search.noResults

search.searching

note.createNoteMessage

search.noResults

search.searching

orderForm.title

orderForm.productCode
orderForm.description
orderForm.quantity
orderForm.itemPrice
orderForm.price
orderForm.totalPrice
orderForm.deliveryDetails.billingAddress
orderForm.deliveryDetails.deliveryAddress
orderForm.noItems
Female Focus


continued from previous page What does this mean for expats living in Spain?


There are two main areas of concern. The first is for those who live in Spain for more than 183 days a year but have not correctly registered as a Spanish resident – you should apply for the official documentation as soon as possible to ensure you are paying your taxes correctly.


The second relates to the Spanish ‘Modelo 720’ which is a legal requirement to declare overseas assets worth more than €50,000 or GBP equivalent, to the Spanish tax authorities each Spring. Failure to make this declaration currently results in a minimum fine of €10,000 per asset group and up to 150% of unpaid taxes. The Automatic Exchange of Information will ensure that the Spanish tax authorities receive this information whether you have made the declaration or not, but if they find out before you complete the Modelo 720, then the fines will apply.


It is important to understand that financial arrangements set- up for UK residents, including ISAs, Premium Bonds, UK Investment Bonds and others, are not Spanish compliant. They are not designed for Spanish residents, can create complex accounting requirements and will not generally offer tax benefits here in Spain.


There are equivalent products available for Spanish residents created by well-known institutions like The Prudential and Old Mutual Wealth, which are, subject to suitability, available to Spanish residents through Chorus Financial. These products are not reportable under Modelo 720 and offer tax efficient growth in a similar manner to their equivalent UK products.


Page 11


Over 1000 distribution points!


This is for information purposes, and should not be taken as advice or an invitation to apply. If you have any questions about these products or their suitability for you then please contact us for more information. Investment contracts are intended as medium to long term investments, and all investments have some level of risk. Fees and charges for these investments can vary and will be fully explained to you before any advice can take place.


Now, more than ever, is the time to ensure that the financial advice you receive is suitable, with solutions designed for your life here in Spain. The team of experts at Chorus Financial are here to answer any of your questions and provide you with free, independent, fully regulated advice, without pressure or obligation.


Please call me, Tracy Storer, today on 693 107 044, or email t.storer@chorusfinancial.es for your free consultation.


Tracy Storer is Senior Partner at Chorus Financial and has been advising expats in Spain on their financial planning and investment matters for more than 5 years.


Chorus Financial is a trading style of Tourbillon L i m i


t e d, authorised and


regulated by the Financial Services Commission (Gibraltar), Licence Number FSC1118B and registered with the UK FCA as an EEA Authorised firm, reference 539348.


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60