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Why are British expats so keen on moving to Spain from UK? Image

Why are British expats so keen on moving to Spain from UK?

February 16, 2021

What is the attraction of living in Spain?

 

Is it the incredibly good quality of life? Perhaps it’s the fact they have an unenviable healthcare system? Are you attracted by the safe and secure environment?

 

Whatever it is once you have relocated to Spain you can expect:

 

  • All year-round sunshine.

 

  • Amazing food – Mediterranean diet.

 

  • Excellent quality of life.

 

  • Vibrant British Expat community.

 

  • Low cost of living.

 

That appeals to your emotions, right? It’s all about your lifestyle choices in retirement. But of course, the rational mind needs to consider the financial consequences and implications of moving abroad. There are so many different things to consider including:

 

  • Reviewing your current tax residency status and assessing the impact, if any, of the UK statutory residency test.

 

  • Reviewing your domicile status to calculate any liability to UK inheritance tax.

 

  • Calculating any immediate liability to capital gains tax and understanding your current income tax position.

 

  • Retirement planning – reviewing your present pension provision and using cash flow modelling to produce managed, objective based retirement planning forecasts.

 

  • Conducting a thorough analysis of your investment and retirement plans to ensure these are the most tax efficient they can be in your country of residence.

 

There is a lot to consider in a short space of time. We provide financial planning services for expats in Spain. We can help you with your relocation plans or if you are already resident in Spain; we can help you get things right as far as your financial planning is concerned.

 

Ultimately the solutions available to protect your wealth in Spain will depend on how your assets are currently structured, your personal financial situation and your financial requirements.

 

Speak to one of our financial advisors in Spain about how we can tailor our financial planning, tax planning, retirement planning and succession planning services to meet your needs.