Advisers with expatriate clients who are tax-resident in Spain say they are urgently reaching out to their clients to warn them that they must begin reporting to the Spanish tax authorities about any overseas assets they hold worth more than 50,000, following a recent change in the country’s tax regime.
Spain’s tax office has won the right to see the 2006 and 2007 bank account details of those patron’s of Spain’s largest department store group, El Corte Inglés, who ran up 30,000 or more in charges on their store cards during each or both of those years, International Adviser has learned.
A tax amnesty in Spain offering people with undeclared taxable assets the opportunity to pay a flat 10% levy, without facing criminal or administrative penalties, is due to close at the end of this month.
Blacktower Financial Management (International) has opened an office on Tenerife, the largest and most populous of the Canary Islands.
All EU citizens who are moving to Spain for longer than three months will face added paperwork and in some cases, a requirement to prove that they are covered by private health insurance under new residency requirements unveiled last month.
Totus, an independent financial advisory business founded 25 years ago in London, has revamped its business model, as it seeks to cater for the evolving needs of wealthy Europeans, particularly Britons and British expatriates living on the Continent.
Hundreds of British families have now come forward to claim an estimated £400m (495m, $632m) in overpaid IHT back from the Spanish government, according to a law firm fighting the expats case.
Scottsdale Overseas, a UK-expat-focused, Spain-based financial advisory group, has unveiled an exclusive range of investment portfolios for its clients which are managed by the same investment team behind UK-based Quilter Managed Portfolio Service.
Dutch life insurer Aegon has entered in to arbitration with Spanish retail bank, Caja de Ahorros del Mediterráneo (CAM), in order to exit a partnership with the bank after it failed to make the required business returns in a distribution agreement.
Spanish development minister Jose Blanco yesterday urged Britons to buy Spanish real estate.
Debt-battered Ireland has made a surprise intervention in an EU tax case involving Gibraltar.
A judgement in the European Court of Justice tax case involving Gibraltar is expected next summer.
