[dmoy]

So like 1.5%? With US&International based investment returns that means like 40% more money is needed above what's normally required, or say 23 years instead of 19 years of investing.

So that hurts the whole FI/RE thing, but doesn't sound like it would be the primary blocker.

[mariojv]

See https://news.ycombinator.com/item?id=36777125 for a breakdown of what it would look like with an example portfolio in Valencia. The tax differs by region and is highly progressive. For a 2M portfolio in Valencia it ends up cutting 0.7% off your safe withdrawal rate after exemptions if you split it between a married couple. It makes it harder to retire early, but don't forget about additional US costs like health insurance, vehicle, etc.