Cristiano Ronaldo is reported to breaking almost all his ties with Spain after agreeing a deal with the Spanish tax authorities and signing a contract with the Italian champions Juventus. He said to be selling his 4,000 square metre home, a €4.8 million mansion in an exclusive district of Madrid, and moving his fleet of more than 20 cars to his home country of Portugal.
The conclusion of his negotiations with the taxman on four charges of tax fraud sees him paying an €18.8 million fine and being handed a suspended two-year jail term. First offences for administrative crimes involving terms of two years or less are not custodial in Spanish law.
In a joint venture with Portuguese company Pestana, Ronaldo won a building license in Madrid earlier this year to convert one of Gran Via’s historic buildings into a 160-room luxury hotel with a roof-top bar. However conflicting media reports now make it unclear whether the project will go ahead or if it has been shelved.
Observers have suggested that Ronaldo became disillusioned with Spain, claiming he was being treated like a criminal despite voluntarily making attempts to put his tax affairs in order in 2014 with an additional payment of €5 million. The present tax regime in Italy will benefit him as he will be entitled to pay as little as €100,000 tax annually on his huge earnings from around the world.