Financial Pages in Spain - Key Issues

Since starting in August 2010, Financial Pages in Spain has grown to over 150 posts. Whilst time moves on, many of the issues remain the same, but need updating. This is a summary of the most popular posts over the last year, by important categories;

Pensions

• UK Pension Scheme but you Live in Spain

This post lists 30 different types of UK Pensions Schemes to help readers understand what the might have. There are then a series of questions and answers

http://expatsfrombritain.blogspot.co.uk/2011/08/uk-pension-scheme-or-plan-but-you-live.html

• QROPS – Comparing Jurisdictions

Following very substantial changes to the rules and regulations, in April 2012, QROPS (Qualifying Recognised Overseas Pension Schemes) have changed substantially. Here is an update of the key jurisdictions for QROPS

http://expatsfrombritain.blogspot.co.uk/2012/08/qrops-2012-comparing-jurisdictions.html

• QNUPS (Qualifying Non-UK Pension Schemes)

These were introduced in 2010 under arrangements to shelter retirement income producing assets from UK Inheritance Tax (IHT). British nationals who are Spanish residents often, mistakenly, think that IHT doesn’t apply to them

http://expatsfrombritain.blogspot.co.uk/2012/07/qnups-qualifying-non-uk-pension-schemes.html

• UK Overseas Pension Schemes

This summary will be of interest to expats who work, are near retirement or already retired. It includes a summary of Section 615 schemes for those who work in Spain.

http://expatsfrombritain.blogspot.co.uk/2012/08/overseas-pension-schemes-updated.html

Our hard earned pensions are often our second biggest asset (even if you didn’t know it). You need PROFESSIONAL ADVICE to look after your future income and protect its capital value. Please email to be referred to an adviser I have thoroughly checked.

Taxation

• Tax Avoidance and Tax Evasion

These issues are topical though I am regularly annoyed that newspapers, broadcasters and politicians confuse the two. Its easy to deal with tax evasion – it’s illegal. Tax avoidance is legal but much more complex. Seems to me that most taxpayers, in any country, want to AVOID tax as long as they are not illegally EVADING tax!

http://expatsfrombritain.blogspot.co.uk/2011/04/tax-avoidance-and-tax-evasion.html

• Five Non-Resident Taxes

This is an issue which never fails to amaze me.  I’ve produced a PDF which anyone can request. I suspect that everyone who owns property in Spain should be checking out. Just email me

http://expatsfrombritain.blogspot.co.uk/2012/04/five-spanish-non-resident-taxes.html

• Spanish Inheritance Tax (ISD) - Impuesto sombre sucesiones y donaciones

The first important fact that expats and property owners should know is that UK IHT and Spanish ISD are not covered by a Double Taxation Agreement or Treaty. British nationals are often shocked to learn that ISD is payable on the death of the first spouse or partner.

http://expatsfrombritain.blogspot.co.uk/2011/06/spanish-inheritance-tax-isd.html

Whatever your taxation position and even your liability in the future, planning is key. Email and I’ll link you to a professional if you give me a brief outline.

Investment Planning

• Why Invest Offshore?

Well certainly NOT for tax evasion! Offshore investment suits a surprisingly large number of expats and property owners. It’s certainly worth investigating but only through professional advice.

http://expatsfrombritain.blogspot.co.uk/2012/07/why-offshore-financial-planning.html

• Tax Efficient Savings for Expats

This includes long term investments as well as traditional savings. For the expat there is often the added complication of foreign exchange differences too.

http://expatsfrombritain.blogspot.co.uk/2012/03/tax-efficient-savings-for-expats.html

Other Important Issues

• 10 Things that some advisers won’t tell you

When someone first told me, I didn’t believe it! Many advisers, even those saying they are regulated by FSA, refuse to disclose commission which has been a UK rule since 1993. These nine other abuses too. I can refer you to advisers I have carefully checked if you email me.

http://expatsfrombritain.blogspot.co.uk/2012/09/ten-things-some-advisers-wont-tell-you.html

• Getting a Second Opinion

Financial Pages in Spain will gladly give a second opinion to any advice received – just ask!

http://expatsfrombritain.blogspot.co.uk/2012/09/getting-second-opinion.html

• La Torre Fx – Foreign Exchange

It’s online and available 24 hours per day, every day of the year. After setting up the account, it can be used over and over again. Your first use takes a little longer to comply with necessary ID checks, but after that it’s super-quick! The rates offered have been specifically targeted at beating the banks and giving you the bonus

http://expatsfrombritain.blogspot.co.uk/2012/05/unrivalled-foreign-exchange-la-torre-fx.html

Enjoy Spain – avoid the usual pitfalls and can I suggest that you follow ‘Financial Pages in Spain’

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David Goodall

Financial Pages in Spain

Getting a Second Opinion

I recently looked at correspondence received from readers of ‘Financial Pages in Spain’ and can tell you the majority are summarised as;

Can you give me a Second Opinion?

