Getting The Right Financial Advice in Spain
Read this before making any investment or moving your pension in SpainLiving in Spain is a dream for many people. Some expats move to Spain when they retire. Others save up and take early retirement. Now, with so many jobs available which can be carried out from anywhere in the world, many expats work in Spain.
Whatever your reason for moving to the Costa Blanca or the Alicante region, it is advisable to make sure your finances are in a healthy state.
You probably have dozens of questions to ask about any savings, your tax position in Spain or even when you should apply for Spanish residency. And there are plenty of people only too ready to give advice, particularly on social media.
For instance, they will tell you to take out residencia or residency in Spain within 90 days of moving abroad. But stop right there! This might not actually be the right time for you. Before applying for residency or registering as a tax resident in Spain, take advice about your pensions and investments so you don't get a nasty shock - or tax bill - when it's too late to do anything about it.
Once you've moved to the Alicante region, questions going through your mind could be:
- Should I take my pension benefits before or after I become a Spanish resident?
- When should I apply for Spanish residency?
- I'm selling my house in the UK but renting in Spain, will I pay tax on the profits if I become a Spanish resident?
- When is the right time to sell my UK home?
- When should I register for tax?
- How much income tax will I pay?
- What is wealth tax and does it apply to me?
- Should I transfer my pension overseas to a SIPP or QROPS?
If you want the answers to these or any other questions, you need to get proper financial advice from a qualified professional.
We can't recommend strongly enough that you make sure your financial advisor is regulated, experienced and qualified. Many people have lost their pension pots or seen their savings disappear because they assumed the company was regulated and the advisors were acting in their best interests.
Ask to see their credentials before parting with any money or signing anything.
For honest advice from a professional independent advisor, we recommend Debbie Evans of Scottsdale Overseas to all our clients. Debbie lives in Javea and holds the PFS Diploma and the G60 pensions specialist qualification. She worked in the financial sector in the UK before moving to Spain.
Scottsdale Overseas is regulated by the FSC in Gibraltar, which mirrors the Financial Conduct Authority regulations in the UK.
You can contact Debbie at Scottsdale Overseas to make an appointment to make sure your hard-earned money and pension pot is working in the right way for you.
Read our blog on Living in Spain for more information
Read our blog on Moving to Spain too