The New Year is a time when most of us take stock of our situation and set goals to improve our health, happiness, lifestyle and wealth. This January, make it one of your resolutions to confirm your financial planning is on track to meet your needs and provide long-term financial security.
Regular reviews help keep your financial affairs up to date and compliant. Tax rules or financial regulations can change, affecting the tax efficiency and security of existing arrangements, or providing new opportunities.
Consider also if any changes in your personal and family circumstances mean you should adjust your arrangements.
For a truly effective review, consider how your tax planning, investments, pensions and estate planning work together.
Tax planning
Make sure you know where you are resident for tax purposes, then structure your wealth in the most suitable way to minimise taxation, while meeting your obligations. Research the Spanish tax regime to establish what opportunities it may provide residents if you structure your assets correctly.
Cross-border tax planning is complex; take specialist advice to achieve peace of mind and secure tax savings.
Savings and investments
If you do not already have a financial plan in place for Spain, take a fresh look at your savings and investments. Are they better suited to a UK resident? Do they meet your risk/reward appetite? Are you taking advantage of tax-efficient opportunities in Spain?
Successful investing is about having a strategy specifically based around your circumstances, time horizon, needs, aims and risk tolerance. Ensure you have adequate diversification to avoid over-exposure to any given country, asset type, sector or company.
Pensions
Pensions are usually key to financial security through retirement, so deciding what to do with yours could be one of the most important financial decisions you make. Explore all the options, weighing the pros and cons and considering the Spanish tax implications – which have changed over the last couple of years.
Take regulated advice to protect your retirement benefits and do what is right for your circumstances and aims.
Estate planning
It is vital to review your estate planning when living in Spain. Both succession law and tax work very differently to the UK.
Your estate plan should be set up to achieve your wishes in the most tax-efficient way possible.
To bring all these complex elements together, take expert, cross-border advice. Spending time on a financial health-check can secure peace of mind that you and your family are in the best position for 2024 and beyond.
Keep up to date on the financial issues that may affect you on the Blevins Franks news page at www.blevinsfranks.com
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