Barcelona’s vibrant food scene is as diverse as it is delicious, and nowhere is this more evident than in its bakeries. Whether you’re looking for artisanal bread, buttery croissants, or something a little more adventurous, this city has you covered. Below, we’ve gathered some of the absolute best bakeries in Barcelona that you must visit to indulge in all things freshly baked.

1. Origo: For Bread Lovers

If you’re a lover of sourdough and rustic loaves, Origo is a must-visit. Nestled in the barrio of Gracia, Origo has made a name for itself as a true paradise for bread enthusiasts. Their commitment to high-quality ingredients and long fermentation processes makes their bread not only delicious but also healthy. The crusty loaves here are the perfect combination of crunch and softness, offering an authentic taste that keeps you coming back for more. You can also buy freshly brewed coffee there. Be prepared for lines on the weekend.

2. OZ Bakery: A Hidden Gem

Tucked away from the main tourist areas, OZ Bakery is a hidden gem that locals swear by. This bakery offers a fantastic range of artisanal baked goods, but it’s their rye bread that steals the show. It’s rich, hearty, and full of flavor—a perfect accompaniment to cheese or charcuterie. OZ Bakery also offers an array of pastries, including fluffy cinnamon rolls that are simply irresistible.

3. Brunells: Tradition Meets Modernity

One of Barcelona’s oldest bakeries, Brunells has been operating since 1852, and it’s still one of the best places to go for a taste of traditional Catalan baking. Brunells masterfully blends tradition with modern innovation, offering classic treats like ensaimadas and a rotating selection of creative pastries. Their attention to detail is evident in every bite, making this bakery a staple for those who love the mix of old and new.

4. Patisserie Hoffman: The Croissant Queen

No bakery list would be complete without mentioning Patisserie Hoffman, a place that has arguably set the bar for croissants in Barcelona. Their mascarpone croissants are nothing short of legendary—a light, buttery pastry filled with creamy mascarpone that melts in your mouth. Each bite is perfectly balanced, making it easy to see why these croissants are hailed as some of the best in the city. Hoffman’s offerings are not limited to mascarpone, though; they have a range of inventive flavors that will have you wanting to try them all.

Indulge in Barcelona’s Baking Magic

These bakeries are just a glimpse of the incredible baking talent scattered throughout Barcelona. Whether you are seeking the perfect loaf of sourdough, a slice of tradition, or a croissant that will leave you speechless, Barcelona’s bakeries are sure to delight. Make sure to stop by Origo, OZ Bakery, Brunells, and Patisserie Hoffman on your next visit, and experience the magic of fresh, local baking.

So, which bakery are you heading to first?

As of late 2023, Portugal has declared the termination of two of its most significant residency and tax programs, the Non-Habitual Residency (NHR) and the Golden Visa. This decision signifies a major shift in Portugal’s immigration and taxation policy, which has been a magnet for expatriates and investors worldwide.

In this article, I’ll delve into the essence of these programs, the rationale behind their discontinuation, and the potential aftermath on Portugal’s socio-economic landscape.

The NHR and Golden Visa Programmes: A Brief Recap

The NHR programme was an appealing tax regime for expatriates, offering reduced tax rates on foreign income for a decade. On the other hand, the Golden Visa programme provided a pathway to residency through investments, predominantly in real estate, with a notable option of family inclusion.

Catalysts for Change

The termination of these programs comes as a response to mounting housing affordability issues and an inflated real estate market. The Golden Visa, particularly, exacerbated property prices in urban hubs like Lisbon and Porto, creating a ripple effect of housing unaffordability for locals​​. Moreover, the NHR program faced criticism for fostering a biased inflation in the housing market, making it unsustainable​. The termination of these schemes aligns with a broader objective to alleviate the housing crisis and curtail real estate speculation​.

Who Benefited?

The main direct beneficiaries of these programs were expatriates, investors, and their families. The NHR programme enticed individuals seeking tax efficiencies, while the Golden Visa appealed to those eyeing residency through investment, often in real estate​.

