ChiFRA

Andrew Southgate, Private Client Manager, Blevins Franks

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When investing, a long-term, diversified strategy usually produces better overall returns than chasing short-term gains.  

Given current Brexit concerns and global economic uncertainty, we hear many people ask whether this is a bad time to invest. The simple answer is that it is not so simple! Generally, the most sensible approach is to invest for the long-term rather than wait on the side-lines for the ‘right time’.

                           Andrew Southgate,Private Client Manager, Blevins Franks

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It used to be fairly common for people to own Spanish real estate through onshore and offshore corporate structures, particularly properties valued over €1 million.  

While there may be different reasons for choosing this ownership method, many people were aiming to avoid taxation, particularly Spanish wealth tax and/or succession and gift tax.

But we are living in a very different world now. Over the last decade governments the world over, including Spain, have successfully implemented methods to crack down on tax fraud, to both prevent future tax evasion and uncover past transgressions.  They have now also set their sights on ‘aggressive tax planning’ structures. 

With still no certainty on the timing and form of Brexit – be it hard, soft, no-deal or even no Brexit at all – it is difficult for expatriates to plan accordingly. We are often asked, for instance, what will happen to UK pension rules for expatriates after Brexit, but the reality is that no-one, not even the UK government, knows for sure.

However, when it comes to rules for expatriate pension transfers, it is likely that things may change. So if you are already retired or planning to retire in Spain, take steps now to review your pension options under current rules.

Andrew Southgate,Private Client Manager, Blevins Franks

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How long does it take to earn money for yourself instead of the taxman? "Tax freedom day" varies greatly by country, but good tax planning can help reduce your burden, wherever you live.

If you ever had the feeling that you have spent half your working life just paying tax, you are not far wrong. What with income tax, national insurance/social security, capital gains tax, VAT, council tax, excise duties and so on, a considerable amount of our income goes straight to the taxman each year.