When you move to Spain you will be faced with a new set of tax rules that will have a significant impact on your savings and investments. What was tax efficient in the UK is unlikely to be tax efficient for you in Spain. They may feel like a safe option, but tax efficient plans in the UK such as ISA’s and UK investment bonds will no longer provide you with the same tax benefits when you become resident in Spain – even winnings from Premium Bonds are taxable. Worldwide bank interest is taxed as savings income in Spain.
With the introduction of Common Reporting Standards your information can be passed seamlessly between providers and tax authorities and disclosure of all investments and income is essential to avoid punitive measures from the Spanish tax office.
The good news for you is that there are tax efficient investments available to Spanish tax residents where capital can grow free of tax which will allow you to maximise returns from your investments and minimise your tax liability.
Our cross border financial planners are here to help you transition your investments from the UK to Spain in the most tax efficient way and to manage these assets on your behalf over the longer term.
It is important that your financial plan is specifically structured for your individual circumstances taking into account your current lifestyle and plans for the future. Using Cashflow Modelling analytics, we can assess your asset position to make sure that your current levels of savings are sufficient to sustain your lifestyle throughout your retirement years.
With years of experience of providing financial advice to Expats in Spain, our financial advisors can arrange a financial consultation to assess your current position and work with you to devise and create a financial plan and allow you to enjoy your life in Spain with peace in mind that your assets are in good hands.
Contact us today and speak to an independent financial advisor about how we can help you and your family achieve your financial planning goals and objectives in Spain.