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Should you be concerned about your residency status?

Fiduciary Wealth Team

For expats like us we’ve probably never had to think about residency before but now you’ve come to live in Spain it’s a very important part of the financial planning jigsaw. We get lots of question about residency, what the rules are and how you can make sure that as well as complying with the law you can take advantage of any available tax breaks to maximise the return on your savings and investments and to reduce the tax that you might have to pay on death. After all we didn’t come to Spain to get tied up in residency issues and pay unnecessary taxes we came to Spain to enjoy the expat life and live the dream.

The rules for declaring tax residency in Spain are quite simple. If you spend more than 183 days living in Spain in a calendar year (they don’t have to be consecutive) then you will more than likely be deemed to be Spanish tax resident. Even if you personally don’t spend this amount of time as a Spanish resident but you have dependents who do permanently live here you can still be classed as a tax resident. This means that you will need to rethink a lot of your financial planning as you will need to declare your assets and income to the Spanish tax authorities and to make sure you take into consideration the implications of Spanish succession tax.

I have regularly been asked to help clients who have not declared to the Spanish authorities and have ended up in a financial mess worrying about their future when they discover that the UK investments they have held onto are totally inefficient for saving tax and mitigating succession tax liabilities.

We are passionate about helping expats enjoy their life in Spain.  You are in safe hands knowing that our expertise in cross border advice will be to your advantage. You see we are expats too, and understand the issues when it comes to switching residency from one jurisdiction to another. Take advantage of our experience; we can assure you that you will be in safe hands!

To find out how you can make the transition from UK to Spanish tax resident in the most tax efficient way speak to one of our certified financial planners. They will be able to guide you through the residency process and help you make the most of your pensions and investments.  

We would like to 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.

Call tel 951319727 for a meeting with a cross border expert or email enquiries@fiduciarywealth.eu.