Moving to Spain can be a bit overwhelming, apart from settling into a new country there are so many things to think about that like me you probably took for granted.
What to do about your pension will be the subject of a separate article as it is one of the most important issues you need to consider to make your new life overseas a pleasure rather than a pain. Now I just want to help you understand a bit more when it comes to savings and investments and to mention a tax reporting requirement called Modelo 720.
The essence of tax planning is making sure your savings and investments work for you taking into account your country of residence. This is going to mean reviewing the products you might previously have held back in the UK to see if they are still suitable for your needs. The answer in many cases is likely to be no because Spain does not recognize the tax breaks that UK ISA’s for example offer so as soon as you move to Spain these no longer remain tax efficient. Similarly UK investment bonds which allow a 5% tax free benefit each year back home will be taxable annually in Spain as well as on any growth whether this is withdrawn or not.
It is not all bad news, Spain has tax efficient products too designed for expats like you and me and offered by reputable UK and EU companies- specially designed investments that mean you can grow capital or generate a regular income stream without having to give it all to the taxman.
We passionately believe in tax planning for our clients. We want you to be able to minimise your taxes in Spain and make the most of your investments. After all you and me came to Spain to enjoy life not to pay unnecessary tax to the authorities. Isn’t that how it should be? – Paying minimal tax by arranging your investments in the best way.
How can we help you achieve this at Fiduciary Wealth? Well the good news is that as expats ourselves we have faced exactly the same issues as you. We fully understand the tax rules here and in the UK and can help you choose the right plan to suit your individual needs.
We can start by offering you a FREE private consultation (worth £500) to assess your current financial position and explain how our Spanish tax reduction strategies can help. If you already have a clear understanding of your current situation we can offer a FREE tax planning assessment instead (worth £1,000). Just think you will be getting FREE advice on tax planning for Spanish residents as well as retirement, savings and wealth tax mitigation strategies.
We have all come to Spain for a better life let us help you make sure the tax man doesn’t spoil that. Call now on +34 951319727 or email email@example.com.