Debunking myths about wealth and Spanish tax residency. Spanish tax expert León Fernando del Canto argues that Spain can be an attractive tax jurisdiction for wealthy foreigners who know how to manage the system.
“Don’t let the tax tail wag the dog,” my mentor Tony used to say back in 2000. During that time, he was a senior partner at Deloitte, overseeing the Private Clients department across Great Britain, including the Channel Islands. With his guidance at Deloitte and previously at KPMG, I trained as an international tax adviser last century, when non-domicile status and trusts, including offshore settlements, were common practice.
After twenty-five years and over 600 cases of individuals and businesses relocating between Spain and the UK, I have observed a significant shift in how the UK and the Spanish tax authorities approach residence. The focus has shifted to economic substance and lifestyle evidence rather than appearance or day counting. Moreover, the concept of UK tax domicile is becoming less relevant with regard to an individuals’ actual whereabouts.
Read the full article, originally published in Spanish Property Insight, here.
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