April Review 2012 - Financial Pages in Spain

Topical issues

At the end of the calendar month, I like to reflect on the main issues and topics on ‘Financial Pages in Spain’ during April 2012. The issues which were most read during the month covered these subjects

• New Generation QROPS 2012

• Professional Advice

• Tax Avoidance and Tax Evasion

These are the issues that contributed the most readership. I’m always pleased to receive emails either to seek further advice or to comment on my articles.

Using the statistics provided by my service contractor, I can also indicate the most popular posts in terms of the number of people who visited the pages. They were, in order;

1. New Generation QROPS 2012

Major changes have been made by the UK Government to the rules and regulations about Qualifying Recognised Overseas Pension Schemes (QROPS). Though only formally announced on 21^st March 2012, these changes became effective from the start of the new UK Tax Year on 6^th April 2012.

New Generation QROPS shows more detail.

     

2. Getting Professional Advice

I have been contacted by three expats in Spain who have been victims of appalling advice, bordering on fraud. Had these cases happened in the UK I would have referred them to either the Financial Services Authority (FSA) or the Financial Services Ombudsman.

But Spain is different and largely unregulated. It is still possible to get properly authorised and qualified advice.

     

I regularly refer readers of Financial Pages in Spain to authorised advisers that I have checked out.  Please email me for a referral

I deal, not just with financial advisers but also the following professionals;

·                                             Suitably qualified accountants

·                                             Professional lawyers

·                                             Chartered surveyors in Spain

·                                             Property professionals (AIPP)

·                                             Company formation for property ownership specialists

Getting Professional Advice is the detailed post.

3. Tax Avoidance and Tax Evasion

Question : What is the difference between Tax Avoidance and tax Evasion?

Answer : A prison cell

Somewhat dramatic but since tax evasion is illegal and can lead to a prison sentence (in Spain, Ireland or the UK) it is well worth remembering. Tax avoidance, though not illegal does sometimes come into sharp focus, as organisations seek to find loopholes in legislation.

Tax Avoidance and Tax Evasion is the detailed post, including definitions

* * * * * * *

Financial Pages in Spain continues to grow, as I can see from the statistics. Whilst Spain and UK dominate the views of both the Website and Blog, there have been readers from many other countries including Germany, France, Malta and Canada.

Any issues which arise can be answered on an individual basis if you email me. I’m happy to receive questions from anywhere but my real expertise relates to the UK and Spain.

I am happy to take suggestions from readers about future articles. Please email me with your own ideas or issues that you think need raising.

REMINDER from Financial Pages in Spain

I’ve owned property in Spain since 2002 and hate to think how much I’ve wasted on exorbitant bank charges on foreign exchange of the years!

So I’ve linked up for a new foreign exchange service. It is available in any major currency around the world but doesn’t offer cash transactions. This is a bank to bank arrangement and is priced to beat the major banks.

But you can test it for yourself! Get a quote from your normal supplier, and then get a quote from La Torre Fx.

Even on a transfer from the UK branch to the Spanish branch of my own bank, I made a big saving using La Torre Fx. It costs nothing to get a quote. But if it’s a better deal for YOU the application process is quite straightforward. Check here

Thank you for previous feedback and requests for referral

David Goodall

Financial Pages in Spain

davidgoodall.spain@gmail.com