The Impact on Portugal and Immigration

The real estate sector experienced a surge due to these programmes, with a notable increase in property values and construction projects, particularly in urban areas. This surge not only revitalized certain neighborhoods but also boosted the economy through job creation and foreign capital influx​.

However, these benefits came at a cost. The rising property prices made housing less affordable for local residents, and cities experienced overcrowding, leading to concerns about the quality of life for residents. The political scrutiny and the public’s growing discontent were reflective of these challenges, prompting a re-evaluation of these programmes.

Forward Outlook

The termination of these programs may initially deter many expatriates and investors. However, it also opens a window for policy reform that could lead to more sustainable and inclusive growth. As Portugal navigates through these changes, the nation’s approach towards foreign investment and expatriate taxation will be keenly observed by stakeholders both within and outside its borders.

The unfolding scenario presents a blend of challenges and opportunities. It signifies Portugal’s stride towards addressing long-term socio-economic issues while also redefining its stance on immigration and foreign investment. As we monitor these developments, the broader implications on Portugal’s international allure and its socio-economic dynamics will be of paramount interest.

I’m skeptical about this being a good move, given how much Portugal has benefited from the NHR and Golden Visa programmes over the past decade. One might think that it’s only “rich expats” that benefitted by lowering their tax bill, but it’s also important to consider that the influx of talented foreign workers and highly qualified people and their families also served to raise the cultural level of the country. This resulted in the opening of modern schools, restaurants, coworking spaces, etc. either to cater for the new demand, or as ideas implemented by these expats.

The housing market will take a hit as a result, but I think that a huge percentage of those who would have previously considered moving to Portugal and investing in the country will now move elsewhere or stay put in their own countries. At the end of the day, this is another poorly-thought-out populist move that results in Portugal taking a gamble on its future. Time will tell whether the gamble pays off or not.

These developments also provide a golden opportunity for other European countries to capitalise on the unmet demand that is the result of the end of the NHR programme in Portugal. Italy and Greece, for example, offer a similar lifestyle to Portugal (if not better) and have their own NHR programmes in place, so they could ramp up their efforts to attract the expats that are now looking for an alternative fiscal residency to Portugal.

Madrid is one of my favorite cities in the world, and I always love to visit and explore it from different angles, mostly depending on whom I’m visiting with.

Here are some ideas for a 3-day visit.

First of all, how to get to Madrid. If you’re in Barcelona or one of the major Spanish cities, I would recommend taking a high-speed train. There are several companies operating high-speed trains, for example, you can get to Madrid from Barcelona in just 2.5 hours.

I typically use Omio to find all the options, then select which one I like best. I consider the time, cost, and type of seating. When traveling alone, I like to use AVE’s silent carriages, while when with family I prioritize seating around a table for 4 people. All of the train options allow you to take a foldable bike, so taking my Brompton with me is not an issue. I always take it when I’m traveling alone as that’s my favorite way of exploring a city.

If it’s your first time in Madrid, a good idea to familiarise with yourself with the city is to take a free walking tour or buy a ticket to the hop-on hop-off buses, which have two routes that show you the main parts of the city in comfort. With the hop-on hop-off buses you get the extra benefit of not needing transport, since the buses are likely to include stops at most attractions you’ll want to visit.

If you’re a football fan, then a visit to the Real Madrid and Atletico Madrid stadiums can easily take up one day.

For art and culture, I recommend grabbing an Art Walk ticket for the three main art museums you can find in Madrid: Museo del Prado + Museo Reina Sofía + Museo Thyssen. These three take up at least one whole day.

In the evenings, watching a flamenco show is a great option. I skip the dinner options and eat elsewhere, so I can focus on the show itself. Flamenco is quite intense, so it just doesn’t feel right to me to be eating while watching such a show. A drink, on the other hand, pairs perfectly well.

These are the best locations to watch flamenco:

• Cardamomo
• Tablao Flamenco 1911

As for restaurants, here are some recommendations:

• Taberna El Sur
• Restaurante Cebo

With its strategic location in Central Europe, robust economy, and attractive tax environment, Hungary has become an increasingly popular choice for business incorporation. However, like any business decision, setting up a company in Hungary comes with its unique set of challenges and opportunities. This article offers an in-depth exploration of the process, pros and cons, and some anecdotal experiences from those whose setup didn’t work out as expected.

