January is a time when many people reflect on the previous 12 months and look ahead to what they can improve over the coming year and beyond.
Do you already have a considered, strategic wealth management plan in place? If not, this is a good time to stop and review your investments, pensions and tax planning to evaluate if they are ready for what 2013 may have to bring and, importantly, if they are designed with a long-term view to preserving your wealth and meeting your objectives.
For the most effective results, and peace of mind that you have considered everything and have the most up to date information to hand, discuss your current financial planning, objectives and circumstances with Blevins Franks which specialises in providing wealth management and tax planning advice to expatriates.
One of the key trends over recent years is tax rises. Taxpayers in Spain, are paying more and more tax.
Are you sure that your assets are structured in the most tax efficient manner, and that your tax planning takes all the latest tax changes into account? Ask locally based tax planning specialist Blevins Franks to review your current arrangements and establish if you can lower your tax liabilities on your savings and investments and protect your wealth from capital taxes where possible.
At the same time consider what you can do to reduce the inheritance tax liabilities for your heirs, both here in Spain and in the UK. Make 2013 the year when you get it sorted, to ensure you leave as much of your estate as possible to your heirs rather than the taxman.
Governments across Europe have been clamping down on tax evasion, and we will see much more of this over the coming years. It is essential to only use arrangements that are fully compliant in your country of residence as well as, in the case of inheritances, where your heirs are based.
Here in Spain the new reporting law comes into effect this year, and you have to declare all your overseas assets, from bank accounts to property, worth over €50,000 by 30th April (it will be 31st March in future years). Failure to do so would incur very costly penalties.
Savings and investments
Successful investment is about managing risk versus return and having a well thought out portfolio strategy specifically based on your personal circumstances, needs and objectives.
Did you buy your current investments according to a strategic overall plan, or have you bought shares and funds here and there over the years? If the latter, it is time for an overall review. Your portfolio may be riskier than you realise, and riskier than it need be to meet your objectives.
Are you confident that you have adequate diversification and the right balance between assets?
Is your portfolio specifically targeted to your needs?
Have any of your circumstances changed over the last year or so? If so your portfolio may need adjusting accordingly.
What matters are after tax returns. Ideally tax planning and investment planning should be tackled together. The two are inextricably linked and you want to find a wealth manager who can provide both investment expertise and tax expertise.
Blevins Franks have specialised in providing integrated tax and wealth management to British expatriate for decades, and would review all your current financial planning, along with your needs and objectives, and recommend the best way forward for you for 2013 and beyond.
For the South of Mallorca contact Peter Worthington, Senior Partner at Blevins Franks, on +34 971 719 181 or firstname.lastname@example.org.
To keep in touch with the latest developments in the offshore world, check out the latest news on Blevins Franks Tax & Wealth Management Specialists.
Related articles to tax for foreigners living in Spain.
Blevins Franks has launched the 11th edition of their ‘Guide to Living in Spain’. Get your copy now! […] The Blevins Franks Guide to Living in Spain
Blevins Franks Mallorca specialises in giving advice for tax-driven, wealth management investments. […] Blevins Franks Tax & Wealth Management Specialists
Text English: By Bill Blevins