# Are there any CANADIANS in this forum, I have a few questions!



## f13dfx (Dec 11, 2019)

*Canadians planning to move to Spain need advice*

Hello All,

New to this very informative forum. We don’t see any threads on the various visas available; at least not current ones. We’ve read about the much publicized €500,000 Golden Visa & that you can own up to 3 properties totalling this amount. Some questions: 1. Is this done purely with cash OR can I negotiate a mortgage with a Spanish bank (ie. Santander) and if so, what amount (ie. 70%-100%) will that bank carry a mortgage with us? 2. Do you get automatic residency once one has made this investment? 3. Will this allow us to work or run a business in Spain (ie. AirBnB)? 4. Lastly, what are the tax ramifications?

Have a lot more questions once we get an idea of what we have to deal with. Thanks in advance to those who reply to my post!


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## NickZ (Jun 26, 2009)

Tax question is the simplest. If you're resident in Spain you'll be taxed on your worldwide income by Spain. If you have non Spanish income then you need to check the tax treaties.

Usually those types of visas have a minimum investment. That means if it's 500K you need to invest €500k. I assume you could leverage that with a mortgage but you'd still need at least (not the at least) €500k.


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## f13dfx (Dec 11, 2019)

Has anyone here ever used my AirBnb model as a means to acquire a Golden Visa?


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## f13dfx (Dec 11, 2019)

Hello again! This COVID-19 crisis has delayed our plans a bit. Wanting to revive my question about the Golden Visa, which is available to Canadian citizens for a minimum investment of €500,000 on real estate property.

Are there any people here that have done residency via this Golden Visa route? I've gotten advice from a Stuart a YouTuber who does living in Spaint videos saying that banks like Santander sell property & are more willing to deal with foreigners this way. I've checked their Altamira website which have a lot of what seems like undervalued property. What I want to know is if all these properties are repossessions? Could you actually buy a property that if properly assessed would reach that €500,000 threshold?


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## xabiaxica (Jun 23, 2009)

f13dfx said:


> Hello again! This COVID-19 crisis has delayed our plans a bit. Wanting to revive my question about the Golden Visa, which is available to Canadian citizens for a minimum investment of €500,000 on real estate property.
> 
> Are there any people here that have done residency via this Golden Visa route? I've gotten advice from a Stuart a YouTuber who does living in Spaint videos saying that banks like Santander sell property & are more willing to deal with foreigners this way. I've checked their Altamira website which have a lot of what seems like undervalued property. What I want to know is if all these properties are repossessions? Could you actually buy a property that if properly assessed would reach that €500,000 threshold?


It doesn't matter what the valuation of the property is, it's what you actually spend that counts for the visa

You have to spend a minimum of 500.000€ cash.


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## Catalunya22 (Apr 25, 2020)

From my experience (others may disagree) the Altamira website only has properties that are in a bad state of disrepair, or are difficult to sell for some other reason....could be that they are not fully watertight legal wise, in a bad area etc....Be careful.


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## f13dfx (Dec 11, 2019)

Thank you for all your insights. Now I have a clearer picture. I don't think I'll be going for the Golden Visa. I will be applying for the Non-Lucrative Visa for now as I am able to meet all the requirements.


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## f13dfx (Dec 11, 2019)

Seems to me that this is a predominantly British expat forum. Looking for Canadians that have moved to Spain & achieved permanent residence. Don't want to go the Golden Visa route & wanted some advice on the Non-Lucrative Visa. Going to be retiring next year & selling our residence in Canada. I know that one has to prove continuous residence for 5 years in Spain, but all the other details I'm not clear about.


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## kalohi (May 6, 2012)

I'm American with permanent residency. What are your questions? 

I can tell you that you should check the website for the Spanish consulate that serves your area, because they will have the specific information that you'll need to get the visa. Each consulate works a little differently so what's required at one consulate may not be required at another.


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## f13dfx (Dec 11, 2019)

kalohi said:


> I'm American with permanent residency. What are your questions?
> 
> I can tell you that you should check the website for the Spanish consulate that serves your area, because they will have the specific information that you'll need to get the visa. Each consulate works a little differently so what's required at one consulate may not be required at another.


