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Five Key Retirement Questions for Expats in Spain

If you live in Spain, or are thinking of moving to Spain for your retirement, it is essential that you seek expat financial advice in order to give you the best possible chance of successfully protecting and growing your wealth.

Blacktower Financial Management has offices in Barcelona as well as Costa Del Sol, Costa Blanca, Costa Calida and on the Balearic Island of Mallorca. From these branches, our team members can help expat retirees throughout Spain take care of their wealth management and retirement investment needs.

In this guide we take a look at some key questions for expats in Spain.

Blacktower’s Nexus Fund Reaches £100m Milestone

London – July 2019: Leading wealth management provider, Blacktower Financial Management Group has announced value of £100m under its Nexus Global Solutions Portfolio. 

Launched in 2013 and managed by industry heavyweight, Quilter Cheviot, the funds, Nexus Global Dynamic Portfolio and Nexus Global Solutions Portfolio, were originally conceived by Blacktower Group as means to provide its clients with access to award-winning investment DFM solutions.

The Nexus Solutions Portfolio is managed by David Miller, Investment Director of Quilter Cheviot.

PRR Proposals Could Place Unfair Burden on New Expats

House and CalculatorHMRC proposals to dispense with private residence relief (PRR) could be a stumbling block for expat’s wealth management plans as significant amounts of capital gains tax relief could be lost if the proposals become law. But what is PRR, and what does PRR mean for new expats?

ABI and FCA Highlight Pensions Advice Shortfall

FinanceReceiving independent, regulated financial advice on an expat retirement transfer is essential for any person who is considering the possibility of converting their existing pension scheme into a QROPS or SIPPS.

However, analysis by the Association of British Insurers (ABI) and the Financial Conduct Authority (FCA) reveal worrying trends.

In 2018, the FCA published research findings showing that during the 12-month survey period 91% of UK adults did not obtain regulated financial advice.*

Custodial Sentence for Pensions Fraudster

PrisonAn investigation by The Pensions Regulator has for the first time resulted in an immediate custodial sentence for the perpetrator of professional pensions fraud, after William Bessent, an accountant who used his position as the trustee and administrator of a pension scheme to steal his clients’ savings, was sentenced to 40 months in prison. He pleaded guilty to multiple fraud charges, making prohibited employer-related investments, and separate charges of acting as a director while disqualified.

The landmark case, being heard at Preston Crown Court* will also hopefully result in the return of stolen funds. On July 5 the courts will seek to obtain a confiscation order in order to make Bessent repay the remainder of the money he owes; he has so far repaid £80,000 but owes a further £200,000.

Expat Financial Advisers and Wealth Tax

The structure of your wealth and your tax affairs should always depend on the particular laws and regulations of where you reside in the world as well as the nature of your long-term goals. The expat financial services market has evolved in order to help cater to these considerations and in some cases this includes helping ensure clients meet the demands of wealth tax.

The notion of wealth tax is an easy one to understand – a tax levied on personal capital above a certain threshold or thresholds – but it is by no means universally embraced as economic good sense, not least because it often may serve only to keep high net worth individuals from emigrating to a high wealth tax jurisdiction.

The Three SIPPs

Yes, No, MaybeWhat are your options as an expat in Europe with a UK pension? Do you leave it in place and hope for the best or do you investigate your options and see if there is a product that is perhaps a better fit for your goals and circumstances?

Before you make any decision you need to consider that your pension is likely to be the key to your long-term financial security and only by taking considered action informed by advice from an experienced wealth manager are you going to give yourself the opportunity to make a confident decision.

Sweden Prepared to Manage Brexit in All Eventualities

If you are an expat in Sweden, wealth management that takes account of your cross-border financial interests is a must.

However, with Brexit looming there is currently an added layer of concern, with the UK's imminent separation from the EU undoubtedly relevant to certain components of any British expat's wealth management strategy.

Fortunately, and despite a constant deluge of disturbing headlines that could easily have you believing otherwise, there is little chance that British citizens living in Sweden will need to make any fundamental changes to their outlook.

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