Special Income Tax (IRPF) regime for workers displaced in Spain

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The Special Income tax Regime for workers displaced to Spanish territory has been amended considerably since its approval in 2005, this special regime is still in force and regulated by the Personal Income Tax Law. Vives Pons inform you about all details regarding this changes in the Special Income Tax.

Special Income Tax regime for workers displaced in Spain

The Special Income tax Regime for workers displaced to Spanish territory has been amended considerably since its approval in 2005, this special regime is still in force and regulated by the Personal Income Tax Law. Specifically, the conditions for its application can be found in Article 93 of the Income Tax Law.

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Said Special Regime was designed to attract executives and qualified foreign workplaces to Spain, as well as foreign athletes who came to reside in Spain for a certain period of time. This regime has had two modifications, specifically a modification in 2010 in which it established a maximum income limit so that it could apply the special regime of 600,000 euros and later in 2015 where foreign athletes are excluded from the special regime but it remains valid and may be applicable to other professionals and workers.

Conditions for the application of the Special IRPF Regime for foreign workers displaced to Spanish territory.

The article 93 of the Personal Income Tax Law foresees that individuals who acquire their tax residence in Spain as a result of their posting to Spanish territory, may choose to pay income tax or the IRNR during the tax period in which the change of the residence is made and during the following 5 tax periods, provided that the following conditions are met:

  • They have not been residents in Spain during the 10 years prior to their new displacement to Spanish territory.
  • The displacement to Spanish territory occurs as a result of an employment contract or when a job letter exists. One of the novelties introduced in 2015 is that it is not necessary for the employer to be Spanish, in other words, a foreign company may order to its worker to move to Spain, keeping the employment relationship in force.
  • For the application of the regime, the displaced worker must exercise his right of option by providing a communication form (form 149) as well as supplementary documentation that proves compliance with the conditions within six months from the start of the work activity for which the displacement took place.

Special IRPF Regime content for workers displaced to Spanish territory.

As a result of the application of the Special Regime for displaced workers, the first € 600,000 obtained by the worker or administrator due to employment income are taxed at a rate of 24% and above that amount at a rate of 45%.

Taxation is applied to all employment incomes, regardless of whether they are obtained abroad, which could lead to situations of double taxation on this type of incomes, which should be studied in a case-by-case basis.

Likewise, the capital returns obtained in Spain (dividends, interest, capital gains) will be taxed at 19% for the first € 6,000, between € 6,000 and € 50,000 at 21% and at 23% above € 50,000.

 

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Vives Pons & Asociados: Global Solutions for you and your business in Spain and Costa Blanca

Integral services, architecture, Legal and Tax in Spain and Costa Blanca

Vives Pons & Asociados is a multidisciplinary firm with more than 15 years of experience in legal and tax advisory services, as well as urban and architectural projects, building, conveyancing and Real Estate in Denia and Costa Blanca.

Since 1998 Vives Pons & Asociados has dealt with more than 5.500 clients from a variety of countries such as Spain, The United Kingdom, Germany, Holland, Norway, Denmark, France, Switzerland, Sweden, Portugal, United States, China, South Africa, Chile, Costa Rica and many more.

International Integral Services

We offer an integral service on an international scale, provided by highly qualified professionals in all areas, in the business and private client’s areas. From our offices in Denia, Vives Pons & Asociados, offers you the best service advice to support your investment, in Spain and worldwide.

You do not have to worry about anything, only to invest your time in those things which are most important to you, and for this you can count on a totally reliable team, with a full understanding and knowledge of the Spanish and the English systems, and with a wide experience in both jurisdictions.

Business law services, Accounting advise & architectural services

Our commitment with the business world allows us to offer you efficient and effective solutions, adding value to your company’s management and representing the interest of your business on every level.

In order to do this we put a great team of architects project managers, Business law Lawyers, tax advisors and accountants at your disposition who will help to prevent and solve your problems and queries derived from your business activity in an efficient and effective manner.

Our promise to provide the best quality service at Vives Pons & Asociados has helped us to gain and maintain the trust of hundreds of clients, Spanish and International.

How to get the most from your accountant in Spain?

The best accountant in Spain and Costa Blanca for your business

How to get the most from your accountant in Spain and Costa Blanca? According our experience in tax advice & tax planing in DeniaMarina AltaCosta BlancaSpain, Vives Pons & Asociados advice you about how to use your accountant’s time wisely:

A good, experienced accountant could save your business thousands, and even help you find new ways to grow. But if they need to spend most of their time sorting out messy paper work and making sense of your accounts just to file a mandatory tax return, you will not be getting that value for money.

If you learn to work with accountants in a productive way, on well prepared books, you could benefit from their years helping businesses tackle similar problems to the ones you face and get more from the fees you pay them. So, how do you get the maximum value from your accountant? Here are seven suggestions:

Shop around to find the right accountant for your business

If you’re hoping for something more than checking the books and filing the tax return, then it’s a good idea to get the best fit for your business.

