Contact UsI am a US citizen working and living in London and considering buying a property in Andalusia. I was wondering whether acquiring it directly or through an LLC. What Spanish tax implications would there be in either case?. Please revert if you can share some initial thoughts. Thank you!
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Tax Professional Answers
Carlos Gabarro
Hi there - The use of a foreign company will allow you not to be exposed to Spanish Wealth Tax and Inheritance and Gift Taxes (which, depending on the value of the property and some other factors, could become substantial). Besides than this, no other relevant differences from a Spanish tax viewpoint but please contact me directly as I will be glad to further advise on this and provide further details. Hope this answers your question, at least at a very high level. My legal colleagues at our Firm can also assist you on your purchase if you deem. Regards.
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576 weeks ago
Chuck Heyde, CPA, CGMA
Dont forget a US person that owns directly or indirectly greater than 10% of a non-US company might have to complete and file Form 5471 with their annual US tax returns.
Chuck Heyde, CPA, CGMA
www.GEMMS.us
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575 weeks ago
Chuck Heyde, CPA, CGMA
www.GEMMS.us