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 David Bowern


 

 

   

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Does Modelo 720 Infringe EU Law?
Tuesday, 08 December 2015

In 2012 the Spanish government announced that everyone resident in Spain will need to start declaring all their overseas assets worth over €50,000.  Modelo 720 (Form 720) was created for this purpose, and this obligation is separate from, and extra to, the annual income tax and wealth tax returns.  The penalties for failing to report assets are very high.

Earlier this year the European Commission (EC) reviewed the legality of Modelo 720 after several complaints submitted by different parties, including law firms and tax adviser associations in Spain.

 
Not All Portfolio Bonds Are The Same
Tuesday, 10 November 2015

With the Common Reporting Standard – the new global regime for the automatic exchange of financial information – commencing in January, this is a good time to review your tax planning to ensure it is fully compliant in Spain and also that it is as effective as it can be. 

Tax efficient investment wrappers, offered through a Spanish compliant bond, can be very effective in Spain.  You can hold different types of investment within a bond, and they provide considerable tax advantages as well as succession planning benefits.

 
Are You Ready For The New Automatic Exchange Of Information?
Tuesday, 13 October 2015

We are about to enter a new era for international tax planning and cross border wealth management.

January 2016 sees the start of a new global automatic exchange of information regime that affects everyone who has financial assets outside their country of residence.  Financial privacy is dead and buried, to the point where your local tax authority will passively receive information about your investment assets without having to ask for it. 

Everyone should be aware of what information will be shared about their income and assets, and consider what tax and estate planning arrangements are best suited for them and their family. 

 
To QROPS Or Not To QROPS?
Tuesday, 13 October 2015

Once you reach retirement age you need to carefully consider all your options for your pension funds, and how they affect your income, tax bills and the transfer of the balance to your heirs.  British retirees have a wide range of possibilities to choose from today, and expatriates have the further option of Qualifying Recognised Overseas Pension Schemes (QROPS) to consider.

 
10 Things to Consider When Moving to Spain
Tuesday, 22 September 2015

Are you planning to move to Chiclana de la Frontera?  What a good choice.  It is a lovely part of Spain, with so many different factors contributing to a very enjoyable and beneficial lifestyle.  Spain also offers many advantages from a financial point of view. 

 
New EU Succession Regulation Affects British Expatriates in Spain
Monday, 17 August 2015

A new EU regulation on succession comes into force on 17th August 2015. British expatriates living in Spain need to understand how it affects them.   They may need to take action to ensure their assets are distributed to their heirs according to their wishes.

 

European Succession Regulation EU650/2012, known as “Brussels IV”, was devised to provide certainty as to which law will apply in governing a succession.  It allows individuals to opt for the succession law of their country of nationality to apply instead of that of their country of residence.

 
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