Your Legal Magazine
Page 10
I have been asked these questions recently and thought that this month I would share the answers with you. If you have a question please contact me and I will be happy to help.
Q. I have lost touch with my pension value since I moved to Spain, how can I find out how it is performing and what are my options?
A. Many people who come to Spain bring everything but leave one of their most valuable assets behind, the pension pot they have worked long and hard for in the UK. So there is a need to focus and establish what is yours, and more importantly, what is going to be your future income. We find lost pensions and even ones where we have been told by clients it has 'no value'. We then give the best options of what to do and all for no cost to you as the Trust Companies pay us a fee if we use them. Many of our clients are enjoying income, and have received lump sums from pensions they did not know existed.
Q. I have always invested in the UK but they are paying out less and less via banks and Building Societies, mainly below inflation. What option do I have that will keep my money in Stirling and protect its capital?
A. True, the days where there was a long wait to pay money into a Building Society on a Saturday morning have long gone. Living in Spain you still can protect capital, draw down interest, have low taxation and keep it in Stirling.
Female Focus
by Steve Iball Consultant deVere Spain
Many of our clients use traditional companies such as the Prudential where caution is their objective. Best speak to me for a review of your options and a guide to avoid inheritance tax as well.
Q. The man down the pub keeps talking about Modelo 720 asset declaration, saying why bother telling them what you've got – they will never find out! What does he mean and is he correct?
A. Pubs are great places to debate topics and exchange information, but in my experience, regarding financial topics there is always misleading and sometimes totally incorrect rubbish!
Modelo 720 was a Spanish law brought in 4 years ago to identify the assets that Spanish tax residents hold outside Spain. It is intrusive and thorough, but it is the current law. Falling foul of the strict reporting can damage your wallet seriously starting with a 10K fine.
Requirement is to report on owned assets at 31st December in three categories: cash, investments and property. The issue is in the detail - what do I report and how often, so check it out with me and see if you are effected, a simple phone call or email will prevent a costly fine.
To book your free financial health check, just pick up the phone and call Steve Iball at deVere on 610 822 484 or emailyour questions to
steve.iball@devere-spain.es.
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