Strategic financial planning for 2023 and beyond

Regardless of how effective your tax planning in the UK was, you pretty much need to start afresh in Spain. What was tax efficient in the UK is unlikely to be tax efficient here. Explore the compliant arrangements available in Spain to establish what would work for your situation and how much tax you can save.

spouse , which can have unwelcome consequences for certain families unless you plan ahead. UK nationals can use the EU succession regulation to distribute their estate under the appropriate UK law, but research this first to confirm if it’s the right solution for you.

Financial structuring for life in Spain

adequate diversification? Could you consolidate shares and funds so they are easier to manage?

At the same time, consider your tax liabilities on investment income and gains, as well as wealth tax, and whether you could use tax-efficient arrangements to hold your investments as resident of Spain. And how will these savings be passed to your heirs? What inheritance taxes will they pay? Can the funds be passed on directly or through a lengthy probate process?

By David Bowern, Partner, Blevins Franks

Spain is no simple matter and how you own assets can impact on what you can achieve.

Spanish residency and taxation

The fact that you are resident in Spain, rather than the UK,

Estate planning

The way you own assets can impact on how you can distribute them on death and how much tax your beneficiaries pay, so take this into consideration early on. The Spanish succession tax rules differ greatly from the UK’s and you need to understand these to be able to plan around them.

Spanish succession law estab -

Perhaps the key rule for financial planning is that it must be specifically structured around your personal circumstances –your lifestyle today and plans for the future, family situation, income requirements, objectives, time horizon and risk tolerance.

If you don’t already have a strategic financial plan in place for Spain, you need to take a completely fresh look at your investments and consider if they

Every family is different. Your strategic financial planning must be carefully designed for you. All the various aspects should work cohesively together to create an overall wealth management plan that provides long-term financial security for yourself and achieves your wishes for your heirs. For peace of mind take specialist advice.

This article should not be construed as providing any personalised taxation and/or investment advice.

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