# Individual 401k and individual Roth 401k pension plans in Spain



## Michael Otal (Dec 21, 2015)

Hi

I am a US national resident in Spain and I and my wife are both set up as freelancers. We have recently set up individual 401ks though we are more interested in individual roth 401ks.

My queries relate to if / how wealth in 401ks - and the interest and dividends generated -- are taxable in Spain before one has retired. More specifically the questions are:


Are individual 401k and / or roth individual 401k pension plans declarable in the modelo 720 (assets held abroad)?
Are individual 401k and / or roth individual 401k pension plans declarable in patrimonio (wealth tax)?
Are individual 401k and / or roth individual 401k pension plans income declarable in IRPF (income tax)?

If anyone has any experience of this they can share, that would be much appreciated.

Thanks


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## skip o (Aug 1, 2011)

I talked to many, many accountants about this, and there they all contradicted each other. And, of course, the fines for filing incorrectly are ridiculously high. Good luck!


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## Michael Otal (Dec 21, 2015)

I think this topic is beyond the ken of a standard accountant / gestor. I´ve been recommended a Barcelona lawyer with specialism in the Spain-US tax treaty who I believe could answer the query, however his rates are very high, too high just to be given bad news.

In the interim, this is what I have to go on [use google searches as I can´t post links]:

Javier Ullastres Asesores Marzo 2 "Planes de pensiones y declaración de bienes en el extranjero"

Lost in Sant Cugat Modulo 720, Wealth Tax and IRAs, 401k in Spain

which indicates traditional 401ks are tax advantaged, however regrettably roth 401ks are not.....


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## snikpoh (Nov 19, 2007)

Michael Otal said:


> Hi
> 
> I am a US national resident in Spain and I and my wife are both set up as freelancers. We have recently set up individual 401ks though we are more interested in individual roth 401ks.
> 
> ...


My thoughts above. Any one agree/disagree?


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