[ Offshore Tax ] Risks in How Beckham Law is Used

[ Offshore Tax ] Risks in How Beckham Law is Used

In January 2023, a new law for startups in Spain was implemented, offering generous tax benefits for startup companies, their employees, and investors.
Here are the key points:
Lower Company Tax: Startups in Spain now enjoy a reduced company tax rate. Instead of the standard 25%, they are taxed at a rate of 15%. This significantly lower rate is applicable for up to four years, provided the company maintains its startup status.
Additional Benefits for Dependents: The reduced income tax rate also extends to the non-resident payer’s dependents. They too will be taxed at 15% instead of 25%. Dependents eligible for this benefit include the spouse and children under 25 years old (there are no age restrictions if the child is disabled).
Delayed Payment of Tax Debts: Startup companies and their non-resident employees can defer payment of tax debts for the first two years of operation. To be eligible for this benefit, taxpayers must be current with their tax obligations and file their tax declarations within the specified time frame.
Stock Option Discounts: Employees of startups are exempt from tax on stock options up to a value of €50,000. Furthermore, these stock options will only be taxed when sold by their holders.
Deductions for Investment: Individuals investing in Spanish startups can also reap substantial tax benefits. Investments in new or recently established startups attract a tax deduction of 50%. Moreover, the first €100,000 is tax-exempt.
Carried Interest Benefits: The new startup law in Spain includes fresh regulations on taxation for carried interest. The Spanish tax authorities have established a specific fiscal regime for successful risk capital management, aligning Spain with other EU countries.
Digital Nomad Visa Tax Benefits: Holders of the Digital Nomad visa in Spain are eligible for a reduced non-resident income tax rate. The tax rate for these visa holders is 24% up to €600,000. For income exceeding €600,000.01, the tax rate increases to 47%.

TIMESTAMPS:
0:00 INTRO
1:00 Setting up a company in Spain
2:03 New rule or law in Spain for taxation
3:25 Digital Nomad Regimes in Spain
4:20 Beckham law regime in Spain
5:25 OUTRO


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