ACM Blog

Thu, February 13, 2020 – 7:00 PM – 9:00 PM  Centro de Formacion Sagardoy Abogados - Tutor, 24 Madrid

Join us for this VERY important informational session. Know your legal responsibilities!

Modelo 720 & FATCA: How it affects us. Future year’s returns. Modelo 720 & FATCA: How it affects us. Future year’s returns: Obligation to file the form. Current accounts abroad. Investments. Real Estate. Sanctions regime. We will comment on the frequent questions of each section and binding requests of the DGT published. The Foreign Account Tax Compliance Act (FATCA) how it will affect US and Spanish Citizens. Reporting obligations. Spanish Banks requirements.
The Foreign Account Tax Compliance Act (FATCA) is focused on strengthening information reporting and withholding compliance with respect to US persons who invest directly or indirectly through the ownership of foreign interests. To achieve its purposes, FATCA dictates non-US Financial Institutions to identify accounts falling under the FATCA scope and report certain details on these accounts to the US Authorities. FATCA imposes a 30% withholding tax if FFIs do not comply with FATCA’s requirement. The 30% withholding tax on certain US source income is imposed regardless of whether the FFI has US owners or clients. Therefore, Financial Institutions that do not have any US clients, still need to take actions for compliance with FATCA obligations.
Presenters: Luis de Alcaraz & Alejandra Pastor – Sagardoy Abogados, Madrid & Antonio Rodriguez – US Tax Consultants, Madrid

Voter registration for 2020 Elections
The ACM Business Luncheon is a networking event with the goal of promoting effective links and networks within the English-speaking business community in Madrid, having the opportunity to be exposed to new ideas and the current trends of the present society.

In this occasion we will have lunch with Jim Mercereau, who will introduce us in the world of the U.S. Primary elections, he will give us an overview of the process for Overseas Ballot Request, Primaries, Procedures and dates and of course, about the use of electronic communications in requesting and returning absentee ballots.

​REGISTRATION REQUIRED. Limited to 20 people

US Taxes: Form 8621 and GILTI Tax or the expats’ nightmare

U.S. expats are already subject to significantly more onerous tax rules than U.S. citizens living in the U.S., among which the Passive Foreign Investment Company (“PFIC”) is one of the most notorious.  U.S. expats deemed to hold investments in PFICs must file form 8621, which is an extremely complex form that imposes significant U.S. tax on investments held in PFICs.  The Tax Cuts and Jobs Acts of 2017 only added on to this complexity, particularly for those U.S. expats who operate businesses through foreign corporations.  The Global Intangible Low-Taxed Income (“GILTI”) tax imposes a tax on U.S. shareholders of the foreign corporation, payable in the United States, regardless of whether any of the foreign corporation’s income is subject to tax in the U.S. or brought back to the U.S.  In essence, the GILTI tax is a minimum U.S. tax inclusion for foreign corporations with U.S. owners.  Understanding how to mitigate these two tax regimes is essential for any U.S. expat who is investing for retirement or operating their business abroad.
Please join us on March 19th for an introduction to PFICs and the GILTI tax and to learn how to plan for your future.

REGISTRATION IS REQUIRED. For further information and registration, please check the Upcoming Events of the American Club of Madrid.

The US Senate Financial Commission voted in late July in favor of unlocking a decisive amendment to the tax agreement between Spain and the US which updates the measures to avoid double taxation and prevent tax evasion, which already existed with the 1990 Convention.

The American Club of Madrid will be discussing the different aspects of how this new treaty between Spain and the USA will avoid double taxation. We have two upcoming events so please join the American Club of Madrid at our monthly Business Lunch on March 19th, as well as the Need To Know Seminar “New Treaty between Spain and the USA to avoid double taxation” on February 19, 2020.

In the meantime, here is more information about the new agreement below:

The new Agreement signed in 2013, in close relationship with FATCA, was pending from the US Senate Financial Commission for the reluctance of some senators (for example, Rand Paul, Republican senator). The main reluctance was that, with the automatic exchange of financial information provided by FATCA, foreign governments could have access to the tax information of US citizens. In the same situation were the treaties with Luxembourg, Switzerland and Japan.

