Inheritance Tax and The “Special Defence Contribution”
Back in 2015, the introduction of the non-domiciled (non-dom) tax resident status as part of the Cyprus tax system paved the way for new opportunities around tax planning and savings, as well as opening the door for potential inheritance tax benefits. The opportunity is, however, not that straight forward, as the tax agrement requires careful individual attention.
New tax changes could cause problems for expat landlords
When you move abroad to a popular expat destination, whether that's to France, Italy, Spain, or Grand Cayman, good wealth management is key to ensuring you'll enjoy your life abroad to the fullest.
Proper financial planning should ensure you have enough saved for retirement, but some people are always looking for ways to boost their pension pots. One of the key methods used by many expat retirees to accomplish this is by owning a UK property and renting it out.
However, expats who rely on rental profits from buy-to-let properties back home for a steady stream of income may face issues thanks to new tax changes, which apply to all landlords letting out UK property regardless of where in the world they themselves reside.
British expats settling in the Spain after Brexit
If you're an expat living in the EU, you've no doubt Brexit on the mind since the referendum in 2016, worrying about what the future may hold. So, it's reassuring that the British negotiating team managed to secure rights of residency for existing UK expats, as part of the Withdrawal Agreement.
Is time almost up for the 15-year voting rule?
If you're a British expat who has lived outside the UK for at least 15 years, then current legislation denies you the ability to vote in parliamentary elections and referendums.
It's a policy that, suffice to say, has become very controversial given recent events. Long-term expats already feel that their fate was taken out of their hands when they were denied a vote in the EU referendum and this year's General Election, which was an election largely based around Brexit.
Potential loss of free movement for Britons high on Brexit talks agenda
As Brexit negotiations continue, the freedom of movement that expats in Europe will be entitled to is still unclear.
While many expats are worried about whether they'll have trouble staying in their destination of choice in a post-Brexit world, it now appears that they may also be in a difficult situation if they ever plan to move anywhere else.
Returning British expats could face high property prices
It's hardly a new revelation to state that Brexit has caused uncertainty for British expats. Until the EU and British government reach a final agreement in Brussels, the lives of many expatriates are certainly in a state of limbo.
Depending on how negotiations unfold, Britons who are living abroad may need to move back to their home country. But trends in the housing market, in both the UK and EU countries, suggest they could run into financial difficulty if they haven't made sufficient wealth management plans for the future.
Property prices in Spain for 2017
When relocating to Spain, finding and buying your new home is sure to be at the top of your list of priorities. And there's a wealth of great areas and regions to choose from.
Of course, reliable financial advice is one of the most effective ways to make sure your money is in order so that you can property search in confidence and it always helps to have your finances in place beforehand, especially if you're considering one of the popular or pricier locations on the Spanish coast.
Spanish Asset declaration: Modelo 720
As we are aware, in November 2012 the Spanish authorities approved a new law that obliged any person, permanent establishment or company who is resident of Spain (regardless of nationality ) to declare all assets they hold outside Spain worth more than €50,000 (per Asset Class). These Assets have to be reported on the Modelo 720.