Are You Thinking of Moving To Spain?
Known for its excellent beach resorts and vast history, Spain can be a delightful place to relocate for retirement or for a fresh new place to work. This southwestern European country is a constitutional monarchy served by a parliamentary government. Spain boasts the world’s twelfth-largest economy with a top-ten quality-of-life rating. With a range of climates, a rich culture and a robust industry base, Spain can be the destination of choice for almost anyone looking to make a move.
The climate in Spain depends on where one lives and can be divided into three primary areas, Mediterranean, semiarid and oceanic. In regions in the vicinity of the Mediterranean Sea have dry and warm summers and can be quite cold in the winters. The semiarid areas farther to the south can be dry much of the year. The northern parts of Spain tend to be less dry and are more effected by changes due to the Atlantic Ocean.
Historical home of the Spanish Armada, Spain’s economy is the European Union’s fifth largest. Spain’s primary industries include tourism, energy and transportation. Spain boasts the world’s second-largest tourism industry with its fine beaches and historical sites. Spain is a major provider of renewable energy, particular solar energy. Spain is also the proud home of one of the world’s most extensive high-speed rail networks. The country is also world-renown for its football (soccer) teams, Real Madrid C.F. and FC Barcelona.
Spain receives immigrants from all over the world, most coming from Romania, Morocco and the United Kingdom. Others include Italians, Chinese, Germans, Africans and Latin Americans. More than 12 percent of the country’s population originated from outside its borders, and since the turn of the century, immigration continues to fuel Spain’s population growth. Anyone considering a move to Spain will find a place to be comfortable.
Spain has long been a hotspot for British Retiree’s. If you are an expat retiree living in Spain or like many you are living and working in Spain with no intention of moving back to the UK then your UK pension maybe better off invested in an offshore QROPS .
QROPS in Spain could save you tax.
QROPS that are based in an offshore jurasdiction may provide up to 30% of the QROPS Pension fund as a tax free cash lump sum compared to only 25% in the UK.
In addition QROPS will allow for benefits to be received in a bank account of your choice in all major currencies including local currency unlike a UK pension.
You will also avoid paying UK tax and only pay tax locally in Spain, whereas in the UK 20% tax is taken at source.
Care should be taken to ensure the QROPS jurisdiction chosen is also in the EU as a transfer to a non- EU jurisdiction could producea tax charge on transfer.
Benefits of a HMRC recognised QROPS
Income payments are paid gross and not subject to 20% income tax at source as in the UK.
On death 100% of the remaining fund is passed to your named beneficiaries and not subject to 55% tax as in the UK.
Wider investment choice enabling you the opportunity to invest in global assets.
Who is eligible for QROPS ?
- A UK national moving to Spain
- Anyone who has built up UK pension benefits and is now resident or looking to become resident in Spain
As QROPS experts QROPS-advice.net can provide you with all the help and guidance you may need. Contact us today to see how we can help with your QROPS Spain enquiry.