Advantages of Incorporating in Hungary

Favorable Corporate Tax Rates

Undoubtedly, one of the most enticing benefits of incorporating in Hungary is its low corporate tax rate. Businesses enjoy a flat corporate tax rate of just 9%, the lowest in the European Union. This low tax rate provides a substantial boost to profitability and makes Hungary a financially appealing choice for business incorporation.

Strategic Location

Situated in the heart of Central Europe, Hungary provides easy access to major European markets. Its extensive road, rail, and air transport networks enable easy movement of goods and services, making it a logistical hub for companies intending to do business across the European continent.

Skilled Workforce

Hungary boasts a highly skilled and educated workforce. With a strong emphasis on science, technology, engineering, and math (STEM) education, businesses in tech-driven sectors can leverage a rich talent pool. Moreover, English proficiency is relatively high, especially among younger professionals, facilitating communication for international businesses.

Ease of Business Incorporation

The process of incorporating a company in Hungary is relatively straightforward and fast. It is possible to establish a business entity within a few days, and the minimum capital requirement for a limited liability company (Kft) is just HUF 3 million (approximately €8,500).

Challenges of Incorporating in Hungary

While Hungary presents several benefits, potential investors should also consider the following challenges.

Bureaucracy

Despite recent efforts to simplify processes, business owners often report that bureaucratic hurdles are a significant challenge in Hungary. Navigating the intricate web of administrative procedures can be time-consuming and may require local expertise.

Changing Regulatory Landscape

The Hungarian regulatory landscape can be dynamic, with frequent changes in business and tax laws. While these changes are often aimed at improving the business environment, they can cause uncertainty and require businesses to be agile and adaptive.

Language Barrier

While English proficiency is increasing, Hungarian is the dominant language in business dealings, especially outside of Budapest. This language barrier could pose difficulties in operations and negotiations.

Alternatives to Hungary

While Hungary presents attractive benefits for business incorporation, there are several other options within Europe that may better serve the needs of different businesses depending on various factors such as taxation, ease of doing business, market size, and industry specialization. Here are three such alternatives:

Ireland

Ireland offers a corporate tax rate of 12.5%, which is competitive within the EU. The nation boasts a strong talent pool, especially in tech and pharmaceutical sectors, and has a business-friendly environment. Ireland’s robust legal system, which is based on common law, is also familiar to many international businesses. However, the cost of living, particularly in Dublin, can be high, which may influence operational costs.

Estonia

Estonia has a unique corporate tax structure where corporate income tax is charged only on distributed profits. This can be advantageous for businesses looking to reinvest their profits. Furthermore, Estonia is known for its digital government services, including the e-residency program which allows international entrepreneurs to establish and manage an EU-based company online. Estonia, however, has a relatively small domestic market.

The Netherlands

The Netherlands is renowned for its strong infrastructure, strategic location, and high proficiency in English, making it an appealing choice for international businesses. It has a broad network of double taxation treaties and offers a wide range of subsidies and tax incentives, particularly for innovative businesses and R&D activities. The Dutch corporate tax rate is higher compared to Hungary, but the extensive network of tax treaties could make cross-border business operations more tax-efficient.

These alternatives, each with their unique blend of benefits, can serve as potentially more favorable options to Hungary depending on the specific needs and objectives of your business.

The Netherlands, with its robust economy, favorable business environment, and strategic location in the heart of Europe, has long been a preferred choice for multinational corporations.

A key part of this appeal is the Netherlands’ tax framework, which offers a number of advantages for businesses, particularly those engaged in international operations. In this article, we’ll delve into the ways the Netherlands is used in various tax strategies and provide detailed examples of its implementation.

