Making a home in Spain? Five financial essentials to consider

If you have not yet moved to Spain, taking advice before you leave the UK could save you tax.

3) Inheritance planning

Understand how Spanish inheritance tax and succession law could impact your family.

By Jon

on investment capital. Do not presume that what was tax efficient in your home country is tax efficient here. You may need to convert existing arrangements to ones more suitable for Spanish residents. How you hold your assets can make a signifi- ments to confirm they are suitable for you now. Are you holding the right spread of assets to meet your objectives, time horizon and risk tolerance?

Spouses are generally not exempt from Spanish succession tax, while allowances and multipliers vary according to degree of kinship. The autonomous communities can adjust the rates and allowances and Valenciana, Murcia, the Balearics, Andalucía and Madrid have eliminated, or virtually eliminated, succession tax for spouses, descendants and ascendants.

Spain imposes forced heirship. UK nationals can use the EU succession regulation to opt for UK succession law to apply to their estate, if this is suitable for your family.

Is your portfolio too risky for you?

Do you need to hold more assets in Euros and diversify away from UK investments?

5) Pensions

Retirees should review their pension funds and options to consider how to maximise their retirement savings without unnecessary risk. Weigh up the pros and cons of each option and establish if they will achieve your objectives.

Research the tax implications in Spain. For example, transferring a UK pension to QROPS after you are Spanish tax resident will incur a prohibitive Spanish tax charge.

Integrated planning

The sooner you review your fi - best results, consider all these essentials in conjunction with each other. Often one will impact upon another so working on them in isolation could have unexpected consequences.

Ultimately, you want to achieve peace of mind that all your affairs are in order and designed to achieve your wishes. Taking professional guidance from a locally based adviser will ensure you have all the facts and understand your options.

The tax rates, scope and reliefs may change. Any statements concerning taxation are based upon our understanding of current taxation laws and practices which are subject to change. Tax information has been summarised; an individual should take personalised advice.

Keep up to date on the financial issues that may affect you on the

ELCHE City Council has begun the installation of perimeter alarms in the municipal outdoor swimming pools. This was announced by the councillor for Sports, José Navarro, in light of the acts of vandalism that have occurred in recent weeks and caused various incidents and the closure of the sports park facilities.

The security system emits an acoustic and light signal when trying to access the outdoor pools outside of opening hours to the public, but the alarm is also connected to the Local Police, who will come immediately after receiving the notice. “The protection of municipal facilities is a fact and we want to make the public aware that undertaking these acts of vandalism not only has economic consequences regarding maintenance, but also upon health, which is above all else,” Navarro said.

At the same time, surveillance has been in­

ORIHUELA Council has requested that the Segura Hydrographic Confederation clean up the reeds, mud and vegetation found in the river bed and ravines of the municipal area due to them being a prime breeding source for mosquitos.

As well as this, the state of the riverbanks would hinder the flow of water in the event of a large amount of rainfall.

The councillor for the Envi­