READERS' FAVOURITES

2021 - A YEAR OF MANY CHANGES

You've always needed PROFESSIONAL help, now it's vital

The year of the professional

‘Financial Pages in Spain’ provides information for English - speaking expats and Spanish property owners. Many changes are happening and have happened since the beginning of 2021 and it is ESSENTIAL that you only receive FINANCIAL ADVICE from suitably QUALIFIED and REGULATED individuals and firms. 

If you have ANY doubts, please ask EMAIL

Stay Safe

We live in difficult times and although face to face advice is not always available, modern technology allows the advice process to continue. I can still refer the readers of 'Financial Pages in Spain' to a suitably QUALIFIED and correctly REGULATED Financial Adviser.

The most popular posts over the last month were;

    

               UK Pension Transfers, QROPS & ALTERNATIVES

                           Hidden Costs & Charges

              Getting Best Advice  

                    Foreign Exchange beating the banks   

                     Misplaced & Lost UK Assets- £ Billions

Make sure you get good advice from an Independent, Regulated and Qualified financial adviser. I can introduce you to a suitable adviser who has passed my 'DUE DILIGENCE' test, please ask  EMAIL

1. UK PENSION TRANSFERS

QROPS and Other Alternatives

If your adviser doesn't consider alternatives to QROPS the you have the WRONG adviser! A bold statement but very true taking into account the changes in 2021. Then of course looking at ALL of your options is in your interests. You make the best decision for you

         UK Pension Transfers

2. FOREIGN EXCHANGE

Money Transfers – Beating the bank

Money Transfer - ONLINE, at the time YOU need it Even though personal movement is difficult, you still may need MONEY TRANSFERS. Please give this excellent service a try.

The post is OFTEN the most popular post in the month. With current foreign exchange rates very volatile and record lows of sterling, this is a GREAT PLACE to make a comparison and to By-Pass YOUR bank.

This excellent service, with rates to beat the banks and high quality customer service, by linking to the very best Foreign Exchange Platform – Currency UK Global. The service offers great rates on all major currencies

        Money Transfers – Foreign Exchange

3. GETTING BEST ADVICE

Qualified, Regulated and Experienced advice

It would be impossible on ONE page to list all of the changes brought about by UK leaving the Single Market and Customs Union These are just a few of the subjects where there are significant changes;

* Your relationship with you bank

* Your UK pension

* Your UK savings plans

* The regulations & qualifications your adviser MUST hold 

* Plus many more

I guarantee to refer you only to the correctly regulated, have UK and Spanish experience and hold the qualifications needed.

        
      Best Advice

4. HIDDEN COSTS & CHARGES

It’s worth checking if you are paying TOO MUCH for charges attached to financial & pension products.

However, if you have a personal financial adviser, who constantly gives ongoing good service, they will explain and deserve payment. But please make sure there are no charges deducted where no service is given and especially if they were NOT DISCLOSED

·         Hidden Charges

5. MISPLACED, FORGOTTEN & LOST ACCOUNTS

There are £ Billions awaiting rightful owners in the UK

The most common reason for mislaying assets is change of address. That of course will apply to the vast majority of expats.  It only takes about 5 or 10 minutes to check and even the most careful can find misplaced funds!

There are many different types of funds you might find, including shares, pensions, National Savings inc Premium Bonds, bank accounts, Building Society savings and much more. Please check the links in my post

·         Lost accounts

If I can help, I gladly will – Financial Pages in Spain is an INFORMATION site with NO ADVERTS

​David 

David Goodall

My Email

Financial Pages in Spain

Please ‘like’ Financial Pages in Spain on Facebook

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For wealth & health Stay Safe

Getting a Second Opinion

I recently looked at correspondence received from readers of ‘Financial Pages in Spain’ and can tell you the majority are summarised as;

Can you give me a Second Opinion?

For QROPS, QNUPS, UK Pensions, Investments and tax issues they are unhappy with the advice they have been given and send me examples.

