A complimentary financial review
If you are applying for your Spanish Residency or have relocated to Spain, there are many aspects to consider. One which is often neglected until it’s too late is reorganising your financial affairs. This can prove costly as redeeming portfolios and taking pension benefits may be more costly once you become a Spanish Resident. Therefore we recommend strongly speaking to our in-house financial advisor, who will provide a complimentary review of your existing pensions and investment portfolios and where necessary, advise how these can be held in Spanish Tax efficient products.
Obtaining the incorrect advice can be bad for both your wealth and health and therefore we at Expat Services only use a fully regulated advisory company to ensure that our clients receive the same standard of advice in Spain as they would receive in the UK.
Our team will spend time getting to know you and through the completion of a detailed fact find will ensure that you receive a full financial health check. Many of the Investments and Pensions that you have built up in the UK prior to moving here simply do not have the same benefits in Spain and can cause unnecessary tax consequences.
Below are just some of the areas that we can help with and ensure that you are financially secure for your new life in Spain.
Savings and Investments
Many UK clients have a multitude of investment products that have in the past provided them with tax efficient returns. We have always been encouraged to invest into ISA’s, Bonds, Premium Bonds and Fixed Deposit accounts. Whilst this works in the UK, these products simply do not attract the tax benefits in Spain. There are however Spanish Tax efficient products provided by large financial companies that provide the same level of security and also provide tax efficiency both for Spanish Income Tax, Capital Gains and Inheritance Tax. They also remove the need to complete the famous Modelo 720. Investments can be structured in both Sterling and Euros and can be invested for Income or Growth.
There are many types of pension schemes and understanding their benefits and restrictions for many can prove troublesome. Although there are government backed advice centres, they often direct you to a Qualified Financial Adviser. Moving overseas can provide further opportunities not available to those that remain in the UK and advice can be given on Defined Benefit Schemes, UK Private Pensions and Qualified Overseas Pension Schemes. Our adviser will provide a detailed examination of your existing schemes and advise if a transfer is in your best interest.
For more information please contact us at Expat Services and we will be delighted to help.