Related news: Blevins Franks Mallorca: Financial planning

The New Year is the perfect prompt to review your financial planning to ensure it is on the right path to achieve your objectives and protect your long-term financial security. One key reason is to ensure your planning is up to date. Establish what tax rules and financial regulations have changed and if developments in your personal circumstances mean you should adjust previous arrangements. But an effective review of your financial planning, to ensure it is suitable for your life in Spain and plans for the future, needs to go beyond that.

Many people only consider segments of their finances at a time. They may have bought shares in companies they like and/or invested in funds recommended by an adviser years ago. They may speak to a tax accountant about Spanish taxation and to a lawyer about Spanish wills . For truly effective wealth management, however, you need to consider all the various aspects together. For example, how you hold your investments can make a difference to your Spanish tax liabilities.

The fact that you are resident in Spain has a significant impact. What was tax efficient in the UK is unlikely to be tax efficient here. Explore the compliant arrangements available in Spain to establish what would work for your situation and aims, and how much tax you can save.

Estate planning in Spain is no simple matter, with its complex succession tax regime and forced heirship rules , and the way you own assets can impact what you can achieve. Don’t leave it to the final stage of financial planning; take this into consideration early on.

Perhaps the key rule for successful wealth management is that it must be specifically structured around your lifestyle, plans, family situation, income requirements, objectives, time horizon and risk tolerance. You may need to take a completely fresh look at all your investments and consider if they are suitable for you today and the current economic climate. Are they too risky? Do you have adequate diversification? Can they provide income without risking the capital? Could you consolidate shares and funds, so they are easier to manage?

Every family is different. Your strategic financial planning must be carefully designed for you. All the various aspects should work cohesively together to create an overall wealth management plan that provides long-term financial security and achieves your wishes for your heirs. For peace of mind, take expert, professional advice, ideally from a locally based cross-border wealth management specialist.

Summarised tax information is based upon our understanding of current laws and practices which may change. Individuals should seek personalised advice. 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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