Rather than guesswork people also ask me to recommend Accountants, Lawyers, Surveyors, tax advisers and other professionals. Any professional advice can be sought from ‘Financial Pages in Spain’

Some of the things people have said to me:

• ‘ It  looked like a mass produced report with just my name and personal details changed’

• ‘ They wanted an up front fee even to talk to me, funny they never mention that in their adverts’

• ‘ I was convinced the advice was wrong’ (by the way – it was!)

But they trust ‘Financial Pages in Spain’ and I am receiving comments which show a great deal of respect.

I’ll try to help. Email me

Can you help me to help you?

• Please send me both good and bad examples of reports you have received, from financial advisers, I’ll respect your privacy

• Tell me the names of Advisers who refuse to disclose commissions

• If the fees, charges and commissions are hidden in a report and not openly disclosed, please send examples

This sort of information will help everyone and help eradicate some of the greedy practices.

I may not have intended it when I started out but it seems that Financial Pages in Spain is becoming the respected second opinion.

* * * * * * *

Whatever your query, please write to me. My email is on this link

David Goodall

Financial Pages in Spain

davidgoodall.spain@gmail.com

Why go to Seminars?

'Free cheese is just a mousetrap'

All of the seminars I see advertised in the Expat Press might be better described as ‘Starting up the Sausage Machine’ It’s time to be aware – the big, impersonal firms call this ‘Seminar Season’.

Let me explain;

The primary purpose for holding the seminar is to maximise on telephone numbers, email and addresses. The more the better! It’s just the start of a predictable process.

The seminar is ‘informative’ but the commencement of a product sale. Imparting knowledge is completely dedicated to the aim of selling a specific product.

You are encouraged, whilst you drink their coffee or eat their cakes to see their ‘local expert’. His title (I’m not sexist but they are) could be all manner of exaggerations like Director, Partner, Regional Manager or Financial Planning Consultant. The only title he won’t have is actually what he really is – Salesman. He’s not an adviser, he doesn’t act as an agent, he represents the company as a salesman.

You complete a Fact Find. Most likely called Financial Planning Questionnaire or something equally pretentious but it comes to the same thing. The salesman will come back to you with a Report, just for you, within two to three weeks.

Remember that the salesman won’t tell you he is giving advice because if it all goes wrong later, somebody else is responsible!

Your Report, the one especially for you, is produced in what can best described as a Factory. It has pre-produced products called reports, which have six or seven changes added to match your circumstances. That’s why you completed the Fact Find, not to give you advice or plan your future requirements but for the Factory to produce your Report.

Most Reports you get will not disclose the commission being paid. This may come as a surprise, as in the UK, mandatory disclosure of commission has existed since 1993. Even if the company is FSA registered, they rarely disclose commission!

The Report may seem very professional but you were part of THEIR PROCESS not YOUR NEEDS.

I regularly recommend advisers and if you want individual financial planning please email me

The advisers I recommend will give you all of the following;

• An individual and appropriate process to establish your needs and an individual recommendation
• Always disclose commission and fully explain the charges associated with their advice
• Give you a NAMED individual who will be your adviser and who is ultimately RESPONSIBLE for the advice given
• Assess your attitude to investment risk and match that to any advice given
• Not charge an up front fee

Give me a few brief details of what you seek and I’ll be happy to make the appropriate recommendation to a Professional, Regulated and Qualified Financial Adviser. Just email me

You may wish to look at some other Posts from my Blog

Getting Professional Advice

http://expatsfrombritain.blogspot.co.uk/2012/01/getting-professional-advice.html

Getting a Second Opinion (important if you’ve had a ‘Report’)

http://expatsfrombritain.blogspot.co.uk/2012/01/getting-second-opinion.html

Tax Avoidance and Tax Evasion

http://expatsfrombritain.blogspot.co.uk/2011/04/tax-avoidance-and-tax-evasion.html

If there is just one major element of the 'Seminar' process it is this - FSA regulated firms who REFUSE to openly disclose commissions & charges - it's YOUR cash. Ask up front if they will declare all the commissions, in their Report. 