My son is 37 years old. I would assume that he would have to apply on his own for a Non-Lucrative Visa? Or would he be eligible as a "Family Member" which requires a lot less $$$ monthly income required.


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## Joppa (Sep 7, 2009)

f13dfx said:


> My son is 37 years old. I would assume that he would have to apply on his own for a Non-Lucrative Visa? Or would he be eligible as a "Family Member" which requires a lot less $$$ monthly income required.


Yes, separately. Family member over 18/21 must have been financially dependent for a few years, with evidence, such as regular sum transferred from your to his bank account to cover at least 50% of his living cost.


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## f13dfx (Dec 11, 2019)

Hello again,

Says in one of the requirements:

"A public or private medical insurance with an insurance company authorized to operate in Spain."

Can someone make recommendations as to reputable health insurance providers in Spain, preferably in Madrid.

Thank you.


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## Alcalaina (Aug 6, 2010)

f13dfx said:


> Hello again,
> 
> Says in one of the requirements:
> 
> ...


https://www.rastreator.com/seguros-de-salud.aspx


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## kalohi (May 6, 2012)

I can recommend Sanitas. Their Mas Salud policy is especially designed to meet visa/residency requirements. You need to include repatriation in case of death. 

https://www.sanitas.es/sanitas/segu...ances/sanitas-mas-salud-en/summary/index.html


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## Overandout (Nov 10, 2012)

kalohi said:


> I can recommend Sanitas. Their Mas Salud policy is especially designed to meet visa/residency requirements. *You need to include repatriation in case of death. *
> 
> https://www.sanitas.es/sanitas/segu...ances/sanitas-mas-salud-en/summary/index.html


Really? Why can't you be cremated / buried in Spain?

I take it that this is a requirement for non-EU residency? 
If so I doubt that many British people know about that change that's about to hit them. I didn't.


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## Alcalaina (Aug 6, 2010)

Overandout said:


> Really? Why can't you be cremated / buried in Spain?
> 
> I take it that this is a requirement for non-EU residency?
> If so I doubt that many British people know about that change that's about to hit them. I didn't.


I presume it's about personal choice rather than legislation. People assume their family will want to have a proper funeral, visit the grave etc. It wouldn't bother me personally but some people have a thing about the physical presence of mortal remains.


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## Overandout (Nov 10, 2012)

Alcalaina said:


> I presume it's about personal choice rather than legislation. People assume their family will want to have a proper funeral, visit the grave etc. It wouldn't bother me personally but some people have a thing about the physical presence of mortal remains.


Ah, OK, I read it as if it was a requirement under the visa or something like that! Sorry. But I guess that would put the premium up quite a bit? 

I'm pretty sure that nobody will want to pay for my sack of bones to be shipped thousands of kilometers! I, of course won't give two hoots either!


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## Alcalaina (Aug 6, 2010)

Overandout said:


> Ah, OK, I read it as if it was a requirement under the visa or something like that! Sorry. But I guess that would put the premium up quite a bit?
> 
> I'm pretty sure that nobody will want to pay for my sack of bones to be shipped thousands of kilometers! I, of course won't give two hoots either!


Mine will fit in a tupperware box as I intend to be cremated. But unless my brother wants some fertiliser for his vegetable plot I suspect they will end up in landfill.


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## f13dfx (Dec 11, 2019)

I have another question. If I and my wife start living in Spain (ie. Madrid) using a Non-Lucrative Visa, at what point or length of stay are we able to apply for health benefits from the Spanish medical system; like a normal Spanish citizen would be entitled to.


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## Snowbuddy (Sep 5, 2020)

Hello f13dfx

I am a Canuck as well, and am struggling to find solid info on Canada PT Taxation.

In particular the tax treatment of RRSP & RRIF by Spanish authorities. Example - they may not recognize the tax sheltered nature of of these. And, may use principal amount in the wealth tax calculation

Not sure if these are part of your situation, but if you come across any info or a tax accountant that has dealt with it before, I would appreciate a pm or reply.

