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Make Sure You Receive Financial Advice Before Investing in a Tourism Property

What about investing in property to create a tourism or leisure business?

In 2018, according to the National Statistics Institute (INE), 82.8 million people visited Spain, and their average spend increased from that of 2017.* The tourist arrival figures broke records for the sixth year in a row, so against this background you would think investing in the industry would be a no-brainer.

However, the truth is rather more complex, as, unless you know the lie of the land, your long-dreamed-of cooking, yoga, writing or detox retreat, may struggle to turn a meaningful profit. This is not to say that you should not invest, only that you should perhaps discuss your plans with a wealth manager to see whether there might be better ways to utilise your investing power.

Property and Wealth Tax

It is important to remember that if property ownership results in the total value of your assets exceeding €700,000 (Spanish-only assets for non-residents, worldwide for residents) you will be liable for wealth tax of between 0.2% and 3.5%.

Although there is €300,000 main home allowance, any additional homes you own in the UK or elsewhere could mean that there is little financial sense in also investing in Spanish holiday let property.

Quite simply, property ownership in Spain may not be the most flexible and tax efficient way to manage your wealth. Instead, you should speak with a local and bilingual financial adviser in Spain about the best way to realise your financial goals.

Financial Advice in Spain

Blacktower Financial Management (International) Ltd. has more than thirty years’ experience helping its clients achieve their financial and retirement goals.

From our offices in Spain we are able to help our expat clients successfully manage their wealth and cross-border tax affairs.

For more information contact us today.

* elpais.com

Other News

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

Discretionary Fund Management – The Choice of the Savvy Investor

Blackboard with business planning ideasDiscretionary fund management (DFM) is an increasingly important component of the expat financial advice offering.

There are many reasons for this; from the way it frees time for the adviser to focus on wealth management, to the flexible, bespoke and client-focused level of service offered by the DFM firm. It is all about providing solutions that work for the client, and by allowing a trusted, expert third-party to make decisions related to asset allocation and fund selection, clients can have increased confidence that they will achieve their financial goals.

Read More

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