Seriously, Spain being in an economic crisis since so long, they should work on making it more attractive for people to open and run their business there instead of adding new regulations and complicating things for founders.
The same bill mentions new crowdfunding platforms must have:
- At least € 50000 on capital stock
- A civil liability insurance that covers up to € 150000 per year.
Also individual donors must not donate:
- More than a total of € 6000 per year on crowdfunding projects
- More than € 3000 per year on a single crowdfunding project
Funnily enough, political parties in spain can:
- Get donations from individuals for up to € 100.000 yearly.
- Foundations or associations owned by political parties (think tanks) can receive limitless donations.
I'm born and breed in Spain and I couldn't agree more with im_dario23 talking about the 70% and ArenaSource talking about protecting banks. In my honest opinion, banks get too much protection in Spain (compared to countries of northern Europe, which act in a more ethical way thinking more about the citizen) and this smells like a new way for banks to kind of "take some profit from crowdfounding". It seems that no sooner did the Spanish government realize about the money from crowdfounding, they tried to made up a tax/limitation for it (the thing itself shows how out-of-date Spanish politicians are... that they try to create this limit now when crowfounding it's been out there for some years now). That's so spaniard... but this is just my opinion. I'd like to read more about yours and your regulations all over the world. Great page news.ycombinator. Regards from Spain
Hmm, this sounds like the sort of regulation that should be considered, and then not applied (i.e. make a law that prohibits these regulations), at an EU level, to protect Europe's collective interest in getting crowdfunding for its projects.
Anyone knows why anyone would impose these limits to crowdfunding?
I have legal question:
If there is campaign organized on Kickstarter or similar site, who is legal entity responsible for the campaign? This services usually collect the money and do not pass it until some conditions are met. We could argue that recipient is just subcontractor hired by Kickstarter.
Seems like a great opportunity for Bitcoin, if Bitcoin can overcome the many other hurdles it faces: anonymous crowdfunding, capable of circumventing ridiculous laws like this.
Beware! Spanish government wants to limit real crowdfunding, i.e., equity crowdfunding, not Kickstarter-like funding.
Not that it changes the story a lot, but I just wanted to make that clear.
Brain drain has come so far in Spain it is now self-reinforcing.
... because you just can't trust income that's not silver bullion and was not preceded by genocide.
Governments like this should just fuck off and let people take their own risks. Jesus. If you're worried about people getting ripped off, why don't you just run a campaign giving advice on how to choose to spot scams? Why not treat people intelligently? Oh no, sorry, something scary and different that you don't understand? Kill it!
Old dinosaurs.
For a spaniard it's going to be much more easy to create a company in UK and launch the crowdfunding project with the UK company, and then, move the money by the traditional ways (dividends, getting services from a spanish based company, ...). You are not going to avoid taxed but get rid of those stupid limits and obligations.