How do you best save money when moving to Spain? British expats have a range of options when it comes to building up an emergency fund and saving for a short-term financial goal (e.g. a mortgage deposit).
Blog
Ethical investing: a short guide
Lots of people are attracted to the idea of “ethical investing”. Yet what is it exactly? How do you get started with building an ethical portfolio? The subject can seem more overwhelming to British expats living in Spain, since it may be less clear what your options are regarding investment opportunities and platforms (compared to a UK resident).
How to navigate the Spanish wealth tax
In the UK, taxes are primarily imposed on income earned as it comes in. For instance, capital gains tax (CGT) is levied on chargeable gains from investment returns. Income tax is levied on a worker’s salary. The nearest thing we have to a “wealth tax” in the UK is perhaps inheritance tax (IHT), which is typically levied at 40% on the value of an individual’s estate once it exceeds £325,000. However, what are the rules in Spain?
A short financial checklist before moving abroad
As a British national preparing to move to Spain, relocating overseas involves more than just packing your suitcase. It is also essential to get your legal and financial planning “ducks in a row”, especially if you are planning to work or retire in Spain. Below, our Alicant financial planners here at Scottsdale offer a short financial planning checklist to help expats who are hoping to move to Spain.
Diversification: why it matters to investors
Diversification may sound like a complex word. Yet, at its heart, it is talking about “spreading out your risk” when choosing investments. It is a vital principle to building and growing a portfolio over time. Below, our Murcia financial advisers here at Scottsdale explain how diversification works, why it matters to investors and how expats can apply the principles to their portfolios.
The Autumn Budget – what does it mean for expats?
The UK Chancellor released his latest Autumn Statement on Friday 24 November 2023. It contained a host of interesting budget measures for the government. Some of the announced changes – such as “sweetening voters” by cutting National Insurance – have even led to speculation that the government could be preparing for an early general election in 2024.
Residency vs domicile: a short guide
Few subjects are more confusing for British expats than the subject of “domicile and residency” Whilst it may be tempting to ignore these terms, they have a huge impact on your financial plan as a British person living abroad – especially regarding your tax liability. Below, our Murcia financial planners here at Scottsdale offer a short guide to discerning the main differences between domicile and residency. We include some ideas about how to navigate the rules confidently in light of your unique financial goals and situation as an expat.
What should you look for in an expat financial adviser?
Choosing the right financial adviser is a very important decision. Whilst it is a very positive step to work with an experienced professional, the selection process has its risks. You need to find the right adviser for your needs. This is especially true for British expats living in a country like Spain, where there can be added complexities in the financial planning process due to different cultures, tax laws and language barriers.
Britain & Spain – a fun cultural comparison
Britain and Spain are two fascinating countries. One of the benefits of being a UK expat in Murcia, Alicante or other Spanish regions is that you can witness the two cultures close up. Often, there are funny moments when mistranslations and innocent misunderstandings happen. Recounting some of the key similarities and differences between Britain and Spain can be entertaining but also informative.
International SIPPS: a short pension guide
One of the challenges facing many British expats is how to start and build a pension. Living overseas can make it more difficult to access many of the benefits available to those living in the UK (e.g. tax relief on pension contributions, which becomes subject to the “Five Year Rule” once someone becomes a non-resident).