Jason MoorePalma25/01/2018 00:00
TW
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The alleged exodus of British and German expatriates has become a major talking point on the island and it is causing some concern. The latest figures from the census show that there has been a big fall in the number of European residents and everything from Brexit to the the crackdown on illegal holiday rentals to new taxiation laws have been blamed. The Spanish tax authorities are now asking foreigners to declare their worldwide assets, in a similar vein as many of their European counterparts. But this has allegedly caused deep concern in some circles and has (allegedly) meant that some foreigners have moved away.  

There are two schools of thought on the the island: that the authorities should turn a blind eye to some of the fiscal affairs of foreign residents in return for them settling on the island and the second opinion is that no one should escape the tax loop. The worldwide asset declaration is something relatively new and there have been calls on the island for it to be withdrawn at once. My view is that everyone should pay their correct share of taxes. There should be no special treatment for anyone. Probably one of the reasons for the drop in the number of foreign residents is the severe shortage of employment opportunities on the island especially all year around. Yes, obviously Majorca does have its shortfalls but it must be remembered that three years ago Palma was voted the best place to live in the world.