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Brexit: Spanish Basque Country seizing the opportunity

This information has been prepared by Sykes Anderson Perry Limited as a general guide only and does not constitute advice on any specific matter. We strongly recommend that you seek professional advice before taking action. No liability can be accepted by us for any action taken or not taken as a result of any information or advice given or omitted

The Basque Country is taking advantage of Brexit to attract British talent to the region. The autonomous government has implemented a series of tax benefits for those wishing to relocate to the region. This measure is aimed to attract high earners and Spanish skilled workers that emigrated after the 2008 crisis. For Spanish nationals wishing to relocate they must have been residing overseas for the last 5 years.

The main tax measures can be summarized as follows:

Income TAX (IRPF) 15% of the income generated in the Basque Country will be exempt. This measure also applies to any income received from their overseas assets. This measure will be applied on the tax year of arrival and the next 5 tax years.

Wealth Tax: all overseas assets will be exempt as long as these are not held in an offshore jurisdiction

An exciting and at the same time tax efficient opportunity for those high earners wishing to relocate with their families to a region with exceptional landscapes, good schools, great social life and the highest number of Michelin starred restaurants in the world...

November 2018
Álvaro Aznar Azcárate
Solicitor and Spanish Abogado
Sykes Anderson Perry Limited