THE AMERICAN CLUB OF MADRID
Meet Terri Eichelberger! Terri is the ACM’s Chair of Corporate Affairs, and her goal at the club is to generate mutual value between Corporate and Club Members.
As a new MBA graduate, Terri came to Spain on a 2 year assignment with a major Freight Forwarding Firm and later established her own forwarding company, Tradelane Services, S.L., when she was 27 which she still runs. Her company specializes in the movement of goods across world borders as well as warehousing and distribution in Spain, which includes personal effects moves and storage.
Terri was born in San Francisco during the height of the hippie movement and moved to Norway as a child.
Her latest business venture is a boutique vacation estate in Spain’s Rioja Alta wine country later this year. A special VIP opening tour will be shared with the ACM members. We can’t wait!
This month, our featured member is Cristina Berry, Translator and EFL teacher.
Where are you from?
I am half British-half Spanish, but I went to college in SC and lived in NYC for 4 years, where I had my first-born. So I definitely feel a strong connection to the US.
How long have you been an ACM member?
I attended the Thanksgiving bash two years in a row as an “outsider” before finally deciding to join two years ago.
At which ACM event have you had the most fun?
I loved the speed-networking Happy Hour. Time flew by and I met a lot of interesting people and made several promising professional contacts.
Where do you work?
I have been an English <> Spanish freelance translator for the last 14 years and I also teach business English. Before that, I worked in banking for 8 years. I love reinventing myself so, who knows what awaits down the line!
What do you like to do in your free time?
I am a Zumba enthusiast, I absolutely live by the motto “dance like nobody is watching!”
The American Club of Madrid (ACM) is the “go-to” organization for English-speaking professionals living in Madrid. Being an active member of the ACM is a great way to network and make new friends while celebrating the American culture.
For any questions on membership send us an email to: email@example.com
This month, our featured member is Chester Gladue, English teacher at Vaughan Systems!
Chester was born in New York, raised in Homestead, Florida but calls Connecticut his US home. That is where most of his family live and that he visits the most!
Let´s see, I was invited to a Happy Hour back in 2015, where I won a free membership...and the rest is history!
I have fun at all the events, I enjoy meeting new friends, and catching up with my old friends. If I had to choose just one, I would say the 4th of July 2019 was special.
When did you move to Madrid and what brought you here?
I arrived on April 1, 2012, eight years ago. Time has flown by. I came on a company transfer.
What is your favorite thing about Madrid or the madrileños?
I love the lifestyle, the architecture and the people. The people are friendly and a lot of fun, they really know how to enjoy life. I enjoy most the numerous parks around Madrid.
What do you miss most from your hometown?
The only thing I miss is my family. We are lucky because we have great technology to keep us connected. I am so happy in Spain that I have chosen to retire in Alicante. The retirement part won’t happen for quite a while.
Meet Mike Brian, President of the American Club of Madrid. Mike has been integral in taking on the President role at our club, and brings powerful insight and energy to the team. We are proud he serves on our board!
Outside the club, Mike is Managing Director of IA Corporate Communications, a Business English training company, dedicated to enabling Spanish professionals to work in English at the same level as in their native language.
Originally from Texas, Mike has been living in Madrid for 18 years. Talk to him about helping you find what you are looking for in the American Club of Madrid.
Dear Members of the American Club of Madrid,
In the wake of the COVID-19 outbreak, we are facing extraordinary and unprecedented challenges. While there are a lot of unknowns ahead, we are making an extra effort to check-in with our members and stay connected via the digital platforms available to us. Right now, the health and safety of all of us is First Priority, and we will all be together again for our Happy Hours and monthly programs.
Until then, there are a couple of things we wanted to mention:
Additionally, we’re committed to being responsive and flexible to our member´s needs. If you have ideas you would like to share during this time please send us an email to firstname.lastname@example.org.
Stay tuned as some events will go online we are still working on this.
Stay safe! Our club has been around since 1952, we will get through this!
All the best,
American Club of Madrid President & Board of Directors.
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:
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!
We hope to create a one-stop shop for news and events celebrating our club and the American culture. Let us know if YOU have an idea for post you think would be a valuable (or fun) tidbit
COVID-19 UPDATE (July 2020)
We are moving our events online until we are able to safely hold in-person events. Check out our Upcoming Events page for planned programming.
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