Question
I’m a US citizen looking for a good estate planner / tax advisor for BEFORE I move to Spain. Can anyone recommend a good financial strategist? I’m thinking about moving to Barcelona. I want to make sure I have my ducks in a row ahead of time.
Answers
These are the answers of Spainguru’s Facebook group members:
“Your choice of location in Spain is not optimal for tax minimization. Catalunya still has a regional wealth tax that starts at €500,000. Estate planning: Catalunya also has a substantial regional wealth tax.
If you are a US citizen who has children, consider buying a house in the name of the children and obtain a life-long right to live in the house.
One of the structures that will reduce inheritance tax. Definitely need to make a will in Spain or your beneficiaries will be stuck with unpleasant tax bills.”
“I did talk to a great CPA who ran numbers for me based on my 2022 federal tax filing to let me know what I would pay in taxes in both Catalunya or Andalucía. The only real difference was wealth tax.”
“Some things to consider:-
1/ Spain doesn’t do split tax years. This means that, if you move in the first half of the year, your Spanish tax residence begins that January, whereas if you move in the second half, it begins the following January.
2/ Get all of your capital gains done and dusted before your Spanish tax residence commences.
3/ Spain (apart from Madrid and Andalucia) has a wealth tax. If you fall into that wealth bracket you should look at moving wealth into sheltered instruments before your tax residence commences. Catalunya has the highest rate of wealth tax.
4/ IHT applies to the beneficiary, not to the estate. Rates vary (I believe) by communidad”
Conclusion
Navigating tax and estate planning as a US citizen moving to Spain requires careful selection of a knowledgeable tax advisor familiar with both US and Spanish tax laws.
The discussion highlights the importance of practical advice and personal experiences in choosing the right financial strategist, especially when considering regions like Catalunya, which has specific wealth tax implications.
Here you can find Spainguru’s tax experts both for tax filings in Spain and in the US: https://spainguru.es/consultations-immigration-tax/
