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Expats advised over tax

Source: Expatriate Healthcare - Thu 4th Nov 2010

Expats in Spain can take simple steps to ensure they keep their tax burden as low as possible, it has been claimed.

A report from the Daily Telegraph suggests that expats may be able to benefit by opting to make use of a special tax rate dubbed the "Beckham rule" after the famous footballer, who was one of the first people to use it when it was introduced in 2005.

The rule allows expats to pay a flat rate of 24 per cent on their income from Spain, providing certain conditions are met.

However, those expats who do wish to take advantage of the special tax rate are reminded that they must opt for the scheme within their first six months in the country, otherwise normal tax rates apply.

There may be benefits for opting to use the traditional taxation system, depending on earnings.

The newspaper advises that individuals hoping to get their tax affairs in order may benefit from speaking to an expert.

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