Cayman Islands Wooing International Investors

If you are resident in Spain (if you live here more than 183 days in a calendar year, the Spanish tax authorities and in turn the UK HMRC will class you as Spanish resident) and held assets outside Spain as at 29 December 2017 worth over Euro 50,000, and you haven’t already declared them on a Modelo 720, you need to so by the end of March.

You may ask why should you bother, well unless you want a huge fine and possibly tax audit (they can legally go back to 2012) it is in your best interests to do it.

Some of you may still be under the impression that the reporting of assets is not a legal requirement; if this is the case then sadly I have to tell you, you are mistaken. On 15 February 2017, the European Commission accepted that Spain has the right to require residents to declare overseas assets. While the Commission disagrees with the severity of punishments for late or inaccurate submissions, the requirement to submit the Modelo 720 form is not under challenge. The EU and the UK say it is a legal requirement.

Education and school fees planning is a major concern for any person looking to provide the best opportunities in life for their children or grandchildren. It’s a serious enough burden whoever and wherever you are in the world, but if you are one of the several million British expats living abroad, the issue can seem particularly daunting.

Especial empathy should be reserved for those families who have chosen, whether it is for work, lifestyle, health or other concerns, to move abroad and to send their children to private boarding schools back in the UK.

For parents in this position just a small change in their financial circumstances can occasionally place their children’s private education at risk. Fees can be onerous and effective wealth management planning can mean the difference between comfortably affording them or finding the bill a distinct headache.