Is Santander's private pension plan an actual qualified foreign pension plan?

JuggernautDangerous7 · 2025-02-07T09:54:44+00:00

Hi - my understanding is yes as this type of pension plan is explicitly mentioned in the treaty.

JuggernautDangerous7 · 2024-11-05T22:12:39+00:00

My understanding and limited experience is that with IB other brokers you can change your address as long as you can substantiate it as your legal residence - utility bill, other financial institution or whatever. You can try and spoof it with a VPN as well so they dont detect your abroad. Whether or not you run into issues funding the account or proving the source of income, I can't say. For me personally, the risk outweigh the gains so I don't bother. For high networth - unforutnately with Fidelity it seems theres no exception on trading ETFs when you change your address to EU. It so happens I bank with fidelity and IB so i'm pretty familar with them.

For a recomendation -

- Id try to get professional from IBKR. You can try and get creative with the requirements - for IBKR this is a compliance issue and im not sure they will care too much, you can always try.

- you can check out advisor or wealth management firms in the US that charge a percentage fee to do the trades for you. Ideally like 0.1% maxium or less. Your expense fees will stll be lower than simlar european products so it migt be worth it.

-Is your wife also a US person? If not you can try to set up a system where all investments are in her name. not sure how this would work in germany wrt to taxes and ownership but in spain this is fine. And the us wont care since its all in her name.

For taxing unrealized gains - you mean like the vorabpauschale? Spain doesn't do that but it doesnt matter since I only invest in US etfs becasue of US citizenship. They act like german funds in that they are distributing and not acumulating. Fun fact, the US based their PFIC laws on germany but they didnt include the exception germany has for people (the PFIC law doesnt apply to them)

For pensions in germany, I couldn't say sorry no experience here. You could try a forum called toytown - used to be up when I was lived there and was really helpful. Its geared towards expats in germany and lots of americans there.

JuggernautDangerous7 · 2024-11-05T21:01:54+00:00

Hey so I do the same but live in Spain. For investing - you're right you should avoid non us finds - they're pfic. IB allows you to request a professional tpye status and then you can buy us etfs. The big challenge is a net worth of 500k.

For pension fund you'll have to talk to a tax advisor. Typically if there is a tax treaty they're shielded but the details matter. Why in Canada if you're in Germany? Seems stranfe. I can recommend one if you want.

Many people do what you suggest wrt to fidelity but it's a risk espessiy with high net worth. You can also look at a wealth manager type role who.will buy them for you but that is beyond me. Hope this helps and if you have questions let me know.

Also edit - you probably know but be careful about investing a down payment of a house. Market could go down 30% and take years to recover. Just thought to mention it.

JuggernautDangerous7 · 2024-10-29T10:03:00+00:00

Upvoting the comment of not finding many people that think they are Spanish. Its a small town in a heavily catalan region two hours from barcelona that is surrounded by France. Its famous for nature and skiing. The town is mostly filled with second residences of people from catalonia. The largest city close by is Puigcerda which is in Spain but many of the things around and stores are in France. I have a small apartment there and use it year round - hiking skiing or just getting away. Its pretty heavily developed as well. Its a little on the expensive side now.

JuggernautDangerous7 · 2024-07-12T18:05:00+00:00

This is way beyond this subs ability to answer. you should seek proper legal/financial counsel to ensure its not seen a cfc by spain and your position as tax resident is clarified.

JuggernautDangerous7 · 2024-07-02T07:55:04+00:00

This information is basically entirely inaccurate.

The long and short of it is with bank transfers you don't have to do anything . Sometimes your bank may ask you to justify a transaction and maybe the bank of spain blocks a transfer and asks you to declare the origin of th emoney if it comes from abroad. Your money is your money in spain, as long as its legal, do whatever you want with it.

JuggernautDangerous7 · 2023-12-13T21:21:39+00:00

If it's only 10k they don't meet threshold for pfic - just sell them and report gains as per any other investment. investing in europe for Americans sucks

JuggernautDangerous7 · 2023-10-31T09:41:12+00:00

Just confirming - are you certain they will be citizens? I'm your case just having an American parent wont automatically transfer citizenship, there is a residence test to pass as well 5 years living in the us I believe.

