Your Legal Magazine
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September, the month to sort your finances out after a hot and usually expensive summer, so let’s look at the important matters to consider.
Choice of IFA – Ensure they are regulated in Spain with DGS and not just registered – the big difference is that you have the protection under a Regulated IFA in Spain DGS. Size matters – because if your individual adviser is ill or returns to the UK you need a large company who will replace that individual and have the back up of head office support and technical expertise, products and funds selection.
Too much news and technical information in the media to make the correct choice of investment – BBC news, national newspapers and local radio are full of disturbing sound bites of worrisome layers of information, some conflicting and some just wrong. Well a good IFA should have two ears and one month to be able to understand your concerns and
expectations and action a solution for you.
What’s hot this month Pension freedom on UK and overseas pensions ie QROPS, this is where you can access more monies than previously but you need to have a full discussion with a qualified IFA to explain the implementations on tax costs and making the pension pot last your lifetime. Wealth management for people living in Spain more than 183 days. If this applies to you, you are officially a tax resident here and need to ensure you manage your money in a tax efficient way and grow it at least 4% above inflation. Modelo 720 starts in October so for people living here more than six months now is the time to get your assets in order to avoid fines, late penalty charges and additional costs Reporting deadline is 30th March 2016. Inheritance tax is a tax of choice, in the main you either plan to avoid it or your family or beneficiaries pay it at a distressing time.
Saving for the future, for our younger readers. Education and income post retirement are critical so take steps to understand the numbers for the future.
I am very happy to take questions either on my mobile or email, at no cost other than your time, on any of the topics above or anything else. Lots of people contact me and are surprised how user friendly I am.
For more information on any financial matters you may have contact me on
steve.iball@devere-spain.es or mobile 610 822 484.
Female Focus
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