The new protocol will enter into force when it is ratified by the full US Senate, possibly this summer, and contemplates changes to facilitate direct investments between Spain and the US.

On the other hand, unilaterally, the tax reform approved by Donald Trump last 2017 included the possibility of including in the Treaty a new tax of 5% to 10% on interest, fees and services to entities outside the US.: Base Erosion Anti-Abuse Tax or BEAT, which has not reached fruit set.

The most important changes with respect to the 1990 Convention, in force, are indicated below. It is a treaty that consists in avoiding double taxation of US citizens because they are obliged to submit their income tax returns, reporting worldwide income, annually in view of their status as "US Persons" (= US Citizens, Green Card Holders and Resident Aliens), in addition to the Income Tax Return in Spain, IRPF, for its status as residents.

The most important changes that are modified with the new Convention are:

• For interests, dividends and capital gains, among others, this protocol ends taxation in source for residents in another country, except in the case of alienation of real estate or companies that have, above all, real estate as an asset.
• Taxes on royalties disappear.
• For individuals with a pension plan who wish to transfer from one country to another, the protocol allows the transfer of these funds to the other country without having to be subject to taxes. US pensions will not be taxed in Spain unless there are distributions.
• A new regime for exchanging information and administrative assistance between both countries is being developed, extending this collaboration to other taxes not included in the Convention.

In general terms, we can say that this is good news for both countries by improving conditions to avoid double taxation.

 Are you a member of the American Club of Madrid?

Do you want to learn about what we have planned for 2019-2020?

​Are you interested in learning more about our club?​

The Annual General Assembly will take place on Tuesday, September 10th 2019 and will be THE opportunity to hear first-hand about the American Club of Madrid and all our services we provide to our members.

​This year´s venue will be at the beautiful InterContinental Madrid on Paseo Castellana 49 and will start at 5PM where we will present a brief overview of this last year and a preview of the 2019-2020 calendar of events.

We will also recognize and thank our current Board of Directors and welcome the new incoming officers. Remember, if you are a dues-paying member you are allowed to vote on any General Assembly issues.

We will start the Happy Hour portion immediately following the general meeting at 7PM.

If you would like to join us, you will need to register for the event on EventBrite. Members are free ( includes a drink) and non members/guest pay 10 Euros in advance or 15 Euros at the door (drink included).​

We are looking forward meeting up after the summer and to kick off the 2019-2020 term!

If you are American (or maybe even if you are not) and it is July 4th, you will feel the urge to show your patriotism and celebrate the United States Independence Day.

The American Club of Madrid put together a quick list of ways you can celebrate the Fourth of July right here in the city!

1. Light up some sparklers or bengalas - you can find these at any Chinese corner shop.

2. Print up some American Flags and show your # US pride in 2019!

3. Wear Red, White, and Blue at the workplace.

4. Stock up on some American snacks from Taste of America - www.tasteofamerica.es

5. Drink an American beer, spirit, cocktail , we recommend Roll, Hard Rock Café or The Village Tap Room

6. Listen to an Americana Rock ´n Roll playlist

7. And FINALLY …. Join us this Thursday at 7 pm for a truly American inspired 4th of July party with all-you-can-eat buffet and Open Bar. 

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​Nothing pulls at our heart strings more than a child without a holiday gift. The American Club of Madrid has partnered with Toys for Tots, our beneficiary of this year’s Gala.

We are proud to work with our U.S. Embassy Marine Security Guard Detachment partners in Madrid who will work with area schools and Spanish organizations to collect new toys for local children in Spain.

Additionally, we are proud to announce we have named the MD Anderson Cancer Center as our Premio Puente Award winner - The ‘Premio Puente' was created in 2012 to commemorate the 60th anniversary of the American Club of Madrid. This distinguished award recognizes entities and individuals dedicated to excellence whose work strengthens the ties and relationships between Spain and the United States, whether on a corporate, philanthropic, diplomatic, humanitarian, artistic or scientific level.

