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[ Offshore Tax ] Roth IRAs as a Tax Resident in Spain | Offshore Tax with HTJ Tax | YouTubeToText
YouTube Transcript: [ Offshore Tax ] Roth IRAs as a Tax Resident in Spain
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Spanish tax residents can continue investing in a Roth IRA, but it will be treated as a taxable brokerage account in Spain, negating its tax-deferred benefits.
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can you continue to invest in a Roth IRA while being a Spanish tax resident any downsides or
better options yeah so I'm taking it head on the answer is yes you can contribute to the Roth IRA
um as Spanish tax resident uh the caveat to this is that Roth IRAs are not um treated for Spanish
tax residents as tax uh deferred Vehicles so it's basically a look through account so any
as a Spanish tax resident it would basically be considered a brokerage account so you would
um you know gains income uh would be taxed as a Spanish tax resident um but it doesn't preclude
you from investing in it so you know it it's kind of um it's neither here nor there I mean so you
don't I don't know whether you would actually want to continue uh you know making that contribution
um perhaps if you were to uh release Spain for you know long enough and longer be Spanish tax
resident um then those contributions could could be there for you and the money from a
U.S perspective and continue to grow tax deferred but it's just the one caveat that you're going to
want to make sure that you understand is that from a uh from Spanish tax if you're not going to get
that that benefit of tax deferral on that account in terms of are there any better options I think
was that the second part um yeah um I think the the interesting thing is and I'm going to make a
um an assumption here if you're investing in Iraq then you're probably us connected
as well or at least a U.S tax filer um and the challenge you have is that most
um I guess Spanish incentivize plans whether it be Spanish compliant Bond or Spanish private pension
are not really suitable uh investment structures or account structures for um IRS filers so you
know whether you're a green card holder or whether you're a US citizen so anything that
you might get local residents in Spain uh from uh what would reward otherwise would be a local
resident in Spain's preferential tax treatment account structure is not necessarily going to
be work for again a U.S connected individual conversely um you know again the reality is
that this you know a Roth is is not going to be a great solution so you're a little bit boxed in
um I do think that there's a I do remember this on the front end there and I think the next question
was you know can they continue to invest in a brokerage account in the US and the answer is yes
um so so a brokerage account in the US will continue to be a good opportunity right but
before we go there so okay so basically a Roth again it depends on his or her situation right
so for example I imagine if it is that for this person Spain is a stint so they're there for X
period of time and eventually they will Circle back to the U.S well you know Roth is King yet
if it is that Spain is there long term and they're seeing that as long term and having a conversation
done to that like I've been dealing with a client in Spain who's given up her green card so if it is
uh that they intend to give up the U.S tax status then there's probably an opportunity for planning
around Spain as opposed to around the us but so it really it really depends and and to your
point you mentioned the things that that may be tax efficient from a Spain point of view may be
unhelpful I'm thinking perhaps like a prefect to yeah to from a U.S perspective so perhaps it's
an opportunity to sit with a professional like yourself or your team to look at your
overall portfolio and look at your specific family objectives and perhaps maybe it's not
either what or something else but it's rough and something else and you you create a diversified
portfolio that works to your specific ninja I'm just thinking about no absolutely I I you bring
up a great point because on those um on those uh Spanish um investment structures that can be
efficient for you know uh EU you know uh Nationals or Spanish National um these are situations where
as you mentioned the it's the underlying that really gets people the underlying Investments that
really get people um upside down and those can generally be in the form of prefix because that's
what the banks have to offer whether it is again a Spanish compliant Bond or a Spanish private
pension something like that so you're absolutely right that that that is what we're trying to to
solve around uh whenever we talk to individuals like this individual that had that query but you
you you rightly point out that if um if if Spain is just um you know see you know stopping by
seeing what they know spending some time and then you're gonna you know possibly move back to the
US then there's tremendous planning opportunity to continue to incorporate the Roth it was it you
know it's more about just people understanding what um what they might be getting into or not
being taken advantage of while they're Spanish tax residents like extensions so if you're a six seven
or eight figure investor entrepreneur or business owner who needs a tailor-made solution from a
qualified team of professionals we can help you achieve the international Lifestyle the freedom
and even the tax savings you're looking for visit us at htj.tax and live that International life
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