★ José Luis Fernández Blanco CFO FMCG MANUFACTURING PE

[ Offshore Tax ] Can a Mortgage Reduce the Value of the Wealth Tax in Spain. In the case of non-residents who have acquired a Spanish property through a mortgage loan, the mortgage itself does not decrease the asset's value, but takes the form of a guarantee to cover the debt. Deducting the outstanding amount of the debt is permitted if it can be proved that it has been used to purchase such a property, regardless of where the lender is located. The Spanish Supreme Court, in its judgment dated February 13, 2023 (ECLI: ES: TS:2023:418), addressed a case involving a couple resident in Denmark who had purchased a property in the Balearic Islands for €3 million in May 2006. Three years later, the couple requested a loan for the same amount secured by a mortgage on that property, considering that the debt should be deductible for Wealth Tax (WT) purposes in Spain. However, the tax authorities did not accept the deductibility, as the funds requested three years later were clearly not used to purchase the Spanish property, and there was no clear and unequivocal relationship between the deductible charge or debt (mortgage) and the asset the value of which decreases (real estate). The Balearic Islands High Court of Justice initially ruled in favor of the taxpayers, but the Supreme Court has now ratified the tax authority's criterion. The court states that "taking out a mortgage on an asset the ownership of which determines the subjection [to WT] due to an obligation in rem cannot be confused with a personal debt for a loan for which that mortgage has been taken out as security and to guarantee payments." Mortgages are an in rem security right of an essentially accessory nature, linked to a primary obligation, the fulfillment of which they secure. Therefore, the mortgage cannot be deducted to determine the WT base. Rather, if applicable, the outstanding amount of the debt can be deducted, but only if it has been taken out to obtain the capital invested in the asset. The Supreme Court's decision ratifies the interpretation given by the DGT (e.g., V0590-13) on the deductibility of debts incurred by non-resident WT payers and the mandatory link with the acquisition of assets located in Spain. This criterion also applies to taxpayers subject to source taxation, if they are affected by the Temporary Solidarity Tax on Major Fortunes introduced under Act 38/2022, of December 27. #SpanishSupremeCourt #WealthTax #SpanishProperty #MortgageDeductibility #TaxLaw #NonResidentTax #SpanishTaxSystem #PropertyInvestment #LegalRuling #BalearicIslands #TaxDeduction #RealEstate #TaxAuthorities #TaxCompliance #DebtDeductibility #LegalDecision #MortgageLaw #SpainWealthTax #InternationalTax #AssetValuation

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Aquí vamos de nuevo con fiscalidad en Inglés 🚀 Elevate your business with essential financial vocabulary! 💼 Understanding key terms like VAT, personal income tax, and corporate tax can transform your financial literacy and boost your professional confidence. Let's dive into the world of taxes, accounting, and audits together. 📊💡 https://lnkd.in/e5gc5JjD

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Calling all Expats in Spain! 🆓 Don't miss this free webinar: Taxation and Financial Planning for Expatriates in Spain. Join Nicole Sandler and Louis Williams, CFA on Wednesday, May 15th at 2:00 PM CET as they answer all your burning tax and financial planning questions. Click the image below to register! #taxes #taxesinspain #expats #expatsinspain #webinar #financialplanning Entre Trámites 🚀

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Free Webinar - Taxation and financial planning for expatriates in Spain. Join myself and Entre Trámites next Wednesday 15th May at 2pm CET. We explain the best strategies to optimize your financial resources and ensure effective tax planning in Spain. Click below to register 👇

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🆕 #InvestIn | #Navarra once again ranks among the top regions for its efficient management of #humantalent The #TalentMap2023, drawn up by #Cotec and the Valencian Institute of Economic Research (Ivie - Instituto Valenciano de Investigaciones Económicas), places the region as a national leader in talent #retention. Its authors, in particular, after analysing more than fifty socio-economic indicators, highlight the region’s capacity (compared to the rest of the Spanish autonomous communities) to avoid the decapitalisation of personnel and their departure in search of other, better destinations. #InvestInNavarra 📲 https://lnkd.in/eTkytptk

