Quote:
Originally Posted by ColinCarter
Ha! I know this one well. Back in the 80s many estates on the Costa del Sol were selling shares in Gibraltar-based companies which in turn owned your unit.
Naturally, that is illegal for Spanish residents (ie, expats) and creates all kinds of problems. For example, the AEAT would like to see rental payments for the property you occupy and expect the foreign company to pay tax on income earned in Spain.
Furthermore, the Spanish authorities are constantly closing loopholes of this kind - including the latest move to kick Gib banks out of international banking circles if they do not co-operate fully on money laundering and tax fraud.
However, in some special cases this approach would be useful and legal.
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We are not talking about Gib based companies. You can set up these companies in the UK, 100% legally. Plus, the company is in your name, nobody elses. You can even go as far as writing your own shareholders agreement. There is no fraud or money laundering involved !