I am U. S. citizen, plan to relocate to Valencia, Spain via Non Lucrative Visa (NLV) and intend to reside in Spain more than 183 days per year, thus I will be Spanish Resident Taxpayer.
I generally understand U.S./Spanish tax obligations relating to income/distributions derived from U.S. savings accounts, traditional/Roth IRAs (rolled-over 401-Ks) and U.S. Security Security benefit payments.
However, I have questions on Spanish Wealth Tax. Understand Spanish Wealth Tax is based on Worldwide Assets/Net Worth. (Understand also that taxable asset base determined regionally.)
My question is if taxable asset base includes traditional/Roth IRAs (rolled-over 401-Ks) as this constitutes bulk of my Worldwide Assets/Net Worth? (Concerned that I will have to pay Spanish Wealth Tax on these assets prior to any distributions.)
Any feedback greatly appreciated.