Our past recipients include:

• D. Javier Rupérez, 2012, ambassador and politician
• D. Antonio Garrigues Walker, 2014, jurist and international legal expert
• Dña. Agatha Ruiz de la Prada, 2016, designer, women’s, charity and cultural leadership
• D. Antonio Huertas, 2017, chairman and CEO, MAPFRE
• Dña. María García García, 2018, leader in Microsoft USA, CEO Microsoft Iberia, CEO Siemens España

In case you need more convincing, here are five reasons you should join us at the gala:

1. Help us meet our goals to collect funds for local area schools and organizations in Spain. Did you know that over 97% of Toys for Tots donations go directly to their mission of providing toys, books, and other gifts to less fortunate children? Less than 3% is spent on fundraising and overhead. Your contribution to the event will help us meet these goals.
2. Professional and Social Networking. Get to know other members and supporters of the American Club of Madrid and grow your network here in Madrid.
3. Enjoy a night of fun with dinner, dancing, at the lavish InterContinental Hotel of Madrid. Join us for a night to remember while supporting a great cause.
4. Win great prizes. We have a long list of partners that have donated amazing gifts and services for our silent auction.
5. Seats are still available! Flying solo or with a plus one? We still have seats still available, but we do sell out each year so please get your ticket today!

The event will take place on March 16th at 8pm at the InterContinental Hotel. For more information on sponsorship, contact corporate@americanclubofmadrid.com 

Are you a American Club member or planning on being one? Do you have a business that can benefit from personal referrals? Are you looking for ways to connect with other American Club members and build your network?

The Leads Group of The American Club of Madrid provides opportunities for its members to connect with other small and medium businesses within the American Club community. The purpose of the Leads Group is to build relationships, share best business practices, and generate referrals. Since starting the group in 2016, we have helped our Club members generate thousands of euros in business referrals.

Our Leads Group is comprised of individuals that meet once a month in non-competing industries to help with referral exchanges and to build professional relationships.

If you are serious about growing your network and building a strong referral team, The Leads Group of The American Club of Madrid can help you reach your goals. Participation in these groups is an exclusive yet complimentary benefit of membership.

Group Schedule

The group meets every third Tuesday at our offices at Calle Serrano 110, Planta 1, Madrid at 7pm-8pm.

SGS Business Hubs are located in the most strategic areas of Madrid, in the nerve centers of political, economic, social and cultural influence, where future trends are decided and knowledge is generated, being vital for a company that wants to innovate and be competitive All the hubs are excellently communicated and surrounded by a large variety of services. We are pleased to join them at this wonderful location.

The building of the Madrid GSG Business Hub Serrano dates from 1895 and has numerous architectural and ornamental elements protected by National Heritage. It retains most of its original characteristics, which make it a space where the distinction and elegance that only the passage of time and respect for tradition can confer are “felt”. The height of the ceilings, the chimneys, the moldings, the vintage latches and hinges, the marbles and the parquet floors create a palatial and exclusive environment. The outside is iconic Madrid, the inside 21st century work space for all your business needs!

Available Services

Office space rentals

17 different types of fully furnished offices, available for rent by the hour, day or month. You can view the information of each office below.

Meeting Rooms and Training Classrooms

The GSG Business Hub Serrano center has 2 spaces for meetings or training courses. You can view the information in each room below.Virtual Offices

The virtual office service allows you to establish the social or fiscal address of your company in our business center GSG Business Hub Serrano. In addition, you will have many advantages and you can have all the additional services of GSG Business Hub.

Consulting services

Corporate strategy: design and development of pricing strategies, B2B and B2C. Implementation of organizational strategies.

Processes: development of process reengineering, indicators, and systems management, aimed at identifying incidents.

Talent recruitment: selection and hiring of professionals with adjusted profiles to the needs of your company.

Marketing: advice and study of target markets for strategies of communication with interest groups, campaign planning, media analysis, inbound marketing, social media management

Contact them TODAY for your business needs!

Website: https://gsgbusinesshub.com/en/madrid/
Address: Calle Serrano, 110. 28006 Madrid
Email: info@gsgbusinesshub.com