UPDATE:
If someone referred you to an unqualified quack doctor you wouldn’t thank them for it, would you?
If you have emigrated or plan to, then it helps to know and understand your existing scheme. The rules which are ‘set in stone’ in theUK
David Goodall
If someone referred you to an unqualified quack doctor you wouldn’t thank them for it, would you?
Well
here’s a deal: I’ll never send you to an unqualified, unregulated financial
adviser and I will check them out beforehand. Also, I promise you there
will be NO upfront charges.
Background
The peak year for house
purchases by UK & Irish citizens in Spain Spain
Many emigrated with the
specific intention of making Spain
Major Changes
How many of you readers are
affected by one or more of the following changes?
- Exchange rates
I
made a comparison of mid February 2006 to 2019. Using a sum of £500, say a
monthly income or pension the exchange rate reduced. €734 in 2006 became €560 in 2019.
- Interest rates
If
you have savings or investments based on interest rates, you won’t need me to
spell it out. Have you considered any alternatives? This would be a vital part a Financial Healthcheck with a fully qualified adviser.
Interest
rates that affect us are set by the European Central Bank and Bank of England and at present, low rates are likely to continue
- Mortgages
If
interest rates are low, this must be good for mortgages, so you would think.
However, there are two factors which cloud this issue;
- Because of past mistakes, which lead to bank
closures, it can difficult to get a mortgage.
- Many people, especially those who borrowed high
percentages often can’t get out of deals they made in earlier years. If
you are paying more than 2.25% you definitely need a review
The
mortgage market has changed substantially in the 13 years since 2006. If you need help with getting a mortgage I can put you in touch with a major company who have been successful in the past My Email
- UK Pension Schemes
If you have emigrated or plan to, then it helps to know and understand your existing scheme. The rules which are ‘set in stone’ in the
One
of the values of a Financial Healthcheck is for the adviser to understand and
tell you exactly what you have now and to compare with the alternatives. The
Financial Conduct Authority (FCA) is very strict
about pension transfers. You should fully understand your rights & options. To help this, I only ever recommend QUALIFIED and fully INDEPENDENT financial advisers.
- QROPS and other OPTIONS
The
concept of QROPS became available in 2006 but did not really have a market
until 2008. Along the way, there have been many major changes and 11 year old schemes are hardly recognisable today and almost CERTAINLY need reviewing by a PENSIONS SPECIALIST.
In 2019, whilst QROPS suit many expats, International SIPP's are often a very realistic option. Unless your adviser considers ALL OPTIONS then you have NOT received best advice.
In 2019, whilst QROPS suit many expats, International SIPP's are often a very realistic option. Unless your adviser considers ALL OPTIONS then you have NOT received best advice.
Remember
QROPS or SIPP's are a UK
This
subject is so complex that it cannot be dealt with in a paragraph.
The
headline topic for me is that Spanish ISD is levied on the death of the first
spouse or partner. It’s bad enough becoming a widow(er) without having to pay a
tax too! This can be avoided by careful planning. I will put you in touch with a suitably qualified adviser
It’s
also important to understand the difference between residency and domicile
which affects these two taxes in a major way.
One
factor which affects most UK
expats and property owners in Spain ,
unlike other taxes there is NO double taxation agreement between UK & Spain
- Spanish compliant Investment Bonds
If you have had an investment bond for more than five years it definitely needs a review. In recent times the charging structures have been reduced and you maybe losing a benefit. As I only recommend Qualified and Regulated advisers you can seek best advice. I addition, there are many companies offering Investment Bonds so it is important that the advisers I recommend are Independent too.My Email
This is just a sample! When
did you last review your finances? Can you get better arrangements? Can you
save money? Can you cut your tax bill?
Whatever your objective, you
can get help. A Financial Healthcheck, without obligation and no upfront fees
can be arranged with a regulated, qualified & independent financial adviser. If the advice
involves a pension transfer, a specialist consultant will check your
suitability.
YOUR Financial Healthcheck
Please send me a few outline
details, so that I can source the right adviser for you. In particular, the
subject(s) you want to discuss, age(s), your concerns and the area where you
live. It will also help if you can give a contact number and the best time(s)
to call.
After checking out where you
stand, with peace of mind you can get back to living the dream!
Further Reading
More detailed information
can also be accessed from Financial Pages in Spain
David
David Goodall
Financial Pages in Spain
