Hacienda, or the Spanish taxman to you and me, has granted significant tax advantages for savings & investment plans held by Spanish Tax Residents, under certain conditions.
The advantages are considerable and further compounded as the Hacienda treats non-compliant investments negatively with extra reporting and punitive taxation every year.
Are your existing investments safe from punitive tax?
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.
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.
Norway’s novel wealth management strategy of allowing taxpayers to pay additional tax if they feel their mandatory contributions are an insufficient reflection of their true capability to pay has yielded a perhaps unsurprising result: since the scheme’s launch in June just $1,325 in extra revenue has been raised.
The voluntary contributions strategy was initially mooted as a response to criticisms that Norway’s centre-right government was over-enthusiastically cutting taxes while simultaneously increasing spending.
My recent meetings with clients have largely revolved around transferring pensions out of the UK into Qualifying Recognised Overseas Pensions (QROPS to you and me). Without exception, all of my new clients have been scared to discuss their UK pensions with a Financial Adviser in Spain because of headlines like the one above (Financial Times – March 10, 2017).
As an expat the way you pay tax and how your regular savings may grow could be very different to how it is at home in the UK, which is why all expats need to be fully aware of the financial systems of their chosen country of residence.
For instance, if you have moved to the Netherlands for work, or you’re considering a move in the near future, changes to a beneficial tax break could be on the horizon meaning your entitlement to tax-free income is cut.
Italy has introduced a new 'non-dom' tax incentive which may see many wealthy British expats relocating to its shores, as well as convincing rich Italian expats to return. The new measure was approved by the Italian parliament in December as part of Italy's Finance Bill 2017.
It ensures that foreign residents will be exempt from Italian tax on all offshore income and gains for a flat-rate tax charge of €100,000 (about £84,000). For a further €25,000, the tax exemption can be extended to family members.
Linking probate fees to the size of a person’s estate is effectively a tax on bereavement. Families with large estates in the UK will now have to start considering ways to reduce the size of their estate before they die.
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