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The most relevant news about Private Capital Fundraising in Iberia 🇪🇸 🇵🇹 last week: Creand AM launches its first venture capital fund of funds in Spain. The fund provides access to niche products from boutique managers, in a global geographical universe, with a significant focus on the US and Europe. 🌍 The founders of Aelca transform the firm with which they control UD Sanse into an SCR (Sociedad Capital Riesgo). Javier Gómez Fernández and José Juan Martín Montes, who created the developer, have stakes in Atalaya Desarrollos Urbanísticos and the McWin Food Ecosystem fund. 🏢 Expansion analyzes the Spanish VC funds are gearing up with new capital again. Managers like Kibo, Kfund, Encomenda Capital Partners, and Seaya are gaining more resources to continue supporting startups. Existing funds are joined by new projects like Hyperion and Plus Partners. 💼 Please let me know if you want access to all the new funds raised since 2020!

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EY Abogados has advised AGR BIOGÁS on the financing of a biomethane plant in Andalusia The project consists of an approximate investment of €25 million, with almost €20 million provided by project finance granted by ING. The EY Abogados legal team that has participated in this transaction has been led by Gonzalo Martín de Nicolás Presa (Banking & Finance partner) and Susana Gómez Badiola (corporate/M&A partner) together with Rosa Cañas Lorenzo (corporate/M&A director). Read the full article >> https://lnkd.in/dbk3Kqd2 #IberianLawyer #legaladvisor #financing #biomethane

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This post, as Ander López Delgado of Basque Culinary Center states, is aimed at giving the audience an insightful glimpse into the vibrant world of foodtech and it does a good job at that. As part of the the newsletter - The VC Corner by Rubén D., it is well written with some well captured the big problems and the big picture of the food-tech-ecosystem and value chain which touches each one of us directly and in-directly at the same time. An example is the big trends (referred from DigitalFoodLab) and more like that. There are more like that in that. #FoodTech #AgriTech #Climatecrisis #FoodSecurity #PrecisionFarming https://lnkd.in/dV45ewZc

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Can software transform the quality management of fresh produce? 🌟 Discover the transformational experience of Paquita Escoi Martinez, QC Manager of Fruilar, a Clarifruit customer, during a webinar hosted by Cristobal Vicente Apablaza Baeza, Head of Clarifruit Latin America and Spain. Fruilar, a fruit growers’ cooperative in Lleida, Spain, has integrated Clarifruit into every phase of its quality control process. With over 5,000 quality inspections performed, Paqui shared how the software has significantly enhanced the efficiency and accuracy of their operations. Learn more about how Clarifruit is revolutionizing quality management in the fresh produce industry! https://lnkd.in/gbt2XPCu #QualityManagement #FreshProduce #AgTech #Efficiency #Accuracy

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Exciting news for potential home buyers in the Balearic Islands! The Consell de Govern de les Illes Balears has just enacted a groundbreaking legislative change that could transform your home buying experience. The new Decreto Ley de Simplificación y Racionalización Administrativas introduces a temporary amnesty for certain constructions that were previously illegal, allowing them to be legalized within the next three years. Here's what this means for you as a potential home buyer: - Expanded Market Opportunities: More properties will be available as previously illegal constructions become legal. This can significantly broaden your options. - Cost-Effective Purchases: You might find lower prices on properties currently in the process of legalization. Sellers may offer discounts to offset their costs, which could mean great deals for you. - Sustainable Living: Properties must meet new environmental standards to be legalized. This ensures that your new home will be energy-efficient, environmentally friendly, and future-ready. - Investment Potential: Buy low, sell high! There’s an opportunity to purchase properties at a lower cost now and potentially sell them at a higher value once they are fully legalized and compliant. - Peace of Mind: Legal certainty means you can buy without worrying about future legal issues or demolitions, securing your investment and future. This is an incredible opportunity for those thinking about buying a first or second home in the Balearic Islands. If you're interested in learning more, comment below or send me a message. Let's discuss how this legislative change can benefit you and help you find your dream home in the Balearic Islands. And please share this post with anyone in your network who can benefit from this knowledge. #RealEstate #BalearicIslands #HomeBuying #Sustainability #InvestmentOpportunities #RealEstate #PropertyInvestment #Spain #InvestmentStrategy #PropertyInvestment #InvestSmart #thepearlcompass #propertybuyer #realestateadvice #buyingproperty #realestatetips #realestatespain #luxuryrealestatespain #luxuryrealestate #realestateagentspain #realestatebuyersagent

