The UK’s renunciation of its historic special expatriate regime boosts the attractiveness of the Spanish Beckham Law. The latest information anticipates that the British regime will be repealed from 06-04-2025 with limited transitional provisions for current Non-Dom.
This will leave established professionals and high net worth individuals in the country without their primary tax protection. Consequently, in the pursuit of a new destination for these taxpayers, the attractiveness of the Spanish regime increases.
This regime allows taxation on income earned during the year in which tax residency is obtained and for the following 5 years at a fixed rate of 24% up to €600,000 and 47% on the excess, with all other incomes different from work earnings obtained from foreign sources being exempt. Additionally, spouses and children under 25 can benefit from the regime. Telecommuters, business administrators, and highly qualified professionals providing services to startups can also avail themselves of this regime, among others.
On the other hand, it is worth noting that Spain has intensified its efforts in recent years to attract qualified and technological talent, becoming one of the main destinations to establish startups, especially in cities like Barcelona and Madrid. Its excellent quality of life, with its climate, landscapes, culture, and variety of leisure options, attracts those seeking a balance between their work and personal life. Additionally, Spain has a solid infrastructure and good connectivity, facilitating remote work and collaboration in international projects.
Therefore, with the UK’s renunciation of its special expatriate regime (Non Dom), Spain emerges as an even more attractive option for those seeking tax benefits, business opportunities, and an excellent quality of life.
At addwill, we have a team of lawyers specialized in taxation and corporate law for the creation of new companies and for adhering to the expatriate tax regime.
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