xmrk ₿ ⚡️ on Nostr: Roger Ver may be screwed more than you think. If he stays more than 183 days in ...
Roger Ver may be screwed more than you think. If he stays more than 183 days in Spain, he becomes Spanish tax resident. (1) So he will to pay wealth tax, surely his net worth is more than 3M euros. Theoretically, if he stays more than 10 years, he will be subject to Spanish exit tax.
The tax rate is complicated, there is the old wealth tax set by regions and abolished in Comunidad de Madrid and Andalucia, and there is new, so called temporary solidarity tax:
- 0% for the first 3 million EUR NET worth
- 7% of NET worth between 3 million EUR and 5 million EUR
- 1% of NET worth between 5 million EUR and 10 million EUR
- 5% of NET worth in excess of 10 million EUR
But I still have doubts, because this creates some perverse incentives if true. Spanish authorities could just trump up charges on any millionaire on vacation in Spain, drag the process and be rewarded by the wealth tax. Yes, right to speedy trial, maybe they get slap on the wrist from European Court of Human Rights.
(1) I checked the law and there is no exemption for being arrested, waiting for trial, extradition or similar. The only exemption is some cultural collaboration, see https://www.boe.es/buscar/act.php?id=BOE-A-2006-20764#a9 (in Spanish).
The tax rate is complicated, there is the old wealth tax set by regions and abolished in Comunidad de Madrid and Andalucia, and there is new, so called temporary solidarity tax:
- 0% for the first 3 million EUR NET worth
- 7% of NET worth between 3 million EUR and 5 million EUR
- 1% of NET worth between 5 million EUR and 10 million EUR
- 5% of NET worth in excess of 10 million EUR
But I still have doubts, because this creates some perverse incentives if true. Spanish authorities could just trump up charges on any millionaire on vacation in Spain, drag the process and be rewarded by the wealth tax. Yes, right to speedy trial, maybe they get slap on the wrist from European Court of Human Rights.
(1) I checked the law and there is no exemption for being arrested, waiting for trial, extradition or similar. The only exemption is some cultural collaboration, see https://www.boe.es/buscar/act.php?id=BOE-A-2006-20764#a9 (in Spanish).