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UK Pensions – preparing for retirement in Spain? Image

UK Pensions – preparing for retirement in Spain?

November 19, 2021

It is easy to forget about your finances when you focus more on the mechanics of how to complete your retirement relocation to live in Spain. Your plans may be more occupied with things such as ‘what removal company shall I use?’ or ‘is it necessary to learn to speak Spanish?’ 


A common mistake made by many Brits as they move to Spain is to start to review their finances once their relocation is complete, only to find that there are tax consequences that could have been avoided by more detailed planning in advance.


It is important that those who are close to relocating to Spain consider the tax implications of accessing their UK pensions in Spain and assess whether it is sensible to close UK based investment accounts and when is the best time to do this.


Many Brits who move to Spain to live are unaware that transferring their pensions out of the UK when they relocate can allow them to access their pensions benefit in a much more tax efficient way, if structured correctly.


We specialize in UK expat tax advice and have a thorough knowledge of Spanish Taxation. We can review your current arrangements in order to make sure that you are accessing your pension benefits in the most tax efficient way available. Please do get in touch with us today to discover how we can help you.


Give us a call today on +44 207 998 0570 or e-mail enquiries@fwm.gi to book your free, no obligation consultation to discuss your specific cross-border financial planning needs.