David Goodall

Financial Pages in Spain

davidgoodall.spain@gmail.com

July 2012 Review - Financial Pages in Spain

Taxation, Pensions and Positive Spain were the most popular posts during July 2012

Positive Spain? You may justifiably ask ‘why’ but it’s what the readers made the number one read post during July. ‘Spain – The Sun still Shines’ looks through the economic gloom at life in Spain

http://expatsfrombritain.blogspot.co.uk/2012/06/spain-sun-still-shines.html

There were two outstanding Taxation issues which were most popular in the last month

Spanish Inheritance Tax (ISD)

This detailed post sets out the essential differences between Spanish ISD and UK Inheritance Tax (IHT). It goes into detail of how the ISD works and the fundamental need for professional advice

http://expatsfrombritain.blogspot.co.uk/2011/06/spanish-inheritance-tax-isd.html

Five Taxes which affect Non-Residents

Originally written in April 2012, its popularity was maintained through July 2012. ‘Financial Pages in Spain’ can provide a PDF version, if required, by sending an email request. The full post is;

http://expatsfrombritain.blogspot.co.uk/2012/04/five-spanish-non-resident-taxes.html

Making up the top five read posts during July 2012 were two very relevant and current Pensions matters

UK Pension plan or scheme but you live in Spain

In many respects, this article is essentially about knowing your rights and what your options are. Many people who have contacted me are very pleasantly surprised about their choices.

http://expatsfrombritain.blogspot.co.uk/2011/08/uk-pension-scheme-or-plan-but-you-live.html

Additional QROPS – Update

Reading the popular and free press naturally limits information that the advertisers want to feed you. Readers of ‘Financial Pages in Spain’ have expressed surprise at finding a high quality (low volume) alternative. Maybe it’s in part as I have an exclusive arrangement which will NEVER be advertised in the Press.

http://expatsfrombritain.blogspot.co.uk/2012/07/additional-qrops-update.html

* * * * * * *

‘Financial Pages in Spain’ continues to grow, as I can see from the statistics. Whilst Spain and UK dominate the views of both the Website and Blog, there have been readers from 49 other countries including New Zealand, Malta, France and also Russia. The growth in Ireland has been very noticeable.

Any issues which arise can be answered on an individual basis if you email me. I’m happy to receive questions from anywhere but my real expertise relates to the UK and Spain.

I am happy to take suggestions from readers about future articles. Please email me with your own ideas or issues that you think need raising.

David Goodall

Financial Pages in Spain

davidgoodall.spain@gmail.com

May 2012 Review – Financial Pages in Spain

Topical issues

May 2012 was the second best month in the history of ‘Financial Pages in Spain’. There are many changes taking place which affect property owners and expats in Spain. Following this blog is a great way of keeping up to date.  Follow

At the end of the calendar month, I like to reflect on the main issues and topics on ‘Financial Pages in Spain’ during May 2012. The issues which were most read during the month covered these subjects

• QROPS 2012

• Non-Resident Taxes in Spain

• Tax Avoidance and Tax Evasion

These are the issues that contributed the most readership. I’m always pleased to receive emails either to seek further advice or to comment on my articles.

Using the statistics provided by my service contractor, I can also indicate the most popular posts in terms of the number of people who visited the pages. They were, in order;

1. New Generation QROPS 2012

Major changes have been made by the UK Government to the rules and regulations about Qualifying Recognised Overseas Pension Schemes (QROPS). Though only formally announced on 21^st March 2012, these changes became effective from the start of the new UK Tax Year on 6^th April 2012.

New Generation QROPS shows more detail.

2. Five Non-Resident Spanish Taxes

It has been gratifying to see this post as a popular selection since it shows that it is read not only by expats who have become Spanish residents but also Non-Resident Property Owners. One disturbing aspect is that I have had people say that they ‘did not know’ about taxes that are due until they received final notices or maybe worse, letters to their UK address!

Non-Resident Taxes in Spain

I was also contacted by a responsible Estate Agent who is using the information for his clients. I can send a .pdf format leaflet for anyone who asks. Just email me

3. Tax Avoidance and Tax Evasion

Question: What is the difference between Tax Avoidance and tax Evasion?

