The deadline for completing Form 720 may well have passed and if you have completed the form you may be wondering what Hacienda will be doing with all the information they have gathered and how this will affect you personally. Alternatively you might have ignored the situation completely and be bracing yourself for a hefty fine or perhaps you have decided to renounce your Spanish residency but at the same time continue to enjoy the sunshine and the Spanish lifestyle by remaining in the country more than the allotted 183 days.
Whatever your personal thoughts the unequivocal ambition of all governments around the world to go to war on undeclared offshore assets should leave you in no doubt that top of your priority should be to restructure your savings and investments so that they provide maximum tax efficiency in the jurisdiction where you are resident.
Spain has not acted in isolation, the UK government has been busy ratifying agreements with the Channel Islands and the Isle of Man for full disclosure of information following on from the accord that was reached with Switzerland at the end of last year and which came into effect in January.
Now the UK Chancellor has set about tackling the offshore centres such as Cayman and BVI to ensure that information is passed directly to the HMRC who in turn have agreed to share their findings with their counterparts in Europe including Hacienda.
The time frame for putting your affairs in order is growing ever shorter. However putting your house in order doesn’t mean taking unnecessary risks with your investments, like lodging them in a Spanish bank or succumbing to some unlikely promise of guaranteed double digit returns. Why invest through unregulated brokers earning ridiculous commissions for promoting the latest “trendy” funds which may turn out to be illiquid at best and possibly put your savings at risk at worst? Why respond to adverts promising to unlock your pension scheme when HMRC are making it very clear that QROPS that do not meet their guidelines and restrictions when it comes to taking a lump sum or drawing down income may well be challenged and be penalised.
If you want to relax this summer why not ask for some proper advice by attending one of our June Tax and Wealth Clinics where a qualified adviser will discuss your situation and work with you to find a solution that will resolve your problems using strategies that will stand the test of time all with transparent pricing and fees. You can make an appointment by emailing email@example.com or telephoning +34956796911. Alternatively if you need instant pain relief call our hotline on+34674632219 to make an urgent appointment to see an adviser.
Wouldn’t you like to relax this summer knowing your finances are in good hands!