The government-owned Qatar Media Services, wished to continue its regional expansion in the entertainment arena throughout the Middle East.
We advised on its acquisition of UAE-based Gulf Film, the main arab speaking film-distribution company and Grand Cinemas, the region’s leading cinema chain with 158 cinema screens, creating the leading film distribution and cinema chain in the Middle East.
We established the governance structure, framework, policies and procedures, compliance and internal audit protocols for the holding company, as well as arrangements with the subsidiaries and joint ventures in the different GCC.
We also assisted with an inventory of all the films in Arab language distributed by the company which helped determine the value of the Intellectual Property of the transaction for balance sheet purposes.
We visited the main film studies and film festivals, including contacting the Big Five major film studios – Walt Disney Studios, Warner Bros., Universal Pictures, Columbia Pictures, and Paramount Pictures, agents and other producers to renegotiate distributor agreements in the Arab language as well as to study co-productions.
Designed a franchise structure to rename the cinema theatres under Novo Cinema brand, coordinating the creation of the operational manuals, policies, procedures, Intellectual Property usage and protection. Also advised on the legal and tax implications for both franchisor and franchisee.
Now successfully operating under the franchise Novo Cinemas, as part of its strategic growth plan in the region, it is the largest cinema chain in the Middle East.
The Beckham Rule is a special Spanish tax regime for expatriates. It allows qualifying individuals to pay a flat tax rate on employment income and to be treated as non-residents for certain other tax purposes.
Any individual who moves to Spain for professional reasons and has not been tax resident in Spain during the five previous tax years may apply. This includes employees, remote workers, directors, and certain entrepreneurs.
Qualifying income is taxed at a flat rate of 24% up to €600,000. Income exceeding that threshold is taxed at 47%.
You must not have been considered a tax resident in Spain during the five tax years immediately preceding your relocation.
Your move to Spain must be for genuine employment or professional reasons, such as:
Holding an employment contract with a Spanish or foreign companyWorking remotely from Spain under a Digital Nomad Visa
Acting as a highly qualified professional or entrepreneur conducting a business activity in Spain
Serving as a director of a company, provided that—if the company is asset-holding—you hold no more than 25% of its shares
You must apply for the regime within six months of registering with the Spanish Social Security system (Seguridad Social). This deadline is strictly enforced.
The regime applies for a total of six tax years: the year you become a Spanish tax resident and the following five full years.
The regime applies for a total of six tax years: the year you become a Spanish tax resident and the following five full years.
Under the Beckham Rule, all employment and professional income is taxable in Spain, regardless of where it is earned. However, income from non-Spanish sources—such as interest, dividends, investment income, and capital gains—is not subject to Spanish tax.
You are only subject to Wealth Tax and Solidarity Tax on assets located in Spain. Foreign assets are excluded from the Spanish tax base during the six-year period.
Your spouse and dependent children under 25 (or of any age if legally disabled) may also benefit from the regime, provided they meet the requirements and file separate applications.
If you move to Spain to act as a director, you may apply regardless of your shareholding. However, if the company is an asset-holding entity, your ownership must not exceed 25%.
If you cease to be tax resident in Spain before completing the six-year period, you will automatically lose the benefits of the regime. From that point onward, you will be taxed under the general Spanish tax system, which includes progressive rates and worldwide income taxation.
Del Canto Chambers has a specialised team ready and eager to support you to apply for Spanish nationality. If you are interested in applying and would like to know if you are eligible, we would be delighted to help you.
In accordance to the Bar Standards Board, we hereby inform you that you may contact us for a quotation.
