Webinar: “Tax changes in Spain – Opportunities and Challenges in wealth planning for high net worth clients”

On Thursday November 19th, the Official Spanish Chamber of Commerce in Belgium and Luxembourg, in collaboration with its member company The OneLife Company, organised a webinar on  “Tax changes in Spain – Opportunities and Challenges in wealth planning for high net worth clients”, which was attended by more than a hundred of professionals focused on wealth management.

Jose Luis Rodríguez Álvarez, Vice-president of the Chamber, introduced the webinar by thanking the collaboration of OneLife and the participation of the keynote speakers.

Then, Antonio Corpas, CEO of OneLife, highlighted the company’s commitment to the Spanish market in the life insurance sector, highlighting the unit-linked solutions. He also took the opportunity to introduce the team that leads the Spanish market, headed by José Manuel Tara, Luis de la Infiesta and Gonzalo García Pérez. This was followed by a virtual round table discussion with three recognised experts in wealth management in Spain, led and moderated by Gonzalo García.

Enrique López de Ceballos, Partner of the Tax Department of Eversheds Sutherland, began the debate by presenting the latest news and tax changes coming up in Spain, analysing their possible impact on high net worth individuals. Among others, he analysed the possible increase in wealth tax or the change in the tax treatment of SOCIMIS and SICAVS.

Afterwards, Carlos Ferrer, Cuatrecasas’ Partner, continued sharing his thoughts on the tax changes mentioned by López de Ceballos. He highlighted the insecurity that these produce in investors and how one of the main qualities sought by international investors is stability and legal security, so that frequent changes can ultimately lead to a relocation of capital.

Javier Seijo, Head of Corporate Tax at EY Law, added the possibility of a great increase in bureaucracy as a result of the new regulations and referred to Luxembourg as an example in terms of channelling investments due to its great stability and creativity in providing solutions for large investors.

The speakers mentioned beneficial products and solutions for wealth planning, such as life insurance or unit-linked solutions.

During the Q&A session, the attendees were able to express their doubts and comments on many issues of interest. Questions such as the special tax deferral transfer regime or whether the new rules will have a transitional regime after their adoption were discussed. 

The webinar was organised within the framework of the Spanish Financial Forum, a committee of the Chamber focused on the financial services industry.

In collaboration with:

 

Meeting of the Forums Committee

On May 14, the second meeting of the year of the Forums Committee, a working group whose mission is to propose, organize and monitor the events organized by the Chamber, was organized telematically.

During the meeting, which was chaired by Pablo López Álvarez (FTI Consulting), a balance of the latest events organized by the “business circle” platform was made as well as new initiatives were proposed to be developed in the coming months, both locally and with the institutions of the European Union. Likewise, the possible speakers and the agenda for the second edition of the training to be organized by the Chamber soon on “Public advisory strategies and dialogue with the European institutions” were discussed. Finally, detailed information was released on the two new commissions created by the Chamber: the Financial Commission and the Spanish Financial Forum.

 

About the Commissions of the Chamber

The Commissions are made up of some of the members, as well as the person in charge of the area in question in the Chamber.

These working groups have numerous functions: in-depth studies of proposals, problems, projects, and activities. Through them, the members influence the day-to-day life of the Chamber in order to better adapt the Chamber’s activities to the needs of the members.

At any time, a member can request the president of a Commission to join it or request the secretary general to create a new group.

The SFF defines its structure with the appointment of several coordinators to lead the areas of Banking, Asset Management, Insurance and Tax

A few weeks after the launch of the Spanish Financial Forum (SFF), the forum keeps progressing in defining its operating structure in Luxembourg.

After the end of the period of reception of candidacies presented by the members of the SFF to lead the different sub-sectors, it has been decided to appoint the following coordinators for this first stage of the project:

  • Banking: Paloma García (Banca March Luxembourg Branch)
  • Asset Management: Jesús Orozco (EY)
  • Tax: Eduardo Trancho (Van Campen Liem Luxembourg)
  • Insurance: Antonio Corpas (The OneLife Company)

Several members of the Chamber’s Board of Directors have participated in the candidate selection process, taking into account previously established objective criteria such as experience in the corresponding sector and the proposal of initiatives within the framework of the SFF.

The four sub-sectors will be coordinated in turn by the Vice President of the Chamber in Luxembourg, José Luis Rodriguez Álvarez.

 

 

This functional structure will last twelve months, counting from the month of May 2020. After this period, an internal selection process will be established among the members of the SFF for the appointment of the next coordinators.

To date, more than 20 companies and 40 professionals linked to the financial services industry in Luxembourg and Spain have applied to join the SFF.

For more information on the objectives of the SFF and the application for membership, see HERE.

The Chamber creates a Competition Commission

The Chamber has just set up a new Competition Commission, to deal with specific issues and aspects of competition law and policy that may affect the Chamber‘s member companies. This new commission joins the other existing bodies: Forums, Legal and Financial.

With its establishment, the Chamber’s Board of Directors has decided to pursue three priority purposes:

  • To serve as a meeting and exchange point of knowledge between member companies that are interested in or affected by the European competition policy.
  • To provide a platform to discuss in “neutral territory” between companies, lawyers, consultants, DG Competition officers and the Spanish administration.
  • To reinforce Spain’s leadership as a European benchmark in Competition Law and Policy, both from a public and a private perspective.

For this purpose, the new Commission, which will be called “Competencia España”, foresees different lines of activity:

  • Organization of work meetings to discuss specific issues and initiatives of DG Competition.
  • Holding breakfast-debates or similar events with officers from the DG COMP and national authorities.
  • When appropriate, the preparation of opinion statements on specific legislative/regulatory proposals.
  • Preparation of documents/guides on competition policy, intended for Spanish companies.

To be part of this new Commission, it will be required to be a member of the Chamber and to have a proven experience in the field of competition.

“Competencia España” will be led by Miguel Troncoso, member of the Chamber’s Board of Directors and managing partner in Brussels of the prestigious Gomez-Acebo y Pombo law firm.

Those partners interested in joining the Commission or in obtaining further information may contact Marta González or Miguel Troncoso sending an email to secretariogeneral@e-camara.com.

Forum Committee Meeting

On February 11th, a Forum Committee Meeting was held at the headquarters of the Chamber in Brussels, this working group has per mission the proposal, organization and follow-up of the events organized by the Chamber.

During the meeting, chaired by Pablo López Álvarez (Vice-President of the Chamber), a balance of the latest activities and events organized by the “business circle” platform was made, highlighting the training organized in October on “Public Advisory Strategies and dialogue with the European institutions ”. Likewise, the program of activities for the next months and the launch of new initiatives such as Breakfast with the Eurocámara were discussed.

Meeting of the Financial Commission

Last 11th of July, the Official Spanish Chamber of Commerce in Belgium and Luxembourg organized a meeting of the Financial Commission at the premises of Hotel Meliá Luxembourg.  Around fifteen companies linked to financial services provision attended the meeting in Luxembourg.

During the meeting, the General Secretary presented the proposed program of activities for the coming months and the general objectives of the Commission.

The attendees had the opportunity to exchange opinions about the initiatives to be developed within the framework of the Commission, as well as the regulation of their internal structure.

With this working group, the Chamber aims to create a space for opinion and debate on economic and financial issues where professionals working in companies related to the provision of financial services, can share experiences, establish collaborations and exchange information about the sector trends.