Good luck with your adventure


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## f13dfx (Dec 11, 2019)

Snowbuddy said:


> Hello f13dfx
> 
> I am a Canuck as well, and am struggling to find solid info on Canada PT Taxation.
> 
> ...


 Are you already residing in Spain? Have you tried to contact the Spanish Embassy in Canada to inquire? BTW says you are not accepting PM.


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## Pesky Wesky (May 10, 2009)

f13dfx said:


> Are you already residing in Spain? Have you tried to contact the Spanish Embassy in Canada to inquire? BTW says you are not accepting PM.


You can't receive PMs straight away. You need to have made at least 5 "good" posts ie asking a question or answering one and not just saying "hi" or hoping to sell something


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## f13dfx (Dec 11, 2019)

Pesky Wesky said:


> You can't receive PMs straight away. You need to have made at least 5 "good" posts ie asking a question or answering one and not just saying "hi" or hoping to sell something


Gotcha thank you for clarifying the PM issue! Sounds like a good way of keeping trolls out.


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## Pesky Wesky (May 10, 2009)

f13dfx said:


> Gotcha thank you for clarifying the PM issue! Sounds like a good way of keeping trolls out.


 Hahaha!
If only!


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## NickZ (Jun 26, 2009)

Snowbuddy said:


> Hello f13dfx
> 
> I am a Canuck as well, and am struggling to find solid info on Canada PT Taxation.
> 
> In particular the tax treatment of RRSP & RRIF by Spanish authorities. Example - they may not recognize the tax sheltered nature of of these. And, may use principal amount in the wealth tax calculation


https://taxca.com/blog-2016-35/

RRIF seem protected in Canada. RRSP withdrawals wouldn't be.


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## Snowbuddy (Sep 5, 2020)

"RRIF seem protected in Canada. RRSP withdrawals wouldn't be"

Yes - they are tax sheltered in Canada. But that does not mean any other country will recognize that.

Because a RRSP and RRIF private savings plans, other countries may just look at them as investments, not sheltered.

An example would be the UK- i.e. move there from Canada - you are taxed on your periodic withdrawals, and you would also be taxed on any dividends or growth such as capital gains on the principal amount inside the RRSP or RRIF.

It looks like Spain is the same. 

If there is a Canadian in Spain that actually has gone through this, I would love to hear from them.


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## Snowbuddy (Sep 5, 2020)

Hi f13dfx

I have not tried contacting the Spanish Embassy in Canada - I might look at contacting the Canadian Embassy in Spain and see if they can recommend an accountant or tax lawyer familiar with the Canadian RRSP or RRIF.

I feel like there must be at least a few other Canadians that have retired to Spain with an RRSP / RRIF for income, on a non lucrative visa.

I realize that some people might just move there, and not report it, assuming it is just their pension. 

Same thing happens in Mexico - plenty of Canadians retire there, don't report their RRSP or RRIF but Mexico does not recognize the tax free growth on principal amount.


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## f13dfx (Dec 11, 2019)

Snowbuddy said:


> Hi f13dfx
> 
> I have not tried contacting the Spanish Embassy in Canada - I might look at contacting the Canadian Embassy in Spain and see if they can recommend an accountant or tax lawyer familiar with the Canadian RRSP or RRIF.
> 
> ...


I have emailed the Spanish Embassy in Toronto & will update this thread with their response.


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## NickZ (Jun 26, 2009)

Hopefully you get an answer from the consulate but I'd start here

https://travel.gc.ca/travelling/living-abroad/taxation

Fill out the NR73 form. See what Canada thinks of you.


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## f13dfx (Dec 11, 2019)

NickZ said:


> Hopefully you get an answer from the consulate but I'd start here
> 
> https://travel.gc.ca/travelling/living-abroad/taxation
> 
> Fill out the NR73 form. See what Canada thinks of you.


Thank you for the link!


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## Snowbuddy (Sep 5, 2020)

I have emailed the Canadian Embassy in Spain - I have asked for recommendations for tax accountant familiar with Canadian retirees. I will report back when I hear


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