Answer: A prison cell

Somewhat dramatic but since tax evasion is illegal and can lead to a prison sentence (in Spain or the UK) well worth remembering. Tax avoidance, though not illegal does sometimes come into sharp focus, as organisations seek to find loopholes in legislation.

Tax Avoidance and Tax Evasion is the detailed post, including definitions

* * * * * * *

Financial Pages in Spain continues to grow, as I can see from the statistics. Whilst Spain and UK dominate the views of both the Website and Blog, there have been readers from many other countries including France, Malta and Canada. There is also a big readership in Ireland.

Any issues which arise can be answered on an individual basis if you email me. I’m happy to receive questions from anywhere but my real expertise relates to the UK and Spain.

I am happy to take suggestions from readers about future articles. Please email me with your own ideas or issues that you think need raising.

REMINDER from Financial Pages in Spain

I’ve owned property in Spain since 2002 and hate to think how much I’ve wasted on exorbitant bank charges on foreign exchange of the years!

So I’ve linked up for a new foreign exchange service. It is available in any major currency around the world but doesn’t offer cash transactions. This is a bank to bank arrangement and is priced to beat the major banks.

But you can test it for yourself! Get a quote from your normal supplier, and then get a quote from La Torre Fx.

Even on a transfer from the UK branch to the Spanish branch of my own bank, I made a big saving using La Torre Fx. It costs nothing to get a quote. But if it’s a better deal for YOU the application process is quite straightforward. Check here

Thank you for previous feedback and requests for referral. I’m looking forward now – June is my favourite month of the year in Spain

Recuerdos

David Goodall

Financial Pages in Spain

davidgoodall.spain@gmail.com

April Review 2012 - Financial Pages in Spain

Topical issues

At the end of the calendar month, I like to reflect on the main issues and topics on ‘Financial Pages in Spain’ during April 2012. The issues which were most read during the month covered these subjects

• New Generation QROPS 2012

• Professional Advice

• Tax Avoidance and Tax Evasion

These are the issues that contributed the most readership. I’m always pleased to receive emails either to seek further advice or to comment on my articles.

Using the statistics provided by my service contractor, I can also indicate the most popular posts in terms of the number of people who visited the pages. They were, in order;

1. New Generation QROPS 2012

Major changes have been made by the UK Government to the rules and regulations about Qualifying Recognised Overseas Pension Schemes (QROPS). Though only formally announced on 21^st March 2012, these changes became effective from the start of the new UK Tax Year on 6^th April 2012.

New Generation QROPS shows more detail.

     

2. Getting Professional Advice

I have been contacted by three expats in Spain who have been victims of appalling advice, bordering on fraud. Had these cases happened in the UK I would have referred them to either the Financial Services Authority (FSA) or the Financial Services Ombudsman.

But Spain is different and largely unregulated. It is still possible to get properly authorised and qualified advice.

     

I regularly refer readers of Financial Pages in Spain to authorised advisers that I have checked out.  Please email me for a referral

I deal, not just with financial advisers but also the following professionals;

·                                             Suitably qualified accountants

·                                             Professional lawyers

·                                             Chartered surveyors in Spain

·                                             Property professionals (AIPP)

·                                             Company formation for property ownership specialists

Getting Professional Advice is the detailed post.

3. Tax Avoidance and Tax Evasion

Question : What is the difference between Tax Avoidance and tax Evasion?

Answer : A prison cell

Somewhat dramatic but since tax evasion is illegal and can lead to a prison sentence (in Spain, Ireland or the UK) it is well worth remembering. Tax avoidance, though not illegal does sometimes come into sharp focus, as organisations seek to find loopholes in legislation.

Tax Avoidance and Tax Evasion is the detailed post, including definitions

* * * * * * *

Financial Pages in Spain continues to grow, as I can see from the statistics. Whilst Spain and UK dominate the views of both the Website and Blog, there have been readers from many other countries including Germany, France, Malta and Canada.

Any issues which arise can be answered on an individual basis if you email me. I’m happy to receive questions from anywhere but my real expertise relates to the UK and Spain.

I am happy to take suggestions from readers about future articles. Please email me with your own ideas or issues that you think need raising.

