks!
No mansion, but new construction apartments look desirable in that area. Marbella is becoming popular among Swedes with money.
There's beautiful real estate and good weather. If you're ok with the other trade offs
Where I live and love the 1% death tax over 40% in the UK
Province of Madrid does not have wealth tax
Yeah but it's not as nice for buying villas
Global Peace Index ranking 2.022
Spain n29
u.k 34
France:65
Italy 32
In any case thanks for you apocaliptic e irreal crime notices lol; because many spaniards do not like foreigners tourists/ inmigrants lol🤣
I feel like the effects added to this video and the last make your content feel cheap.
What you're saying seems pretty knowledgable - adding tik tok effects devalues the whole thing. Just leave them out or switch your editor
Thanks for the feedback
Marbella is the Malibu of Europe
With terrible traffic, mafia driving Ferraris, nasty small black sand beaches, the highest house break in rate in Spain, and very little charm (not much historical)😮…. No thank you. So many nicer places in Spain.
Owning any irremovable property in Spain automatically makes Spanish tax payer on worldwide income
Excellent observation
Not true
Sounds like a dealbreaker to me. Can this be avoided by buying through a shell company?
Not true
I missed out one detail - (any income producing property)
What do you think about the Greek islands and Cyprus real estate?
Marbella is the Malibu of Europe
What do you think about the Greek islands and Cyprus real estate?
Last time I checked Cyprus it was very overpriced, not sure if it has come down. Greek Islands my issue is they are only good about 4 months a year so makes it tough to justify. It's very bureaucratic but you can find some deals