Savings and Investments

Where you save your funds can be quite important in Spain. Many people will have saved for retirement here in the sunshine, and it is a well known fact that, as we get older, we do not want to take as much "risk" with our money, as we perhaps did in our 30's or 40's. So when assessing your requirements, I will tailor my recommendations to suit your "comfort zones". In all cases, when you agree to place funds in a recommended product, the payments go direct to the company concerned and not to me, the adviser. My income comes, as you would expect, from the product provider.

I know that it may seem to you that taxation keeps appearing in every page of this website. I make no apology for that, because everything you do financially, in Spain, hinges around one of the major tax situations.

Of course, you need to have access to everyday money, but beyond that your overall circumstances need to be looked at, to make sure that you are away of the implications of where you have your savings now. Having funds in an "offshore" bank account in say Jersey, still commits you to paying "withholding tax" to the UK, and the returns may not keep up with the inflation rate in Spain, which as at May 2008, is about 4%. This is higher than the UK.

Additionally, if you keep funds "visible" and not protected from Inheritance Tax in Spain, you could potentially be giving your children a large tax bill, when you eventually shuffle off this planet.

There are other options, which are Spanish Compliant, which also give you greater tax efficiency.

The latest investment area, which is attracting a lot of interest is QROPS ( approved Residents Overseas Pension Schemes) whereby it is possible to transfer funds in a pension scheme to a qualifying investment, in order to get access to all funds after 6 years. I am not personally authorised to give advice on these products, but can put you in touch with someone, who is. These are complex products, which require a high level of specialised advice from qualified advisers, in the UK.

For a full review of your circumstances, please call or e-mail me or complete the enquiry form by clicking the button on the home page.