Fiscal uncertainty in Spain affects the investment decisions of high-net-worth individuals. Beatriz Millán from Tressis warns about tax pressure and the need for solid wealth strategies.
The uncertainty in the Spanish fiscal landscape is conditioning the investment decisions of high-net-worth individuals. According to expansion.com, Beatriz Millán, director of tax advisory at Tressis, highlights that the lack of regulatory stability and successive legislative reforms have transformed the management of savings and investment.
Millán points out that private banking clients are particularly concerned about global tax pressure and corporate restructuring within family businesses. The combination of personal income tax (IRPF), the Wealth Tax, and the Solidarity Tax on Large Fortunes creates unease, not only due to the financial cost but also because of the lack of predictability regarding the future of these taxes.
Despite the increase in inquiries about relocating tax residence abroad, Millán indicates that effective changes have been limited. Decisions regarding geographical mobility are influenced by personal and family factors, in addition to fiscal ones.
At the national level, tax differences between autonomous communities in taxes such as Inheritance or Wealth also affect family mobility. However, administrations have intensified checks to verify the effectiveness of these relocations.
On the other hand, Millán mentions a growing interest in reorganising the corporate structures of family businesses. This includes the creation of holding companies to professionalise management and facilitate generational change, although there is fear that the Tax Administration may question the motives behind these operations. It is essential to maintain constant control of legal requirements to avoid contingencies.
Finally, regarding the Beckham Law, Millán views positively the inclusion of new professional profiles, although she warns that the tax advantages are less enduring than in other European countries. In her opinion, quality of life and the stability of the regulatory framework are equally relevant for investors.
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