News & Insights

Do you hold substantial cash in Spain? If so read on….

The lady in question is ready to sell her Spanish house and liquidate everything she has in Spain in order to move back to the UK. The house is jointly owned with her late husband, however, due to an unclear land registry issue, the value of the house allegedly cannot be ascertained in order to calculate the inheritance tax due on all of the Spanish assets, including fairly large amounts in the Spanish bank.

Because the tax has not been ascertained, the Spanish bank has frozen every account that my client has, in full. She has no access to any money other than her small monthly pension that she has had to divert from being paid into her Spanish account to her UK bank account. The bank, and the law, doesn’t care that she is now unable to pay utility bills, communication bills etc. Whatever the minutiae of the breaches of the law, I find the entire position my client finds herself in quite immoral.

Thankfully, I am in the process of releasing the cash that she invested with us all those years ago to her UK bank so that she can get on with her life and breathe easily again.  By chance, had she not followed our recommendation, this cash could also have been frozen in its entirety.

When investing, most people are concerned with the return they will get on their money, but the bigger picture for us as advisers is the way the investment is packaged so that problems can be avoided when inevitable life circumstances occur – and the above story is a perfect example.  So, if you do have large amounts of cash located in Spain, think about my client’s story, then give me a call to ask what we might suggest based on your circumstances.        

Other News

How to be financially prepared for 2023?

This past year has proved precisely how unpredictable the economy can be, and how quickly the changes can impact investments and our day-to-day lives This turbulence can be deeply disruptive, not only to our finances but also to our quality of life and mental health,  especially when you are in the process of trying to […]

Read More

Making 2016 financially secure

For so many, the new year brings new resolve to look into long-term financial plans; plans, perhaps, that have been neglected or put to the back of the mind in the year just passed.

It’s a busy old time of year for IFAs (independent financial advisers) because each January we see customers taking stock and seeking advice. This is a good thing, but it takes decisiveness and a certain amount of nerve to finally grasp the nettle and put plans into action.

Read More

Select your country

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