At Speed Financial Solutions we often come across clients who hold assets both in Europe and the UK. Having a qualified taxation and trusts specialist as part of the team allows us to offer guidance to clients who have more complex financial situations such as holding assets in different tax jurisdictions.
Most expats would agree that navigating a foreign tax system can be stressful, even if you have a good command of the language! What is tax efficient in one country is not necessarily tax efficient in another. For instance, ISAs are extremely tax efficient in the UK, but are the opposite when living in Spain and other countries throughout Europe.
Also, owning property abroad may mean you are subject to overseas taxes. This can include unexpected consequences. For example, overseas property can become subject to local rules on inheritance tax or even forced heirship rules in the event of your death, resulting in an unplanned beneficiary inheriting your estate due to the legislation in the country in which you are living. It is therefore very important that you understand your own situation and options available to you to ensure that your beneficiaries are not left with unexpected tax bills, or even without the inheritance they thought they would receive.
Please contact us for more information.