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 David Bowern


 

 

   

 

 

 

Articles in this section are supplied by David Bowern, Partner at Blevins Franks. 
Find out more about David on their website.

 

    

 David Bowern      



Spain: Andalucía reduces property purchase taxes for 2021
Sunday, 27 June 2021

If you are planning to buy a property in Southern Spain, 2021 is the year to do it! 

At the end of April, the Andalusian government unexpectedly announced that it was reducing the taxes applied on real estate purchases in the region.  This applies whether you are looking for a full-time home, a holiday home, or to be able to apply for Spain’s Golden Visa and its residence benefits.

The ATP transfer tax has been reduced from the 8%-10% sliding scale to 7% – which can result in sizable savings – and the AJD stamp duty from 1.5% to 1.2%.

 
Understanding ‘lawful’ and ‘tax’ residence in Spain
Sunday, 27 June 2021

Brexit has highlighted the importance of understanding and correctly following Spain’s residence legislation, and anyone who has not yet applied for a residence permit has new rules to navigate.

 

There are two different concepts of residence you need to be aware of and plan for:

·       Lawful residence – your rights, as a national of one country, to live and work in another.

·       Tax residence – the country which has taxing rights over your worldwide income, gains and wealth. 

Getting either of these wrong could have serious consequences, such as being deported or facing a tax investigation, back taxes and penalties.  

 

 

 
Will Spain’s 2021 tax enforcement plan affect you?
Tuesday, 18 May 2021

It’s easy to understand why so many people want to live in Spain, particularly to enjoy their retirement years.  The lifestyle and climate provide many benefits and the wide variety of locations and properties suits all tastes and budgets. While there are a few pros and cons to weigh up, we find the biggest concern for many is taxation. 

 

 
Do UK pensions now attract wealth tax in Spain?
Tuesday, 18 May 2021
Generally, Brexit has not affected the tax treatment for UK nationals settled in Spain, as the UK-Spain double tax treaty determines how Spanish residents are taxed on UK assets. However, there may be a change in the way UK pensions are treated when it comes to Spanish wealth tax.  
 
Why it’s time to ‘think local' for your financial planning
Tuesday, 13 April 2021

In these times of restrictions and lockdowns, our worlds have become a lot smaller. Whether this will have a long-term effect on your travel, lifestyle and shopping habits will be a personal matter. But with Brexit now here, UK nationals living in Spain have good reason to permanently ‘think local’ when it comes to financial arrangements.

Just as UK citizens lost automatic EU freedom of movement on 1st January, many UK financial businesses lost the right to provide banking and investment services within the EU. If you are Spanish resident but still use a UK bank account, other financial products or a UK-based financial adviser, make sure you check where you – and your money – stand.

 
4 key benefits of effective tax planning
Tuesday, 13 April 2021

As well as a lower tax bill for you and your heirs, strategic tax planning can help provide estate planning advantages and boost investment returns.

When it comes to your savings and investments, is your main objective to preserve your wealth, provide an income or generate growth? Perhaps it is all of the above? Whatever the answer, tax planning plays an important role in protecting and making the most of what you have.

While the tax tail shouldn’t necessarily wag the investment dog, there are numerous benefits to strategic tax planning, especially for expatriates who have cross-border considerations. Here are four of them. 

 
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