When you are moving to Spain, it’s really important to set aside some time to think about your financial situation – and especially how your worldwide estate will be affected by your move.
Your pensions, and any other assets that you have, are likely to be affected by your move – and you will also need to make sure that you know exactly how you are going to fund your new life in Spain.
Our main recommendation in this area is to speak to a financial advisor about all of your options – after all, tax planning is precise and can be complicated in areas, but it is so important to ensure you have everything correct. Some of the most important things that you will need to discuss include:
- Releasing equity from your UK home to contribute to your Spanish home
- Paying off any debts before your move
- Researching the right Spanish bank for you
- What your residency options are, and what each one could mean for your personal situation
- The effect of currency fluctuations on any money you will be paying into Spain
- Whether you should continue to keep savings and investments in the UK, or move them to Spain
- Capital Gains tax and other property-related taxes and costs
- Inheritance tax