The Luxembourg-based insurer Lombard International Assurance has recently published this article in Fundspeople in which he explains that the Spanish Directorate General for Taxation has responded favourably a few months ago to the binding consultations (V3070-17 y V2516-17) in which the possibility was raised of avoid Wealth Tax for unit-linked policies with no right of surrender for a certain period of time. Obviously, this novelty is extremely important for those people who reside in autonomous communities that are not subsidising, or will cease to subsidise in the future, this Wealth Tax.
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In the aforementioned binding consultations, the D.G. of Taxes confirms that during the time in which the policyholder voluntarily establishes their explicit renunciation to redeem their money, this amount will not be taxed in their calculation of Wealth Tax. In other words, the inevitable and indefinite taxation of money that has already been taxed in the past and which is not going to be used and enjoyed in the present is a thing of the past.
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The Luxembourg unit-linked savings insurance is also a versatile and cost-effective investment vehicle The fund is the only one of its kind, as it allows any fund in the world to be included in the portfolio, whether or not it is registered for marketing in Spain. This fact alone justifies the creation of the vehicle, as we have explained in «Investment Funds: There are still classes«, However, if we also add the savings in wealth tax during the years in which the money is not going to be used, and the legal and banking security of Luxembourg, the convenience of having a personal/family Unit Linked becomes a necessity for those who have at least 250,000 euros. The D. G. de Tributos could say it louder, but not clearer.