REMINDER from Financial Pages in Spain

I’ve owned property in Spain since 2002 and hate to think how much I’ve wasted on exorbitant bank charges on foreign exchange of the years!

So I’ve linked up for a new foreign exchange service. It is available in any major currency around the world but doesn’t offer cash transactions. This is a bank to bank arrangement and is priced to beat the major banks.

But you can test it for yourself! Get a quote from your normal supplier, and then get a quote from La Torre Fx.

Even on a transfer from the UK branch to the Spanish branch of my own bank, I made a big saving using La Torre Fx. It costs nothing to get a quote. But if it’s a better deal for YOU the application process is quite straightforward. Check here

Thank you for previous feedback and requests for referral

David Goodall

Financial Pages in Spain

davidgoodall.spain@gmail.com

February 2012 Review – Financial Pages in Spain

Topical issues

At the end of the calendar month, I thought I would reflect on the main issues and topics on ‘Financial Pages in Spain’ during February.

• QROPS in 2012

• Tax Avoidance and Tax Evasion

• UK Pension Plans

These are the issues that contributed the most feedback. I’m always pleased to receive emails either to seek further advice or to comment on my articles.

Using the statistics provided by my service contractor, I can also indicate the most popular posts in terms of the number of people who visited the pages. They were, in order;

1. QROPS in 2012

2012 is going to bring some momentous changes to the QROPS arrangements and rules. The draft regulations relating to QROPS published recently have the potential to completely change the QROPS landscape. It is becoming accepted that there is likely to be little by way of alteration to the draft regulations and QROPS jurisdictions are looking to adapt with effect from the 6 April 2012 implementation date.

I wonder now if HMRC will even get the new regulations published by 6^th April 2012!

I shall use this Blog to continue to keep up to date as decisions are made or you can email me for something related to your own circumstances

http://expatsfrombritain.blogspot.com/2011/12/qrops-in-2012.html

2. Tax avoidance and Tax evasion

      Tax Evasion - Definition

      Unlawful attempt to minimise tax liability through fraudulent techniques to circumvent or frustrate tax laws, such as deliberate under-statement of taxable income or wilful non-payment of due taxes.

Tax Avoidance - Definition

Lawful minimisation of tax liability through sound and perfectly legal financial planning techniques.

Whereas tax avoidance is legal, tax evasion is not. The subjects are covered in the following post;

http://expatsfrombritain.blogspot.com/2011/04/tax-avoidance-and-tax-evasion.html

3. UK Pension Scheme but you live in Spain

The post lists 26 different types of UK pension schemes or plans and this does not include QROPS, QNUPS or Section 615 which are International plans. This shows how complex the whole subject is, and also why professional advice should be sought Email me to speak to a recommended adviser.

There are good solutions and everyone has their unique requirements. If you got a report and it looks like a mass produced document with your name included get a second opinion!

http://expatsfrombritain.blogspot.com/2011/08/uk-pension-scheme-or-plan-but-you-live.html

* * * * * * *

Financial Pages in Spain continues to grow, as I can see from the statistics. Whilst Spain and UK dominate the views of both the Website and Blog, there have been readers from many other countries including Germany, New Zealand, Malta and USA.

Any issues which arise can be answered on an individual basis if you email me. I’m happy to receive questions from anywhere but my real expertise relates to the UK and Spain.

I am happy to take suggestions from readers about future articles. Please email me with your own ideas or issues that you think need raising.

REMINDER from Financial Pages in Spain

I’ve owned property in Spain since 2002 and hate to think how much I’ve wasted on exorbitant bank charges on foreign exchange of the years!

So I’ve linked up for a new foreign exchange service. It is available in any major currency around the world but doesn’t offer cash transactions. This is a bank to bank arrangement and is priced to beat the major banks.

But you can test it for yourself! Get a quote from your normal supplier, and then get a quote from La Torre Fx.

Even on a transfer from the UK branch to the Spanish branch of my own bank, I made a big saving using La Torre Fx. It costs nothing to get a quote. But if it’s a better deal for YOU the application process is quite straightforward. Check here

David Goodall

Financial Pages in Spain

davidgoodall.spain@gmail.com