Income Tax on Savings, Investments, Pensions

Who will pay income tax and where?

If you live in France, Spain, Portugal, Cyprus, Malta or the UK, you’ll have to pay tax on your worldwide income. This applies whether or not you bring the income into the country, apart from where there are special rules in place, such as in Malta.

So if you’re resident abroad and rent out a British property, say, you may be liable to tax on the UK rental income in your country of residence as well as in the UK.

Even non-residents may have to pay tax if income is sourced in that country. For example, UK residents are liable for Spanish income tax on any rent received from a holiday home in Spain.

Thanks to the double tax treaties between the UK and many other European countries, however, you should not pay the full level of tax twice on the same asset. Instead, you’re likely to receive a credit for tax paid in the other country.

While income tax rules shouldn’t be affected by Brexit, they can vary greatly between countries and sometimes even between regions. They can also change frequently, so it’s important to seek professional advice to make sure you get it right and only pay as much as you need to.

How we can help with income tax advice

With thorough knowledge of income tax in Spain, France, Portugal, Cyprus and Malta, Blevins Franks understands how the income tax rates and rules affect UK nationals living there.

We can advise you on:

How to use the local income tax allowances to your advantage

Compliant opportunities for reducing tax on your savings, investments and pensions

We want people to be able to easily access and understand the information we provide, so if you need further help to access information on this website or key documents in a different format or setting, please contact us via your Blevins Franks adviser, by email via [email protected] or by phone on +44 (0)20 7389 8133.

Blevins Franks Financial Management Limited (BFFM) is authorised and regulated by the Financial Conduct Authority in the UK, reference number 179731, to provide advice in the UK. Blevins Franks Wealth Management Limited (BFWML) is authorised and regulated by the Malta Financial Services Authority, registered number C 92917 to provide advice in Malta and other EU countries in line with its [IDD and MiFID] passporting permissions. It is authorised to conduct investment services under the Investment Services Act and authorised to carry out insurance intermediary activities under the Insurance Distribution Act. Where advice is provided outside of Malta via the Insurance Distribution Directive or the Markets in Financial Instruments Directive II, the applicable regulatory system differs in some respects from that of Malta. BFWML also provides taxation advice; its tax advisers are fully qualified tax specialists. Blevins Franks Trustees Limited (BFTL) is authorised and regulated by the Malta Financial Services Authority for the administration of trusts, retirement schemes and companies. Blevins Franks France SASU (BFF), is registered with ORIAS, registered number 07 027 475 to provide advice in France and other EU countries in line with its [IDD] passporting permissions, and authorised as ‘Conseil en Investissements Financiers’ and ‘Courtiers d’Assurance’ (register can be consulted on www.orias.fr). Member of ANACOFI-CIF. BFF’s registered office: 1 rue Pablo Neruda, 33140 Villenave d’Ornon – RCS BX 498 800 465 APE 6622Z. Garantie Financière et Assurance de Responsabilité Civile Professionnelle conformes aux articles L 541-3 du Code Monétaire et Financier and L512-6 and 512-7 du Code des Assurances (assureur MMA). BFFM, BFWML, BFF and BFTL are all part of the Blevins Franks Group Limited (BFGL) whose registered office is Gasan Centre, Triq il-Merghat, Zone 1, Central Business District, Mriehel CBD1020, Malta. This promotion has been approved and issued by BFWML, BFF and BFFM for respective use in the EU and UK.

Follow this link for FRENCH version