The Implications of Moving to Spain
Moving abroad is something that many Britons yearn to do, and Spain is a very popular destination for many of them.
Yet how much do you know about the tax implications of moving to Spain?
There are many issues people face when moving from the UK to Spain. Depending on your circumstances, however, there are likely to be things that you can do to minimise the problems, and you may even find that you can reduce your tax liability by moving to Spain!
You should always take advice when looking to purchase property in and/or moving to any country, and in particular Spain, where many of the taxes sound the same, but are calculated completely differently to similar taxes in the UK. There are even taxes which do not exist in the UK, e.g. notional income tax on deemed income and succession tax between spouses. Even the healthcare position is different in Spain, compared to the UK. An adviser with a good understanding of both jurisdictions can help you understand the tax implications of your move, and work out how to make your money work for you, protecting it against foreign taxes, and how to make the most of the opportunities available.