Spain is like moss–It never grows, but it never dies
I could write a whole entire essay on the political, fiscal and economic missteps that the communist government in Spain have taken over the years. For reference, it has become a country who proudly supports children dressed like prostitutes with LGBT flags for a parade. We did write that Latinos/Latinas should consider Spain for two years because of the passport but if you ask us again, it’s better to wait for some things to shape up in the dying country first. Needless to say, they have comically made the wrong decision wherever possible to do so. “Murphey’s Ley”
Rather than take up your evening, I wanted to specifically write about a new change with respect to cryptocurrency & assets in the country. Again, communists do not value private property, free markets, nor the individual–it should come as no surprise that these policies are put forward.
A royal decree, which came into force on Feb.1, expands the number of entities to be given tax collection powers. Until now, only banks, savings banks and credit cooperatives could report to the Treasury–now this has made it obligatory for everybody to report your information to the parasites.
The Spanish Ministry of Finance is looking to expand its control over the monitoring of cryptocurrencies in the country to allow it to seize digital assets to settle tax debts.
The Treasury is planning to so-called fight tax evasion more aggressively. It is looking to force banks and electronic money institutions to report on all card transactions” Which translates to “the government is running out of money and are coming up with more ways to steal from you & privacy is extinct in Spain”
Spanish residents holding any crypto assets on non-Spanish platforms only have until the end of next month to declare them to the tax authorities. The submission period for a form 721 declaration started on Jan. 1, 2024, and ends on the last day of March this year. Individual and corporate taxpayers must declare the amount of funds stored in their crypto accounts abroad as of Dec. 31, 2023.
Ultimately its: 1) Report your own ENTIRE worldwide assets over 50,000 EURO in value by law.
2) Seizure of assets for tax. As written, the government would have the ability seizing everything not taxed to line their coffers.
3) Mandatory tax reporting of all Debit/Credit card in country transactions by a broader span of entities
4) Applicable to all Spanish residents (not only citizens).
One individual said, “This makes tyranny look kind”. Another said, “They create new immigration programmes to attract you and create policy like this to push you away–I’m sick of this relationship” & another, “Spains beauty isn’t worth it. They’ve lost the plot. It’s sad”
To add, over 65% of Spanish residents interviewed absolutely positively do not wish to use a digital Euro (which is what the European Central Bank is currently working on to do precisely the surveillance, extortive and regulatory procedures not on crypto but all money).
The fact of the matter is that Spain is in for some very, very rough economic times with no sunny days ahead for the foreseeable future. Once again, if you wish to obtain a citizenship there as a Latin American, our advice is to spend the minimum amount of required time for the document.
If you’re interested in any other advice–feel free to send us an email at [email protected] where we help you & your family come up with an affordable plan & answer general supportive questions behind your international portfolio.
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