1. It'll be an interesting case study. People always say they'll leave if this happens, but I do not think I would. And I don't think it would be worth it for me to physically leave my home for half the year.

  2. I was debating moving to Spain to retire as a high net worth individual. I was going to set up shop there and pull down my retirement income and live well. But yeah. Too costly. Plenty of other countries near by. They lose a substantial tax base because they went after wealth vs the funds I would be earning which is still several times the national average.

  3. Definitely interesting to see how this plays out. I expect to see the problems often raised either a wealth tax like difficulty valuing assets and people leaving. If it goes well or badly could influence other larger countries that are considering the same idea.

  4. In VA they have a luxery ( wealth ) tax of 4% on cars, homes, and appliances, etc. That is paid yearly yet people do not leave.

  5. What you just described are not wealth taxes. Those are sales taxes on specific goods. A wealth tax is a tax on an individual’s total net worth.

  6. That's great news. Kudos to those 23k people for giving back to the society that gave them such abundance. More people should be like them and invest in social capital.

  7. Except it’s not. Spain only used a resident system. If you live in Spain now but made that money in the US where you spent most of your life. Spain wants a cut.

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