HMRC report details French QROPS

Your cash is earning nothing in the bank, in fact it’s actually losing its worth in all probability because of the corrosive effect of inflation.  Even ostriches have to raise their heads at some point, if only to breathe.

Quite frankly it’s time for people to start taking control of their money instead of letting the banks bleed them.  In the days we are in now with increased life expectancy, a longer wait for retirement and the pension freedoms that there are around, there could not be a better time for savers to act and improve their lot.  So you go to see a financial adviser, what is he going to say?

Spanish newspaper ABC has reported that tax authorities in the country are cracking down on expats who fraudulently claim Gibraltar residency for the purposes of wealth management.

Apparently the measures have already led to the collection of €20 million from 160 high-net-worth individuals (HNWIs) claiming residency in Gibraltar when in fact they lived in nearby Andalucía. This meant that, on average, €125,000 was collected from each HNWI.

Jorge Ramírez, a representative of the Tax Agency in Andalucía, told the newspaper, “A tracking system was used to collect verifiable documentary evidence, and we found some Gibraltarians whose primary financial interests were actually entirely situated in Spain.”