According to the NHS, around one-quarter of British adults aged over 65 need help with daily tasks – whether from paid professionals or unpaid volunteers (e.g. family members). In England alone, 10m people across all age groups are affected by social care at a given time, with £22bn spent by local authorities between 2021 and 2022 on adult care alone.
Blog
How the 25% tax-free pension lump sum works in Spain
One of the great benefits of living in the UK is that an individual can access their pension benefits from age 55 and withdraw up to 25% as a tax-free lump sum (in 2023-24). However, what happens if you move abroad? Do you still enjoy the same tax benefits?
5 QROPS pension myths, busted
If you are a British expat in Spain (or elsewhere abroad), you may have heard the word “QROPS” when considering pension planning. QROPS is shorthand for “Qualified Overseas Recognised Pension Scheme” and is commonly used to refer to an overseas pension scheme which could be a suitable destination for a pension transfer.
Divorce & Financial Planning: A Guide for British Expats
Divorce is, by nature, a stressful and complicated time for everyone involved. For British expats, however, the process can be even more difficult. You may need to navigate a foreign legal system, language barriers and difficult questions about asset division and where you will both live. This is a vast and sensitive topic, but it is important to have a robust financial plan which can help to carry you through an expat divorce if this ever happens to you.
4 ideas on how to use an inheritance
Receiving an inheritance lump sum can bring a lot of mixed emotions. It can be satisfying – even exhilarating – to suddenly get more money in your account. However, an inheritance can also be a painful reminder of the loved one you have lost. It is not always easy to make rational decisions at a time of high emotions. Therefore, it helps to be ready with an inheritance “contingency plan” – where you decide, ahead of time, how you might use a lump sum if it ever arrives.
Marrying a Spaniard? A financial planning guide for UK expats
If you are reading this and planning (or hoping) to get married, then congratulations! There is a lot of preparation to do, especially for the big day. Yet tying the knot also brings a lot of financial planning considerations to the table. It is important to prepare for these with your eyes open. This is especially true for British expats marrying someone from abroad. The culture, tax laws and property rights associated with your (imminent) spouse may be vastly different from those in the UK.
What is foreign exchange and how do I navigate it?
Foreign exchange, also sometimes called FOREX or FX, is a crucial part of the lifeblood of the global economy – keeping commerce, travel and trade moving. On a personal level, moreover, foreign exchange can have a big impact on an individual’s wealth and finances. This is especially true for British expats living in Spain and other foreign countries, which often involves regularly changing currencies (e.g. pound sterling to euros).
QROPS: a short guide for UK expats in Spain
For British expats retiring to Spain (or another country), one of the key questions to answer is what to do with your pension. Should you keep it in the UK, drawing an income from it whilst abroad? Or, should you “take it with you” – i.e. transfer it overseas? The latter option can be done using a Qualified Recognised Overseas Pension Scheme (QROPS). Below, our Valencia financial planners at Scottsdale explain how QROPS works for British expats in Spain and how it can feature in a wider retirement plan.
How to plan financially for a return to the UK
There are lots of reasons why British expats might choose to return to the UK. Maybe you need to be nearby to care for an elderly relative. Perhaps retirement overseas did not work out exactly as you hoped and it is time to go home.
Should I invest in Britain, Spain or globally?
One of the benefits of being a UK expat is that you often intuitively grasp that there is a world “beyond Britain”. Opportunities in culture, food, relationships and travel exist outside our own shores. Yet does the same hold true for investing? Should you invest mainly in the UK as a British expat, or overseas?