BENEFITS OF BECOMING SPANISH TAX RESIDENT
Want to live in Spain but are worried about the tax implications
Want to review your whole financial structure and consider any alternatives to ensure you don’t pay too much tax in Spain
Want to speak to someone discretely about your finances before making the decision to move to Spain permanently
Want to discuss the benefits and pitfalls of declaring Spanish Tax Residency
Want to make sure now you have your TIE that you don’t end up paying tax unnecessarily in the UK AND Spain
Want to time your tax residency in the best way possible to avoid paying too much tax in either the UK or Spain
If ANY of the above statements apply to you, read on …
We often find when we are first approached that people fall into a number of categories …
Lived in Spain for years but never completed a Spanish tax return
Realise that post BREXIT they need to make a decision on where to live due to the 90 day rule whereas prior to BREXIT it was possible, although not ideal, to live ‘under the radar’ to a large degree and spend unlimited amount of time in Spain whilst declaring UK tax residency
Want to move to Spain permanently but prefer to know how it will affect their income tax and inheritance tax liability before making the move
Want to consider all the tax implications of making a move to Spain
What are your options?
Often people have avoided Spanish Tax residency due to fear of the unknown. This is totally understandable, especially when you consider that it is not unusual in Spain for each ‘professional’ you ask for advice to give you a different answer!
Having a qualified taxation and trust 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.
There are a number of benefits, too wide to explain here, on becoming Spanish Tax Resident. The main thing is not to bury your head in the sand or let fear of the unknown put you off making that move, and in my opinion seek professional advice from a company like Speed Financial Solutions who have advisers with both qualifications AND experience of the UK and Spanish tax systems.
For instance, we can explain what type of investments and savings are tax efficient for you as a resident of Spain and what to avoid. How to set up your pensions in the most tax efficient way and take advantage of the special tax breaks available to you as a resident of Spain. Another benefit available to you as a Spanish resident is the ability to sell your main home once you reach age 65 without paying capital gains tax. On the flip side we come across many expats who have UK property rental income … this is not a tax efficient income in Spain and we can explain the alternatives.
We offer a bespoke and strictly confidential service, first considering your requirements and then finding the best solution to match your needs. If you want to ensure that you are set up in the most tax efficient way in respect of your income tax and succession planning when you live abroad, we have the perfect solution, including Spanish Compliant Investments, QROPS and QNUPS where appropriate.
We have an in-house qualified Taxation and Trust specialist who will oversee the advice provided to ensure that the solution we recommend is in your best interest.
Contact us today to find the right solution for you.