Contact

News & Insights

Pre-move Spanish wealth management

Get Your (Old) House in Order

Moving is stressful even at the best of times, but the difficulties can be compounded when you are relocating across borders with all the administrative tasks involved. It can be tempting to bury your head in the sand and ignore legal obligations to liaise with your creditors, particularly as your UK credit score bears no relevance on your capacity to receive credit in Spain.

However, whether it’s regarding store card or mortgage debt, by letting all creditors know that you are moving and arranging a payment plan, you should have peace of mind and, importantly, the time and mental space you need to pay your debts.

It can be useful to remember that – the initial capital expenses of a move aside – the cost of living in Spain is significantly cheaper than that of the UK, which may give you more freedom and flexibility when it comes to structuring your finances, including the amount of taxes you will need to pay in Spain.

Also, it’s worthwhile remembering that you may one day choose, or need, to return to the UK. Whether you do this because you are missing the British Isles and the rain-soaked lifestyle or because of unavoidable family circumstances, you do not want to be returning unnecessarily to a queue of creditors, all eager for you to settle your debts. Such a situation would also result in you receiving a low credit score, which, if you have any pressing financial needs, could prove disastrous.

Spanish Wealth Tax

The Spanish Wealth Tax requires all residents in Spain (those who live in the country for 183 days a year or more), including expats, to declare and pay tax on overseas assets worth more than €50,000. Failure to disclose assets can result in a €10,000 fine as well as further sanctions, so it is worth being clear about this from the very start – expert financial advice can help in this regard as there may be ways you can structure your wealth to reduce liability.

Contact Blacktower Today

At Blacktower, we aim to make your transition to expat life as financially advantageous as possible. We provide bespoke financial advice on all matters including, Spain’s wealth management options, tax planning, international pension and education planning. Many of our team are expats themselves, so we know what we’re talking about!

Download our Spain Tax Guides here.

This communication is for informational purposes only and is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice from a professional adviser before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, we are not responsible for any errors or omissions.

Other News

Tax Return Deadlines for Expats in the Netherlands

StopwatchIf your expat financial adviser in the Netherlands has not alerted you to the fact already, you should be aware that the deadlines for Dutch tax returns are looming. Depending on your circumstances, these are as follows:

  • 30 April – This is the general deadline and applies to the majority of taxpayers in the Netherlands
  • 1 July – This is the deadline for most non-residents, including those who are newly arrived in the Netherlands as well as all other parties who qualify as M Form taxpayers (those who have only spent part of the tax year in the Netherlands due to immigration or emigration)
Read More

Why Portugal makes for one of the best retirement destinations

Holidaymakers at the beachPortugal is hands down one of the best places for expats to retire to (certainly in the eyes of our Portugal team). And you just need to look at the statistics to realise how popular it is as a retirement destination.

For example, Live & Invest Overseas have ranked the country’s popular southern region, the Algarve, as the best place in the world to retire for four years in a row.

This is further backed up by HSBC’s Expat Explorer Survey, which is based on research conducted by YouGov, polling over 27,500 expats from 159 different countries. According to the report, 42 percent of expats in Portugal are retired, compared with a global average of just 11 percent. And out of these retirees, the overwhelming majority (96 percent) rated the country as good or very good, showing the reason that once your working years are over, so many choose to retire to Portugal.

Read More

Select your country

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