Blacktowers Keith Llittlewood highlights financial issues to be considered by Expats living in Spain.

I have been a Qualified Financial Adviser for almost 30 years now.  25 Years in the UK for major institutions such as Natwest, RBS and Royal London.  I have been in Spain giving expats financial advice now for 5 years and it is quite remarkable the different approaches as well as advice that is required for an expat now living in Spain.  Blacktower is a company that has specialised in providing the best solutions for its clients living outside the UK for 30 years also.

The currency issue is always high on the agenda and a discussion for the long term future has to be taken onto account.  Questions like What will happen if one partner dies? Will the other remain in Spain? What about other family members? What Inheritance tax provisions do you have in place? The list goes on and on.

Existing portfolio’s and investments that were the mainstay of portfolios in the UK may now be obsolete.  An example of this is quite often tax efficient products in the UK like ISA’s and previously held TESSA’s PEP’s actually have low growth rates and provide no tax advantage to a Spanish fiscal resident.

Existing Pension holdings either paid by the state or private pensions built up through working lifetimes are topics that have to be covered.  Many expats have lots of small pensions from many ex employers and can be confused by the communications and administration in dealing with them.  At Blacktower we specialise in advising on how to consolidate and bring all these pensions together in one place.

Bank accounts and investments in Spain always bring up lots of questions too.  Quite often the small print associated with financial products in Spain is in Spanish this can make it very difficult even if you have a good grasp of the language.  Understanding Jargon in English is sometime difficult enough.  I provide clear easy to understand letters and documents in English so that you fully understand any terms and conditions before making a decision.

Advice on tax efficiency is just as important and offering good returns.  There are products available exclusively for Spanish expats that can provide invaluable benefits.  Having a good base knowledge of the tax implications both now and in the future is an essential ingredient to making a sound decision.

I can complete a thorough factfind, ask you the right questions, establish your individual needs, attitude to risk and capacity for loss and desired returns before providing you with a full written report of advice and my recommendations in plain English.  You will then have time to read and consider all the information before contacting me with how you wish to proceed.

If you need advice or if have any questions regarding the above you can contact me, Keith Littlewood DipPFS on 657 684 094 or email keith.littlewood@blacktowerfm.com

The above information was correct at the time of preparation and does not constitute investment advice and you should seek advice from a professional adviser before embarking on any financial planning activity.

Blacktower Financial Management (Int) Ltd is licensed in Gibraltar by the Financial Services Commission (FSC) and is registered with both the DGS and CNMV in Spain