Contact

News & Insights

NEWS WRAP – HNWIs in Spain Braced for Budget

While the formation of a government headed by the socialist party’s Pedro Sánchez as prime minister, backed by the far-left “Unidas Podemos” party and its leader, Pablo Iglesias, now means that the government can begin to get on with the work of passing laws and fulfilling a parliamentary agenda, early proposals agreed by the two party leaders have revealed possible issues for some residents.

For example, HNW expats in Spain may face restrictions on their expat financial and tax planning opportunities. New government plans include:

  • The introduction of two new tax brackets – one for income over €130,000 and another for income over €300,000.
  • A review of HNWI tax contributions, with a view to ensuring greater revenue.
  • A review of the tax havens list and a moratorium on tax amnesties.
  • Greater regulation of SICAV investment vehicles.

At the moment, however, it is difficult to predict anything with certainty; it will not be until the coalition’s first budget that HNWI expats in Spain will know whether the coalition has been able to pass these intentions into law, so it will be incumbent upon expats to keep an eye on the political news over the coming months.

Blacktower Financial Management in Spain

Blacktower Financial Management can help HNWI expats in Spain plan their finances for the long-term, so they are well-placed to weather any political uncertainty and economic volatility.

This includes advising those who are moving to Spain, as well as providing advice to help resident expats optimise their assets, including real estate portfolios, investment vehicles and pensions.

For more information about how our international financial advisers may be able to help you, contact your local Blacktower office in Spain today.

This communication is for informational purposes only and is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice from a professional adviser before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, we are not responsible for any errors or omissions.

Other News

Expat Pension Concerns Cause Dwindling Number of Brits in EU

Its time to say goodbyeThe number of British pensioners living as expats in the European Union (EU) fell from 468,790 in 2017 to 462,680 in 2018, according to figures based on data derived from the Department for Work and Pensions.

It is the first time in more than a decade that there has been a decline in the numbers of British pensioners abroad and it is thought that Brexit and the uncertain future of expat pensions are the major factors behind the decline.

Although the draft withdrawal agreement seems to have provided some security for Brits abroad concerned about their expat pension and legal residency rights, this is only assured until 2020,

Read More

GREXIT

Grexit

Yet again what another country does or doesn’t do could have huge implications of the rest of Europe and the Western world. 

The clock is ticking for the Greek government to pay back the International Monetary Fund over €1bn (£720m) in loans in early May, as well as fund €1.4bn Treasury bill redemptions, and other major payments, including coupon payments on Greek government bonds.

It would appear that the Greek finance minister Yanis Varoufakis has been sidelined in Greek debt negotiation talks, but as Holly Cook from Morningstar says “The situation hasn’t changed that much, no matter who is actually doing the talking, they can’t stray too far from what their original mantra was, because their original mantra was all about anti-austerity… They’ve got a relatively tight margin for maneuver.”

Read More

Select your country

Please select your country of residence so we can provide you with the most relevant information: