QROPS and Brexit negotiations

Many UK nationals have accumulated savings and investment portfolios using an array of options, such as National Savings to Individual Savings Accounts (ISAs), Personal Equity Plans (PEPs) and Premium Bonds. Unfortunately, once you take up residence in Spain, the tax incentives provided by the UK schemes fall away and the income and gains may become wholly taxable under Spanish law.

When you move to a new country, it is a major change and should prompt a complete review of your wealth management to ensure it is as effective as possible for your new life. Similarly, if you have lived in Spain for a number of years, it would be wise to have a full review of your saving/investment/pension position to ensure optimum benefits. We take a look at some of the most common investment types and what your move to Spain might mean for your finances. 

If you are serious about receiving the best financial advice in Spain, chances are any adviser you choose will recommend that, in the absence of a committed property investment strategy, you do not invest too heavily in Spanish real estate.

However, for the enthusiastic expat who has recently fallen in love with the country and the idea of owning a small piece, or perhaps a larger chunk, of its picturesque and romantic charms, it can be hard to resist.

But the truth is that there is often a reason why a property might be going at a bargain basement rate. For example, investment in whole abandoned villages in isolated locations such as Aragón and Galicia has recently become something of a phenomenon, when the reality is that the outlay, which can be under €100,000, will buy you little more than a dilapidated shell without water, gas, electricity, telephone or internet services. So, making your bargain purchase habitable in these circumstances is likely to cost at least ten times as much the initial purchase price.