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U.S.- Spain Dual Taxation Issues: Spain's Taxation of Income, Capital Gains, and Wealth; Beckham's Law

Analyzing the U.S.-Spain Income Tax Treaty, Treaty Benefits, and the Saving Clause

Note: CLE credit is not offered on this program

Recording of a 110-minute CPE webinar with Q&A

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Conducted on Thursday, February 8, 2024

Recorded event now available

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This webinar will address dual taxation issues in the U.S. and Spain for residents of both or either country and their tax advisers. Our panel of U.S.-Spain taxation experts will explain how to analyze the U.S.–Spain Income Tax Treaty for benefits available to expatriates and dual residents; the Spanish tax regime for income tax, capital gains tax, and wealth tax; and additional reporting obligations for taxpayers spending time in both countries.

Description

Many of the cross-border considerations for taxpayers who are residents of Spain are the same as those for residents of other countries. U.S. residency rules, additional information return reporting requirements, and double taxation relief is somewhat similar for taxpayers residing in the U.S. or Spain. However, there are unique aspects of dual taxation of these two countries that potential residents of either country must understand.

Perhaps most concerning is that although the U.S.-Spain Income Tax Treaty provides relief from double taxation of certain income, the saving clause negates relief for some income that would otherwise be available. While social security is taxed according to the treaty and residency status, pensions, for example, could be subjected to tax in both countries.

Spain does provide tax relief for foreigners residing in Spain. The Beckham Law allows qualifying expatriates to pay tax on income at a flat rate of 24 percent rather than using the graduated tax table. Spain also permits certain new residents to pay wealth taxes as nonresidents during their first six years of residency. International tax practitioners and residents of Spain and the U.S. need to grasp the nuances of taxation in both countries to ensure dual-country taxpayers pay the least amount of overall tax.

Listen as our panel of seasoned international attorneys and CPAs explains cross-border taxation in Spain and the U.S. and properly applying U.S.-Spain Income Tax Treaty benefits.

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Outline

  1. U.S.– Spain dual taxation issues: an introduction
  2. Residency rules
    1. U.S.
    2. Spain
  3. Spain's taxation framework
  4. The Spanish Beckham Law
  5. Cross-border taxation
    1. Pensions and retirement plans
    2. Wages
    3. Real property
  6. U.S.-Spain Income Tax Treaty
  7. Spanish Inheritance and Gift Tax
  8. Other U.S. reporting requirements
  9. Other compliance issues

Benefits

The panel will review these and other critical issues:

  • How the saving clause in the U.S.-Spain Income Tax Treaty affects treaty benefits
  • Which taxpayers are eligible for the Spanish Beckham Law?
  • How pensions and retirement plans are taxed to expatriates in the U.S. and Spain
  • Spain's income tax rules for taxing income, capital gains, and wealth
  • U.S. international information reporting requirements for foreign financial assets in Spain

Faculty

Carlson, Austin
Austin C. Carlson, CPA
Partner, CPA
Gray Reed & McGraw

Mr. Carlson brings unique skills and perspectives to every area of his practice, which includes complex tax planning...  |  Read More

Masià, Carlos
Carlos Gimeno Masià
Attorney, International Tax Manager, Private Client Services
BDO Spain

Mr. Masià is an Attorney, International Tax Manager, Private Client Services for BDO Spain.

 |  Read More
Santa, Mishkin
Mishkin Santa, JD, LLM, TEP
Principal, Director of International Tax
The Wolf Group

Mr. Santa focuses his practice on repatriation tax, as well as individual income tax compliance, estate, gift &...  |  Read More

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