ChiFRA

Of course, you can review your financial planning any time to ensure it is on the right path, but the New Year is the perfect prompt to do so if you have not taken a fresh look for a while. Perhaps it is even more important this year as we navigate a post-Brexit world.

Over one hundred countries are now automatically sharing financial information on taxpayers to expose tax evasion – and tax authorities are starting to benefit.

There has never been more tax transparency than today. With the ‘Common Reporting Standard' (CRS) global initiative now in full flow, tax offices across the world are keeping track of taxpayers’ offshore assets and accounts through the automatic exchange of information. And they are increasingly starting to follow up on discrepancies. 

When the Brexit transition period officially ends on 31^st December 2020, UK nationals lose the automatic right to come and go in Spain that has been in place for 48 years. From 1^st January 2021, only those who have already established lawful Spanish residence or EU citizenship will have unlimited access to the country.

So, if you spend a lot of time in Spain but intend to remain UK resident, things are about to become much more complicated. Similarly, if you are thinking about moving to Spain after 2020, you will need to jump through more hoops than if you moved today.

Not much is certain as we head into the final stretch of 2020. Unfortunately, with no end in sight for the global coronavirus pandemic and still no final word on Brexit, we can expect things to remain unsettled for some time. While no-one can predict exactly what’s around the corner, there are some steps you can take to make your financial position as secure as possible.