The big firms will have more resources, but it’s also worth checking out smaller players who understand your industry. If you work in quite a specialist field, this means you avoid having to repeatedly explain the basics, so you get more value from their time.

Ask for help, early

It’s no good engaging an accountant two days before your tax return is due. They may be able to provide some help in that time, but to make a real difference, they can help you set up professional bookkeeping and financial management so they can offer the best guidance throughout the year.

Be clear about what you need

Give your accountant some guidance on what you’re looking for. Is it the statutory requirements, or strategic financial advice? If don’t ask, you’ll probably end up with the minimum service. If you want more than that, you need to understand what they can offer and what you need from them.

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Make sure the books are in order

If the books are in a mess, your accountant will spend time sorting them out, rather than analyzing your business and giving you valuable advice. There’s no point paying their fees only to have them spend the day adding up receipts. If you don’t have time to sort the books out yourself, a more cost-effective way is to find a bookkeeper (rather than a qualified accountant) to do it for you. There’s plenty of software available to help you keep the books up to date. The latest tools work in the cloud so you can, for example, scan and file receipts whether in the office, at home or on the move using tablets and smartphones as well as the office computer.

Respect their experience and learn from them

An accountant probably won’t know your business or industry as well as you do, so you may find they start with some basic questions. They may also make comments about the way you manage your finances that you don’t agree with. Try to resist being defensive. If you’re paying for their advice, it’s because they have knowledge and experience that’s useful to you. Hear them out, as there may be something valuable you can learn from them.

Stay in touch

Don’t think the job is done for another year once your accountant has filed the tax return. If you’ve been efficient in your dealings with your accountant and given them up-to-date, easy to read books, they should be able to give you ongoing tips on how to save money and run the business better. Quarterly follow-up calls can help keep your plans on track between annual visits. If you’re using cloud-based accounting software you can give your accountant access to it from anywhere, so they can check the latest figures and offer advice without having to visit your office.

Break out the fancy biscuits

Lastly, make sure your accountant feels welcome in your office. Don’t shut them in a cupboard full of dusty old files or give the desk in the corner. Believe it or not, accountants are people too. Talk to them and share some news about the business. Making them comfortable and at home will encourage a spirit of good will. Remember, they have lots of contacts in your area or your industry which you could find useful. A nice biscuit or two can go a long way.

No matter what kind of work you do, if you want to succeed running small business you need to master the books. But how are you finding that task? Take our quiz to understand your style of financial management and get tips on how to improve.

Vives Pons & Asociados offer you tax advice & tax planing in DeniaMarina AltaCosta BlancaSpain.

Vives Pons: The consulting team for your Inheritance Tax in Spain

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Vives Pons & Asociados has a team of professionals with a solid experience in employment, accountancy and tax advisory services, providing you with the best tools to manage your business, and allowing full control of it at all times.

Experts in Inheritance Tax

One of the most important problem for expats and residents in Spain is the Inheritance Tax. As you know, Inheritance Tax in one of the most relevant fiscal tools in Spain. It’s legal state base for Non-residents is regulated by the LAW 29/1987 of the 18th of December, Developed by the “Real Decreto 1629/91”.

Inheritance tax rates will vary according to the location, In the Valencian Community the legal base is constituted by Law 13/1997 with multiple modifications, the last one being 10/2006. This last modification affects individuals that have residence in the Valencian Community and meet the following conditions:

  • During the last five years the individual has presented tax returns in Spain.
  • The individual must be duly registered as a resident of the town where the individual lives.
  • The last domicile of the deceased being within the Valencian community
  • The following will be taxed as per the previously mentioned modification;

All assets aquired by inheritance

The acquisition of assests and rights by means of donation or other legal business, totally free and between living individuals.
Receiving funds from life insurance policies, when the beneficiary is not the same individual as the contractor.

The taxable base shall be constituted by the following:

“mortis causa” transmissions, Individual aquiremient value of all assets in Spanish territory, for example, Property, bank accounts, cars, we must calculate the real value of these assets by discounting any mortgage, charges or liens we are also able to offset expenses such as funeral costs, medical treatment, inheritance court proceedings, etc…

We must point out that personal effects from the home also account as hereditary mass and shall be taxed at 3%.

“inter vivos” transmissions, net value of assets and rights acquired, in other words, the real value of assets and rights less the deductible charges and expenses .

Life insurance

Amounts received by the beneficiary. Any amount received as life insurance payment shall be summed to the hereditary mass for taxation.

If you have any doubt or need advice with your fiscaltaxes, conveyance or businees in Spain, let us help you. Conctac with Vives Pons & Asociados and forget problems. You’ll find in Denia, in Costa Blanca. Give us a call: 966432624. Email: info@vivespons.com