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NEWS WRAP – HNWIs in Spain Braced for Budget

While the formation of a government headed by the socialist party’s Pedro Sánchez as prime minister, backed by the far-left “Unidas Podemos” party and its leader, Pablo Iglesias, now means that the government can begin to get on with the work of passing laws and fulfilling a parliamentary agenda, early proposals agreed by the two party leaders have revealed possible issues for some residents.

For example, HNW expats in Spain may face restrictions on their expat financial and tax planning opportunities. New government plans include:

  • The introduction of two new tax brackets – one for income over €130,000 and another for income over €300,000.
  • A review of HNWI tax contributions, with a view to ensuring greater revenue.
  • A review of the tax havens list and a moratorium on tax amnesties.
  • Greater regulation of SICAV investment vehicles.

At the moment, however, it is difficult to predict anything with certainty; it will not be until the coalition’s first budget that HNWI expats in Spain will know whether the coalition has been able to pass these intentions into law, so it will be incumbent upon expats to keep an eye on the political news over the coming months.

Blacktower Financial Management in Spain

Blacktower Financial Management can help HNWI expats in Spain plan their finances for the long-term, so they are well-placed to weather any political uncertainty and economic volatility.

This includes advising those who are moving to Spain, as well as providing advice to help resident expats optimise their assets, including real estate portfolios, investment vehicles and pensions.

For more information about how our international financial advisers may be able to help you, contact your local Blacktower office in Spain today.

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It is the first time in more than a decade that there has been a decline in the numbers of British pensioners abroad and it is thought that Brexit and the uncertain future of expat pensions are the major factors behind the decline.

Although the draft withdrawal agreement seems to have provided some security for Brits abroad concerned about their expat pension and legal residency rights, this is only assured until 2020,

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Cayman Islands Wooing International Investors

Profit graphProfessionals working in financial management in the Cayman Islands have many regional and jurisdictional advantages that they can bring to the benefits of their clients’ portfolios, whether they are standard retail investors who have built their wealth through pension schemes, diligent individual savers or institutional investors who are looking for a desirable place to do business.

These are all undoubtedly factors in why, according to the Cayman Islands General Registry, the number of Grand Cayman-registered companies recently reached an all-time peak, with steady growth in Grand Cayman investment on the part of expats just one of many causes behind the growth which also saw Cayman GDP rise by 2.8 percent in 2017, with a further 3 percent rise predicted for 2018 figures.

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