Female Focus - Now in our 22nd year!
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In this article I have four key topics to discuss, Modelo 720, working for the UK government, the markets, and the impact on the Euro.
Modelo 720 This is the third year on reporting of assets held overseas for Spanish residents, two points to report or not and the need to update any changes. Report or not, three sections - cash, investments and real estate. Spanish residents who hold in excess of 50k Euros as individuals in cash, investments, or have property outside Spain worth more than 20k at the date of purchase or inheritance must report. Spanish residents who already reported should report if their assets in cash and investments have increased by 20k Euros. In addition if you have sold, given the assets away, changed from cash to investments or property or where the assets belonged to a recently deceased person, a report should be presented. Speak to your accountant or gestor as soon as possible as the final date is 30th March (but it should done by 13th).
UK and local Government employment frozen pensions - the deadline of April 2015 is rapidly approaching to enable individuals living outside UK to move their pensions from UK to a pension trust and allow access to a lump sum and annual pension from aged 55 years old. This option is critical for people living in Spain who want to control and manage what will be their lifestyle income as after April this will not be allowed. Therefore there is an urgent need to establish the values of all pensions to see if they are able to be transferable. I have seen a rapid increase in numbers of people enquiring as they realise the importance of managing this income for their future lifestyle.
The markets and investments Wow the price of fuel has rapidly gone down so petrol payments have decreased, so allowing more spending on more interesting items. This does have an impact on the stock markets so expect volatility over the next 6 months. The Euro is in favour for anyone who has Stirling income and spends it here in Spain - the rate could raise even further and I think 1.38 is not out of the question soon.
I have taken a lot of calls from people who are concerned about their finances and hopefully they received good advice at no cost! So don’t concern yourself or worry about an issue, contact me on
Steve.iball@devere-spain.es or mobile 610 822 484.
Female Focus
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