SPAIN Law and Practice Contributed by: Álvaro Paniagua Rico and Borja López Pol, Anaford Abogados
6. Roles and Responsibilities of Fiduciaries 6.1 Prevalence of Corporate Fiduciaries In Spain, the use of corporate fiduciaries is not a com - mon practice. 6.2 Fiduciary Liabilities
Additionally, temporary absences will be considered time spent in Spain, provided that the individual has a qualified presence in Spain. Test 2 Centre of economic interest in Spain: the individual holds in Spain, whether directly or indirectly, his main centre of business or professional activities or eco - nomic interest. According to PIT Law regulations, a private individual is tax resident in Spain if his spouse and underage dependent children are tax residents in Spain accord - ing to the abovementioned criteria. Spain does not request any visas for EU and EEA jurisdictions, for most Latin American jurisdictions, or other jurisdictions such as Israel, Singapore, the United States and South Korea, among others. A tour - ist visa in Spain lasts 90 days from the date of arrival. 7.2 Expeditious Citizenship Residents may apply for citizenship only in their 10th year of residence in Spain. However, Sephardi Jews and citizens of Equatorial Guinea, Latin America, and the Philippines can apply for Spanish citizenship after only two years of effective residence in Spain. Dual citizenship restrictions apply to most foreign nationals. 8. Planning for Minors, Adults with Disabilities and Elders 8.1 Special Planning Mechanisms In 2003, a law was passed introducing a new legal concept known as the “specially protected estate for persons with disabilities,” which ensures the security and well-being of the affected individual, as well as peace of mind for parents and family members when facing an uncertain future. Protected Estate is a legal instrument of significant interest designed for individuals with severe physical or sensory disabilities, as well as for those with intel- lectual disabilities. The Protected Estate Law aims to designate specific assets, such as money, real estate, rights, and securities, to ensure that the ordinary and extraordinary needs of individuals with disabilities are
This is not applicable in Spain. 6.3 Fiduciary Regulation This is not applicable in Spain. 6.4 Fiduciary Investment This is not applicable in Spain.
7. Citizenship and Residency 7.1 Requirements for Domicile, Residency and Citizenship According to the Spanish Personal Income Tax Law, an individual would be considered a Spanish tax resi - dent if one of the following tests is met. Test 1 Physical presence in Spain: the individual spends more than 183 days in a calendar year (1 January to 31 December) in the Spanish territory. Temporary absences will be considered as time spent in Spain unless the individual can prove their tax resident sta - tus in another country. In order to apply this criterion, under the Spanish case law, Spanish Tax Authorities may establish a “calendar of stay”, which includes the days of presence in Spain obtained through different means: Customs Surveil - lance Service, use of plane tickets, dates of use of VIA-T cards, points cards, dates recorded in public deeds, dates of participation in General Meetings of shareholders, dates of approval of accounts accord - ing to entries in the Commercial Registry, signing of contracts, English courses, etc. In short, the informa - tion that the Spanish Tax Agency is or could be aware of.
527 CHAMBERS.COM
Powered by FlippingBook