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Government of Spain - Mr. President Pedro Sánchez Pérez-Castejón - 💥💥💥💣💣💣 The PSOE is preparing an explosion of civil servants: it wants to eliminate the limits on the replacement of public employees The PSOE has officially proposed "approving the necessary reforms to eliminate the replacement rate in all public administrations." The PSOE has officially proposed "approving the necessary reforms to eliminate the replacement rate in all public administrations."Europa Press The number of public employees has not stopped growing since Pedro Sánchez came to power. But, now, the PSOE wants to double down on this policy of creating public positions. It aims to eliminate the limits imposed on the replacement rate of public employees and boost the hiring of civil servants just when the public debt has exceeded 1.6 trillion euros. The PSOE has already officially proposed "approving the necessary regulatory reforms to eliminate the replacement rate in all public administrations with the aim of recovering the workforce lost in recent years, favoring the attraction of new professional profiles to the public sector, at a time like the current one where a high percentage of retirements is expected. The vicious circle of the Government: this is how officials and public spending pervert statistics Beatriz Garcia The PSOE also points out that "the replacement rate will be replaced by other indicators, much more relevant and significant for the execution of the entrusted public policies, which will be related to the planning of the activity of public administrations and the limitations of the available budget." . Pedro Sánchez's party also defends in its document "betting on a new model that provides more autonomy to human resources managers that allows them to optimize the human capital of their organizations", without giving more information about this power. Related The PSOE demands from its youth associations extra mobilization in public media to cast the vote The PSOE is preparing a twist in the ecological and climate indoctrination of children in schools The PSOE wants to demand that all laws prioritize not only the gender perspective but also that of "young people" The argument of the socialists states that "the purpose of Public Administrations is to serve the citizens of this country, in addition to guaranteeing the rights and freedoms recognized by the laws and providing… #PedroSanchez #SpainGovernment #SpanishPolitics #SanchezAdministration #SpainPM #SpanishPrimeMinister #SanchezGovernment #SpainLeadership #SpainNews #PoliticalSpain #SanchezPolicies #SpainCabinet #SpanishGov #SanchezAgenda #SpainReforms #SpainEconomy #SanchezLeadership #SpainElections #SpanishPolicy #SpainParliament #SanchezSpain #GovernmentOfSpain #SpainPolitics #SpainUpdates #SanchezNews #SpainDiplomacy #SpainDevelopment #SpainSocialPolicy #SanchezPM #SpainFuture #SpainVision #SpainGovernance #SanchezInitiatives #SpainAffairs #SpainGovernmentNews Original source:

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(EN) investment opportunities in #andalucia, South #Spain, close to #portugal, in strategic #industries and sectors !! 🌱 ⚡ 💧 ☀ Thanks to Juanma Moreno, Junta de Andalucía, Jorge Paradela, Consejería de Industria, Energía y Minas for amplifying the message and widening the ambition of the business people and the authorities in the region. #iberia peninsula with the lowest #electricity prices in Europe during 6 months in a row (january-june 2024) 👌 ⚡ 🔝 these regions are developing the #infrastructures neccesary to provide #greenhydrogen and #biofuels to serve greener power to X facilites, to those intensive or heavy #industries or sectors and so obtain #decarbonized or #netzero or #carbonfree products !! 🌱 ⚡ 💧 ☀ The time is now to start #industrial projects from scratch, in tier sectors, such as #renewable #energy, #aeronautics, #space, #agrifood, #mining, #water treatment, among others. The time is now to jump onto re #industrialization wave in Europe, to leverage the advantages of #innovative regions, with top #research institutions, with #clusters in the verticals. #investinspain #invest #infrastructures #hydrogen #H2G #powertox #greenfuels #decarbonization #decarbon #netzero

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📈 Jordi Pujol, CFA 📊 Pujol, CFA 📊, Managing Director of the Valuation Group, recently joined ValuationPodcast.com with host Melissa Gragg as a guest expert. In this episode "Value Creation at Every Stage of the Business Cycle", Jordi breaks down the stages of the business cycle and how value can be added to your business at every step. Key takeaways from this episode include: -The earlier you start thinking about your business's valuation, the better your outcome is going to be at your eventual exit -Critical components of an effective management team -The advantages and disadvantages of giving up equity to investors and/or employees -The value of patentable and non-patentable technologies in different industries -Important factors for long-term success in a strategic acquisition or merger of a similarly sized business Listen to the full episode here: https://hubs.ly/Q02GjrNW0 #podcast #valuation #businessvaluation #businessworth #valuationpodcast #ceoconversation #entrepreneur #businessowner #startup #valuecreation #exitplanning

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Seguim avançant/seguimos avanzando/we keep moving forward

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It's clear that Spain is keen to attract talent and investment from abroad. Its inpatriate tax regime targeted at professionals, entrepreneurs and investors (in active businesses), has recently undergone a number of changes to make it more appealing. These include reducing the period of non-residence needed to be eligible from ten to five years, expanding the categories of people who qualify, and extending the benefits to close family members.   If you qualify, you can elect to be taxed as a non-resident – this means you'll only be subject to wealth tax on Spanish assets and will only pay Spanish tax on your Spanish-source income and gains, except in respect of employment income (your worldwide employment income will be taxed at a flat rate of 24% up to €600,000 and at a rate of 47% over that).   What about reports of Spain's plans to axe its Golden visa? The Spanish government has said it intends to remove the option to obtain a residence permit by buying real estate (which reportedly accounts for over 90% of those awarded), although this is subject to confirmation. It will still be possible to obtain a residence permit by investing €1 million in shares of companies operating in Spain or €2 million in government bonds.   As a leading international law firm, we're commonly asked by our clients about the jurisdictions they should consider on a relocation. If you'd like to learn more about the benefits of relocating to Spain, please get in touch: https://bit.ly/3VysZNc #PrivateWealth #Immigration #Tax #Relocation

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Cuatrecasas has advised MoraBanc Grup on the acquisition of the shares representing the entire share capital of Banco Europeo de Finanzas, currently owned by Unicaja Banco. The transaction, which is subject to the non-opposition of the European Central Bank and the authorization of the Andorran Financial Authority, will allow MoraBanc to acquire a banking license in Spain with which to strengthen the value proposition for its clients in the country. The acquisition of a bank is a natural additional step in MoraBanc’s long-term strategic growth plan in Spain. The firms team that accompanied MoraBanc in the process was led by lawyers Fernando Mínguez Hernández and Marco A. Sanz, from the corporate group, with the participation of Carlota Tojo Pérez, Rosa Coloma Rodríguez, Julián Ruan Rollán, Irene González Baltés and Mario Sanz, also from corporate. The governmental authorization aspects of the transaction were handled by a team led by Soraya Sáenz de Santamaría, and the tax and labor aspects by teams led by Elizabeth Malagelada and Juan Bonilla, respectively. Read the article >> https://lnkd.in/dU285dcj #IberianLawyer #legaladvisor #acquisition

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