For QROPS, QNUPS, UK Pensions, Investments and tax issues they are unhappy with the advice they have been given and send me examples.

Rather than guesswork people also ask me to recommend Accountants, Lawyers, Surveyors, tax advisers and other professionals. Any professional advice can be sought from ‘Financial Pages in Spain’

Some of the things people have said to me:

• ‘ It  looked like a mass produced report with just my name and personal details changed’

• ‘ They wanted an up front fee even to talk to me, funny they never mention that in their adverts’

• ‘ I was convinced the advice was wrong’ (by the way – it was!)

But they trust ‘Financial Pages in Spain’ and I am receiving comments which show a great deal of respect.

I’ll try to help. Email me

Can you help me to help you?

• Please send me both good and bad examples of reports you have received, from financial advisers, I’ll respect your privacy

• Tell me the names of Advisers who refuse to disclose commissions

• If the fees, charges and commissions are hidden in a report and not openly disclosed, please send examples

This sort of information will help everyone and help eradicate some of the greedy practices.

I may not have intended it when I started out but it seems that Financial Pages in Spain is becoming the respected second opinion.

* * * * * * *

Whatever your query, please write to me. My email is on this link

David Goodall

Financial Pages in Spain

davidgoodall.spain@gmail.com

Why go to Seminars?

'Free cheese is just a mousetrap'

All of the seminars I see advertised in the Expat Press might be better described as ‘Starting up the Sausage Machine’ It’s time to be aware – the big, impersonal firms call this ‘Seminar Season’.

Let me explain;

The primary purpose for holding the seminar is to maximise on telephone numbers, email and addresses. The more the better! It’s just the start of a predictable process.

The seminar is ‘informative’ but the commencement of a product sale. Imparting knowledge is completely dedicated to the aim of selling a specific product.

You are encouraged, whilst you drink their coffee or eat their cakes to see their ‘local expert’. His title (I’m not sexist but they are) could be all manner of exaggerations like Director, Partner, Regional Manager or Financial Planning Consultant. The only title he won’t have is actually what he really is – Salesman. He’s not an adviser, he doesn’t act as an agent, he represents the company as a salesman.

You complete a Fact Find. Most likely called Financial Planning Questionnaire or something equally pretentious but it comes to the same thing. The salesman will come back to you with a Report, just for you, within two to three weeks.

Remember that the salesman won’t tell you he is giving advice because if it all goes wrong later, somebody else is responsible!

Your Report, the one especially for you, is produced in what can best described as a Factory. It has pre-produced products called reports, which have six or seven changes added to match your circumstances. That’s why you completed the Fact Find, not to give you advice or plan your future requirements but for the Factory to produce your Report.

Most Reports you get will not disclose the commission being paid. This may come as a surprise, as in the UK, mandatory disclosure of commission has existed since 1993. Even if the company is FSA registered, they rarely disclose commission!

The Report may seem very professional but you were part of THEIR PROCESS not YOUR NEEDS.

I regularly recommend advisers and if you want individual financial planning please email me

The advisers I recommend will give you all of the following;

• An individual and appropriate process to establish your needs and an individual recommendation
• Always disclose commission and fully explain the charges associated with their advice
• Give you a NAMED individual who will be your adviser and who is ultimately RESPONSIBLE for the advice given
• Assess your attitude to investment risk and match that to any advice given
• Not charge an up front fee

Give me a few brief details of what you seek and I’ll be happy to make the appropriate recommendation to a Professional, Regulated and Qualified Financial Adviser. Just email me

You may wish to look at some other Posts from my Blog

Getting Professional Advice

http://expatsfrombritain.blogspot.co.uk/2012/01/getting-professional-advice.html

Getting a Second Opinion (important if you’ve had a ‘Report’)

http://expatsfrombritain.blogspot.co.uk/2012/01/getting-second-opinion.html

Tax Avoidance and Tax Evasion

http://expatsfrombritain.blogspot.co.uk/2011/04/tax-avoidance-and-tax-evasion.html

If there is just one major element of the 'Seminar' process it is this - FSA regulated firms who REFUSE to openly disclose commissions & charges - it's YOUR cash. Ask up front if they will declare all the commissions, in their Report. 

David Goodall

Financial Pages in Spain

davidgoodall.spain@gmail.com