Europe’s Crazy New Wealth Tax

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In this video, Andrew shares an article about New Europe's crazy wealth tax.

00:00 Start
0:29 News
2:13 Taxes in Spain
5:00 Why It Matters in Paying Taxes
6:16 Inflation in Spain
8:00 Unfair Taxes in Spain

Andrew Henderson and the Nomad Capitalist team are the world's most sought-after experts on legal offshore tax strategies, investment immigration, and global citizenship. We work exclusively with seven- and eight-figure entrepreneurs and investors who want to "go where they're treated best".

Andrew has started offshore companies, opened dozens of offshore bank accounts, obtained multiple second passports, and purchased real estate on four continents. He has spent the last 12 years studying and personally implementing the Nomad Capitalist lifestyle.

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DISCLAIMER: The information in this video should not be considered tax, financial, investment, or any kind of professional advice. Only a professional diagnosis of your specific situation can determine which strategies are appropriate for your needs. Nomad Capitalist can and does not provide advice unless/until engaged by you.

[jonkisby]

I was living in Spain and working there, not in a very high paying job, but I was exceeding 50k euros a year. Turned out after covid they wanted me to pay even higher taxes which would equate to me losing nearly 40% of my salary. I politely declined and now live in Serbia working remotely and paying 10% tax rate. Go where you are treated best :)

[steverosshomes]

I have a more affective tax idea. If the economy is weak or inflation is too high, there should be a new "politician's tax" to pay for the damage THEY created.

[brainspiller]

The biggest miscalculation that Governments make (from the many that they already make) is assuming that the revenue generation projections for taxing the wealthy (1.5 bn Eurs in this case) will last in perpetuity.

The wealthy are the most flexible in moving their base/residence to other parts of the world in order to avoid overboard taxation. The 23, 000 rich folks will shrink to 13-15k within 2-3 years.

Andrew's clientele is a good case in point of the wealthy moving where they're treated best.

[OneGlass]

There‘s a reason why Hungary opposed the suggestion from Germany to impose a minimum 16% tax on corporations throughout the EU.

[RickTellezL]

You described it pretty well. I’m a Spaniard with a company. It is crazy. The worst problem is the culture of the country as a whole that demonizes entrepreneurs and business people. They see us as the cow they have the right to exploit. There is no culture of effort but the opposite: whoever that predicates effort culture is catalogued as a bad person. Competition is seen as a devil. The result is what you explained: a country where people only care about how they get money from the state to keep having a beer on the terrace of a shity bar.
Anyway, making my plan to get out (that is why I watch your channel and bought your book)

[SlimTortoise]

German money running dry in Spain, Spain has never made a profit for over 200 years.

[romankacin]

Absolutely correct. Spain is a country where special interests and the fight against competition trumps everything else. Uber is illegal. Notary and lawyer fees are set by the government. The list goes on and on.

[sprezzatura]

Italy is showing signs of improvement. The new prime minister and the new flat tax and other incentives seem to be steps in the right direction. But the elephant in the room in Italy and the West in general is the plummeting birth rate. This will force massive immigration to keep these countries functioning. And Italians know how to live well, but not work well.

[ceciliawinter]

In spain at least 50% of the population work for and expect a government pension. It is all very parasitical and lacks a spirit of entrepreneur.

[fishheadbreakroom]

easily avoided. move to estonia. 0% corp and then a flat tax after that.

[Lionessa]

I moved to Spain from South Africa with my son at the end of 2019. I had no idea taxes were so horrendous here, and it’s incredibly challenging to find work in this country that pays more than €2000 per month. I don’t know how people make ends meet.
Then I found out that so many people earn black money (cash cash) so they can avoid taxes. Or they take advantage of the unemployment fund, and spend 6 months or more not working every year.

But that being said, the taxes do cover a lot here. Medical is amazing, education is free. The country is safe and mostly clean. Coming from south africa you appreciate and are prepared to pay those taxes in exchange for things like medical and most importantly physical safety. And tbh SA has pretty high taxes too, and you get absolutely nothing for the taxes you pay, it just goes into the corrupt politicians pockets.

Most low tax countries have higher crime rates bar a few exceptions. As a parent safety and physical freedom without fear is a good trade off for higher taxes.

If anyone can suggest an EU country with low taxes and high safety and good quality of life like we have in Spain, I’d be interested to look into those places.

[briceking]

I’ll take “how to convince rich people to move out of my country for 100 please”.

[newsnowadirondacksredux]

3 million….. that’s the minimum to retire comfortably today.

[miguelgonzalez]

A few years ago, when Greece crumbled, wasn't Spain teetering on the edge of going in the same direction?

[maplemutt]

It's truly unfortunate. I've spent a few months aggregate in Spain over the years and love the country and culture. Demonizing and pillaging those who've risked their time and money while creating businesses which provide products, services and jobs is an odd way to improve the financial situation. It will only drive away the risk takers and creative business types.

[fumble_brewski]

Alas, the blatant avarice of taxing authorities, along with their own tendencies toward self-aggrandizement, would seem to know no limits. It would almost be better to be under the rule of robber barons, or even outright gangsters, than to be at the mercy of these omnipotent moral busybodies. The cupidity of the robber baron or gangster might, at some point, be satiated. But these taxing authorities will give us no rest day or night, for they practice their cruel despotism with the full approval of their own consciences. May God save us from these malefactors.

[erikjanse]

The Andalusian Government announced on 19th September 2022 the end of the Wealth Tax in Andalucia (a community with a couple of provinces in southern Spain, including cities like Malaga, Marbella and Estepona). Very attractive!

[gabrielcapparelli]

Andrew, you want the latest update on this tax? They want to implement it for 2022. Yes! They want to pass the law this year so you have to declare and pay for 2022!!! Kind of retroactively, something that has never happened before, so you can plan your tax year just to have the rules of the game changed in December. It happens in Spain.

[benjamind]

I saw that the government of Portugal is considering scrapping the Golden Visa Program as they say that it is no longer needed.

[xyyx]

That's interesting. I think some people will definitely move to Spain to get cheaper condoms..