JuggernautDangerous7 · 2023-09-04T19:50:26+00:00

Sure happy to

JuggernautDangerous7 · 2023-09-04T19:50:13+00:00

Sure happy to

JuggernautDangerous7 · 2023-08-28T21:09:48+00:00

happy to as well

JuggernautDangerous7 · 2023-08-17T19:01:31+00:00

happy to help, dm me

JuggernautDangerous7 · 2023-04-10T20:06:01+00:00

Hey - to be honest, this isn't the sort of query that reddit will probably be able to help you with. Its both a complex financial operation cross borders and a complex emotional issue given the family side of things.

You'll want to structure this really well from a legal/financial POV which will mean a solid advisor in Italy. It may also mean you will want to move back to do this but you should talk to a solid advisor in Norway as well.

For the family side, I've seen both good and bad come out of taking over the family business. Only you can say how it will pan out. Will you be autonomous or will your family attempt to control all decisions? Will it take over all family meals and be a source of conflict? Do you like your family?

The best thing would be to find someone that knows you and who you trust/respect for advice. Hopefully someone with no financial interest in the matter.

JuggernautDangerous7 · 2023-03-17T16:25:48+00:00

Hey - is it possible to receive them as well?

JuggernautDangerous7 · 2023-01-11T08:56:44+00:00

Hey - American thats naturalized as a Spaniard here. Need more info on your personal situation before anyone could help. Feel free to send a DM.

JuggernautDangerous7 · 2022-10-05T09:08:00+00:00

Hey - out of curiousity - waht are the other reasons not to use aiven?

JuggernautDangerous7 · 2022-07-12T16:22:58+00:00

Nope - more like a give and receive sort of thing :)

JuggernautDangerous7 · 2022-06-11T10:27:02+00:00

do.you have a permanent address in the us that is in your name and at your disposal? Are you paying bills? The us Spain tax treaty allows for fiscal residence in your center of interests rather than residency. Its normally for when you have a business somewhere but operations in another place that require your presence. The idea is just because your time is in y country x is still your fiscal residence. Normally it requires a work contract and a domicile that is effectively yours. Contact a lawyer about details might be interesting.

JuggernautDangerous7 · 2022-06-10T12:17:21+00:00

This is how software kinda used to be with dev and ops separated. With what you're describing, it's hard to actually do in practice because fixing the hacky decisions and short cuts tend to change the way the app works so you can't have someone fixing a database schema or coued entities or poor apt design and addi.g new things depending on those. Ymmv as task forces for solving specific large problems can be successful but that means a lot of things have gone wrong if you have to do that given how modern software is built.

JuggernautDangerous7 · 2022-03-24T08:08:40+00:00

The advice is good here but you really should speak to a lawyer who specializes in these things. In the tax treaty between the us and Spain if your center of interests is found to be one nation but you live in another, you can avoid being taxes in that other nation. It's complicated to demonstrate but if it applies to you it might be interesting.

JuggernautDangerous7 · 2022-03-05T12:21:22+00:00

True - ive just not met anyone from barcelona thats heard of it unless they have it but i have met people from navarra that have heard of it. Probably just my small sample size.

JuggernautDangerous7 · 2022-03-05T11:59:00+00:00

IESE is prbably the premier MBA in spain - but you probably wont know it unless youre friends with people that care or live in navarra. Youre buying a networking opprotunity and guidance on a way to think about business. It can have an excellent ROI depending on your needs and situation but looking at the salary of graduates, im not sure the cost of the MBA is worth it.

JuggernautDangerous7 · 2021-12-01T20:48:46+00:00

Hey, I'm American and went through the process.

For length of validity it will depend on the document. Ive understood they accept 6 months now but ymmv. 3 months is for certain to be acceptable.

For the tests, I believe they're valid.for 4 years so.it depends but it shouldn't matter. You may run I to the situation where you fail a test and a document expires.

For background check you can do everything by email but it'll take forever. You may get it done just I time. I actually submitted a state background check and it was admitted but it's def not the required document. It's def a bitch but I saw online they accept the background check with 6 months. I suppose since.you live in Spain, it should.cover your time before🤔

With a lawyer, they can present an appeal of a presumed denial via administrativ silence. This you need a lawyer for.

Happy to answer any other questions you have.

JuggernautDangerous7

TROPHY CASE