2017 was a great year to work in Real Estate as International investors continued their buying spree here in Barcelona. We spoke with Carles Bernadell from Berkinder about the best areas in Barcelona for investors and the challenges of undertaking a renovation yourself.
Many US entrepreneurs come to Spain and form a Sociedad Limitada (SL) to operate their new company. An SL can be the right structure for certain companies as they offer limited liability and some fiscal advantages. However many that set up SL´s in Spain don´t realize that the IRS wants to know about your SL and the profits and dividends that the SL generates. A US owned Sociedad Limitada could be considered a CFC (Controlled Foreign Corporation) which requires the annual filing of a complicated and time consuming tax form called the 5471. Certain types of the SL´s income may be considered Subpart F income which can be taxed in the US. Subpart F income rules can be quite complicated.
Failure to file the 5471 on time can result in a $10,000 fine unrelated to any tax liabilities arising from the form. Bank accounts and investments the company holds need to be reported in a business owners annual FBAR filing and some investments may fall under PFIC (Passive Foreign Investment Company) rules. Taking these rules into consideration, in addition to local Spanish reporting rules, many US entrepreneurs in Spain may want to set up as Autonomo during the early stages of their startups. If you already have an SL and haven´t been paying attention to the US tax rules concerning foreign corporations it is in your best interest to get into compliance.
For more information contact Thomas at Wicklow Tax
Lynn Ruth Miller started doing comedy when she was 71 years old. Lynn is now 83 years young and she continues to dazzle audiences around the globe. The American comedian has appeared on America’s Got Talent, Britain’s Got Talent and she has been called “the new Joan Rivers.” We are pleased to announce she will join Going Deep with Billy Harfosh on Monday November 20th at 4pm. Listen in on Barcelona City Fm 107.3 for what is sure to be a hilarious interview!
America’s Got Talent Finalist Jonah Smith will be a guest on Going Deep with Billy Harfosh this Sunday at 4pm. In 2014 the Los Angeles based singer made it to the semi-finals on NBC’s talent show, his final performance on the show was at Radio City Music Hall in New York City. Jonah’s music was received with rave reviews by all including America’s Got Talent judge Howard Stern, “You’re the real deal. You can play, you can sing…you are terrific”
Jonah Smith will be performing this weekend at Palo Alto Market in Barcelona.
We have been getting to know some of our Favourite DJs
Slipmatt. Founding member of SL2, best known for the massive house tracks “On A Ragga tip”, “Djs take control” both of which were huge in 1992 and continue to be played to this day.
Our Conclusion: Back in the day Matt was probably one of those guys who danced like Keith Flint in Firestarter but now has become civilised and shops in Waitrose.
Eamon Downes from Liquid. Now living in Rome creating and producing tracks, his original hits “Sweet Harmony” followed by “Liquid is Liquid” remain firm favourites for old-school ravers like us!
Our Conclusion: Eamon looks too young to have been playing in the 90s!! where he looks good. He’s Dj’d all over and now and has become a family man!
Jon Fitz, DJ, Musician and producer. Worked extensively with Jason Herd and produced some massive hits in the mid 2000s including “I just can’t get enough featuring the vocals of Abigail Bailey” and “I like the way you move”, where he was the bass player for the Body Rockers.
Our Conclusion: Jon uses lots of haircare products and despite being a house Dj now loves his disco. We are waiting for “Abba the mixes”
Seamus Harji, DJ, Producer. From his early days using an Atari, he developed his craft and then ended up producing in partnership with Paul Emmanuel which resulted in some massive tracks including “Booty luv” and “Take me away”.
Our Conclusion: Seamus is a master technician and an ear for hearing disco samples and turning them into house classics. Rumour has it, if you are invited round to his place ask him for a Vindaloo.
Have you ever had a Green Card, because if you have one now or have ever had one in the past just because you don´t live in the US anymore, doesn´t mean that you don´t have to file your taxes.
Even if your Green Card has expired it does not relieve you of your US tax obligations. Under the US tax rules, once you have gained resident status it is deemed to continue unless it is rescinded, or administratively or judicially determined to have been abandoned.
Once you formally renounce your Green Card status, you then file the correct forms to officially cut ties with the US tax system. In certain cases the ex- Green Card holder may also be subject to an exit tax.
The key question is how long they have had it. A long-term resident is a non-U.S. citizen who is a lawful permanent resident of the U.S. for at least eight years during the 15-year period before their residency ends. A “lawful permanent resident” means a Green Card holder. However, you are not a “lawful permanent resident” under this rule for any year in which you are treated as a resident of a foreign country under a tax treaty, as long as you don’t waive the treaty benefits applicable to that country’s residents. Caution: holding a Green Card for even one day during a year taints the entire year.
As we enter November we have some new faces join the radio and some established shows coming to an end. We say goodbye to D.N.S, who has been on air since April 2016 with her Friday night show Groove Control championing a mix of experimental techno. As well as being an integral part of the events team and founding the Women in Sonar project, we give a big thanks to Michelle who is moving on to head up the radio project for shesaidso Barcelona and look out for future Groove Control events at in Barcelona and beyond.
Philippe Bartu is changing the pace of your conversation and helping you reflect about the way you feel on Wednesday Evenings. This week at 18.00 expect Philippe to be asking the questions and providing the insights to real life coaching clients in the studio. Want to be a guest simply message his page
Also joining us back on air are Farida and Marc with Magic Mondays. Every Monday at 11.00 combining the best guests, hilarious chat with their own insights into life, happiness, and fulfillment.
Nine former members of the Catalan Government are now “banged up”, including former vice-president Oriol Junqueras. After 12 hours in court yesterday they were taken to the prisons of Estremera and Soto del Real. Except the former Minister of Economy, Santi Vila, who avoided detention, after resigning from the government prior to the vote and pay a bond of 50,000 Euro.
Judge Carmen Lamela ordered for permanent detention Sr. Junqueras, Jordi Turul, Raul Romeva, Josep Rull, Dolors Bassa, Meritxell Borràs, Joaquim Forn and Carles Mundó. Stating that there was a flight risk, criminal reiteration and destruction of evidence.
An international arrest warrant has been issued for Puigdemont and the 4 other members of the previous government who remain in Belgium. It remains to be seen if a Belgium judge will consider there is sufficient evidence to justify the charges of rebellion, sedition and embezzlement.
Thousands of Catalans expressed their shock and dismay and feel as though we have returned to the days of Franco with the internment of political prisoners.