Should I Transfer My UK Pension if I am a Resident in Spain?

Oct 9, 2020 | Europe, Pension Transfers, Pensions

If you are a tax resident in Spain, retired in Spain or thought about moving to Spain, you may have asked yourself “What should I do with my UK pension?”.

We have just updated our Taxation in Spain for Expats page with plenty of fresh information as of October 2020, to help keep you in the know about tax legislation in Spain. CLICK HERE to go to the page.

There are many things to take into account which can see seen below:

  • Am I classified as tax resident in Spain?
  • Do I have UK pension assets in excess of £75,000?
  • How much risk am I currently taking and how much should I ideally be taking?
  • How can I withdraw my pension in EUR if it is denominated in GBP?
  • What is my income tax liability?
  • Do I want flexibility?
  • How do I know I can trust a financial adviser and what do I look for?

If any of the above raises some questions in your own mind, then you should seek financial advice. We can help in areas such as:

  • Helping you understand if you qualify to be able to transfer to alternative options
  • Helping you understand what options are available
  • Helping you understand what investments meet your risk profile and which would most align your investment goals
  • Advising you on how you can reduce your income tax liability
  • Giving you advice on whether you should leave you pension where it is or transfer it to a SIPP or QROPS

 CLICK HERE for our Spain page, where you can understand more about:

  • Reporting for foreign assets.
  • Spanish tax position for residents including the definition of a tax resident, income tax rates, savings tax rates and personal allowances.
  • Spanish tax position for non-residents.
  • Spanish tax secrets – ‘the Beckham Law’
  • Other taxes including CGT, IHT and gift tax, wealth tax, IVA/VAT, Corporation tax and social security.
  • Spanish Compliant Bonds
  • Options with your UK pension
  • Leave your Pension where it is
  • SIPPs in Spain
  • QROPS in Spain
  • Problems with QROPS
  • Overseas Transfer Charge

 

This communication is for informational purposes only based on our understanding of current legislation and practices which are subject to change and are not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice from a professional adviser before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, we are not responsible for any errors or omissions.

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Personal advice, whenever it suits you.

Schedule an Obligation-free Call With an Adviser

By scheduling an appointment with an adviser they will reach out to you at your requested time. 
Personal advice, whenever it suits you.

SJB Global