The Dutch Tax Environment

Before we dive into the strategies, let’s first understand the tax environment in the Netherlands. The Dutch tax system provides several advantages for businesses, including:

• Corporate Tax: The corporate tax rate in the Netherlands is 15% for profits up to €245,000, and 25% for profits exceeding that amount.
• Tax Treaties: The Netherlands has an extensive network of double taxation treaties with more than 100 countries. These treaties help prevent businesses from being taxed on the same income in multiple countries, making cross-border operations more tax-efficient.
• Participation Exemption: The Netherlands provides a participation exemption that makes dividends and capital gains from qualifying subsidiaries tax-exempt.
• Innovation Box: The Dutch Innovation Box regime provides an effective 9% corporate tax rate on profits derived from innovative activities, such as patented technology or software development.
• Fiscal Unity: The fiscal unity regime allows a parent company and its qualifying Dutch subsidiaries to be treated as a single entity for corporate tax purposes, providing tax consolidation benefits.

Using the Netherlands in Global Tax Strategies

The following are ways in which companies incorporate the Netherlands into their global tax strategies, with detailed examples for each.

1. Using Dutch Holding Companies to Minimize Withholding Taxes

One of the primary reasons multinational corporations set up holding companies in the Netherlands is to reduce withholding taxes on dividends, interest, and royalties. The extensive network of tax treaties in the Netherlands, coupled with the EU Parent-Subsidiary Directive and EU Interest and Royalties Directive, can often result in reduced or even eliminated withholding taxes.

Example: Let’s assume a U.S.-based corporation has a subsidiary in India. The Indian subsidiary makes a profit and wants to distribute dividends to the U.S. parent company. However, India’s withholding tax on dividends is 20%. To mitigate this, the U.S. corporation sets up a Dutch holding company. The dividends are first paid to the Dutch holding company, where, due to the tax treaty between India and the Netherlands, the withholding tax is reduced to 5%. The dividends are then distributed to the U.S. parent company without further withholding tax due to the tax treaty between the U.S. and the Netherlands.

2. Exploiting the Participation Exemption for Tax-Free Profits

Dutch tax law provides a participation exemption, which means that dividends received from qualifying subsidiaries and capital gains from the sale of these subsidiaries are not subject to corporate tax in the Netherlands. This exemption makes the Netherlands an attractive jurisdiction for holding companies.

Example: A multinational corporation based in the Netherlands owns 100% of the shares in a Brazilian subsidiary. When the Brazilian subsidiary makes a profit and distributes it as dividends to the Dutch parent company, these dividends are not subject to corporate tax in the Netherlands due to the participation exemption.

3. Utilizing the Innovation Box for Reduced Taxes on R&D Profits

The Dutch Innovation Box provides an effective 9% corporate tax rate on profits derived from innovative activities. This can result in significant tax savings for companies engaged in research and development.

Example: A tech company based in the Netherlands develops a patented technology. The income generated from this technology is eligible for the Innovation Box regime, meaning the income is taxed at an effective rate of 9% instead of the standard corporate tax rate of 25%.

4. Leveraging Fiscal Unity to Offset Profits and Losses

The fiscal unity regime in the Netherlands allows a parent company and its qualifying Dutch subsidiaries to be treated as a single entity for corporate tax purposes. This can be particularly beneficial when a company has multiple Dutch entities with varying financial performance.

Example: A Dutch parent company owns two Dutch subsidiaries, one of which makes a profit of €500,000, and the other incurs a loss of €200,000 in a given year. Through the fiscal unity regime, the parent company can offset the profit of one subsidiary with the loss of the other, resulting in a taxable income of €300,000 for that year. This tax consolidation benefit allows businesses to effectively manage their tax liability across multiple entities.

5. Structuring Financing Operations Through a Dutch Financing Company

Dutch tax law and its extensive treaty network also make the Netherlands an attractive location for multinational groups to set up their intra-group financing companies. The use of a Dutch finance company can often result in a tax-efficient way of financing group operations.

Example: A US-based parent company sets up a Dutch finance company to borrow funds from lenders and then on-lend those funds to group companies located in various countries. The interest expense paid by the Dutch finance company to the lenders can often be offset against the interest income received from the group companies, resulting in minimal net taxable income in the Netherlands. Furthermore, the Dutch tax treaty network and EU Directives can often reduce or eliminate withholding taxes on interest payments to the Dutch finance company.