I am from Spain, the system is just a joke. It is not taxing the wealthy people, just those wealthy enough to live well but not worth creating a holding company, which is in most cases working people with well-paid jobs and not the so hated businessman.
bwb|1 year ago
You invest in 10 companies; each has another round and you pay wealth taxes on the valuation of that investment every single year, even as 9 of them crash you get no deduction, you just pay taxes on the valuation. It is such a broken system which is a pity as the Spanish people are amazing!
miguelaeh|1 year ago
I am aware of the legal and tax burdens that many entrepreneurs suffer because of the exit tax. That's the reason why many of them (me included) decide to open their companies directly in the U.S., which makes Spain to continue becoming more poor.
I really don't understand how we passed from being the biggest world empire to where we are right now in barely 500 years.