On July 11, Bill PL-3/2024 was published in the Official Gazette of the Madrid Assembly, which regulates the new deduction for investments by new taxpayers from abroad that they may apply to their Personal Income Tax when become tax residents in the Community of Madrid as of January 1, 2024. Journalistically, it has been dubbed the “Mbappé Law.”
The deduction will be 20% of the acquisition value of those financial assets in which the taxpayer invests in the year of acquisition of the tax residence or in the following year (and in the case of investment in financial assets of Spanish entities, the investment may also be made in the year prior to the acquisition of the aforementioned residence), and may be applied in the year in which the investment occurs and in the 5 immediate and successive years in the event of insufficient quota integral.
Access to the full Draft Law HERE
