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Articles in this section are supplied by David Bowern, Partner at Blevins Franks.
Find out more about David on their website.
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| David Bowern |
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Finance
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Sunday, 27 June 2021 |
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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%.
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Finance
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Sunday, 27 June 2021 |
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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.
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Finance
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Tuesday, 18 May 2021 |
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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.
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Finance
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Tuesday, 18 May 2021 |
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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.
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Finance
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Tuesday, 13 April 2021 |
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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.
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Finance