Question Source of funds for a fiscal resident of Spain

[sriracha]

I intend to move to Spain and buy an apartment. I am thinking to sell stock for the amount of money necessary to buy the apartment.

I am wondering what is the right way to do that. because of

- capital gains tax - maybe I should sell my stock while I am in a country where I would pay less capital gains tax and then move to Spain? I am currently a fiscal resident of Estonia, where I have an Estonian LLC, but I could stay in an "intermediate" country in that case

- source of funds - will I have to prove the source of funds, or the very fact that I sold stock would be considered a source of funds?

I bought the stocks twenty years ago with money I received from a client, but unfortunately the paper trail that proves it is all lost and I have no way to recover it.

 

[JohnnyDoe]

I totally disagree, I live in both, both top ends ( Ibiza / Barcellona / Milano )

Milano top ends?

and Spain is much better. Things just work better, quality of life is better, and it's cheaper.
as usual, it's personal taste

Just ask anyone around the world if they would prefer a holiday in Italy or in Spain (not Milano or Barcelona).

 

[RealDude]

Just ask anyone around the world if they would prefer a holiday in Italy or in Spain (not Milano or Barcelona).

Spain, Mallorca and Canary Island for sure, recurrent. Italy is totally overpriced. You go to Italy once for History reasons, then never again.

 

[JohnnyDoe]

Spain, Mallorca and Canary Island for sure, recurrent. Italy is totally overpriced.

Looks like you have been victim of tourist traps, or you are cheap.

You go to Italy once for History reasons, then never again.

Once? If that one visit lasts 10 years maybe you can say to have visited Italy.

Of course if your concept of quality of life is night clubs, then go to Ibiza, no doubt.

 

[karishi]

Just ask anyone around the world if they would prefer a holiday in Italy or in Spain (not Milano or Barcelona).

Holyday, I agree with you. Living, I don't agree. I live in both and definitely prefer living in Spain. As I said, personal preference, I also prefer Living in Dubai rather than in Italy. While I would of course prefer Italy to basically any other country except maybe Greece or France. Basically all of the expats I know who live in Spain would not want to return to italy, while that % goes down to 50% for Dubai expats

 

[Lucas32]

Andorra, South of Italy,
Portugal, Cyprus, Costa Rica, Panama, Uruguay, Thailand, etc, etc.
But if you want to stay in Europe then Portugal, Cyprus or South of Italy, definitely not Spain (there are two way of having more money, one is by making it, another one is by saving it, Spain will kill you with its taxes and expensive cost of living, especially rents have gone through the roof.)

I can only testify and confirm.

I was living in Spain for more than 7 years and i had a company there, i still have the Tax agency behind me asking for their money, in Spain you will always feel guilty for doing business and having money, they will treat you like a criminal, + you must declare all your overseas assets every year using the form 720 (Read this) and everything is taxed and sometimes double taxed (buying 2nd hand car)

so basically this country is an Authentic TAX HELL.

Rents are 2-3x. a simple apartment that costs 500e 2 years ago, now is costing 1100e. the situation is unsustainable.

The country is attractive yes, but the reality is different.

God Bless LATAM

 

[Cloudbanck]

Milano top ends?



Just ask anyone around the world if they would prefer a holiday in Italy or in Spain (not Milano or Barcelona).

Of course Italy hands down. But it used to be that both Italy and Spain were countries that you visited for holidays, but absolutely not became a tax resident in, nor did any sort of economic activities.

However, now with the Italian inpatriate regime and flat tax, Italy is surprisingly on paper a tax haven. They still have super difficult bureaucracy of course, and if they deem you dont meet the criteria they could hit you with their normal high taxes plus penalties. But maybe it is manageable.

 

[Alonzo]

everything is taxed and sometimes double taxed (buying 2nd hand car)

Are you talking about IEDMT?

 

[Radko]

I can only testify and confirm.

I was living in Spain for more than 7 years and i had a company there, i still have the Tax agency behind me asking for their money, in Spain you will always feel guilty for doing business and having money, they will treat you like a criminal, + you must declare all your overseas assets every year using the form 720 (Read this) and everything is taxed and sometimes double taxed (buying 2nd hand car)

so basically this country is an Authentic TAX HELL.

Rents are 2-3x. a simple apartment that costs 500e 2 years ago, now is costing 1100e. the situation is unsustainable.

The country is attractive yes, but the reality is different.

God Bless LATAM

I live in the Capital of the EUSSR, Spain, and it truly is a Tax inferno, they go to the end of the world to tax you, even the Spanish Supreme court has ruled many of the tax laws ilegal, and the EU has also stopped a few of the Tax laws describing them as abusive.
Luckily I'll be leaving for good soon!

 

[scooterguy]

The quality of life in Spain is amazing, but unfortunately Hacienda is doing everything in their power to make people with money or with some sort of entrepreneurial spirit to go away.