Expat Spain News

Latest 10 news items tagged Spain

30 Oct at 6 PM 2014

QROPS aces in the tax hole for permanent expat residents

QROPS are still a good choice for expats living permanently overseas as they give significant tax advantages in addition to conforming to the new pension rules. Overseas workers and expats who’ve reached retirement will benefit tax-wise from a QROPS, provided they have left the UK on a permanent basis. According to the Treasury, the new pension rules announced in the March budget speech will apply to QROPS, although the final wording has yet to be drafted. Whatever the result, QROPS will still be a good deal for those who wish...
20 Oct at 6 PM 2014

Con man operating Marbella coloured diamond scam jailed for four years

A gang of fraudsters who targeted UK pensioners living along Spain’s Costa del Sol in a coloured diamond scams are now all behind bars. The gang of six, masterminded by Liverpudlian Adam Simmonds, operated a boiler room–style scam in the retirement hotspot of Marbella, hitting on unwary pensioners with offers of ‘rare’ coloured gemstones at hugely inflated prices. The pracitcally valueless diamonds were touted as an investment through the gang’s company, No 1 Gemstones. Thousands of retiree Brits were cold-called with the...
17 Oct at 6 PM 2014

Female expat in Spain accused of property fraud still on the run

Whilst most expat attention nowadays is focused on how to avoid financial fraud, a British expat is on the run in Spain after being accused of a long-term rental property scam. Many expats don’t realise that life in paradise can swiftly turn to life in hell, often with the assistance of seemingly trustworthy business people from their own home country. Rebecca Wells, a keen horserider from the UK, provides a perfect example of the kind of helper no-one needs, having gone on the run after being accused of property fraud. Wells...
14 Oct at 6 PM 2014

Spanish expat haven popularity under threat from Portuguese tax deal

In a bid to attract expats away from neighbouring Spain, Portugal is offering a new tax exemption scheme eliminating double taxation of any income from overseas. The new tax deal means that all income from overseas sources, including pension payments, will not now be subject to double taxation for at least 10 years. The scheme will apply to new arrivals who have not been resident in the country during the previous five years, although top-level professionals such as engineers, professors and technicians working within Portugal will be...
14 Oct at 6 PM 2014

Lloyds Bank blanks out expat savers with interest cut and transfer bans

Lloyds Bank has issued yet another blow to its loyal expat savers by cutting its interest rate and banning transfers to a better savings deal. Previously, long-term UK expat savers with easy-access savings accounts at Lloyds Bank were able to switch online to a better deal as regards interest rates. Loyal customers have now received letters from the bank informing them that rates on their easy-access accounts have been reduced to 0.55 per cent, and the ability to switch to a better deal has been removed. One 40-year Lloyds customer...
14 Oct at 6 PM 2014

Which country gives the best returns for expat property investors

The international real estate sector has traditionally been a favourite with expat property investors, but it’s anyone’s guess which locations will perform best over the long term. Over the past year, the UK housing market has seen soaring gains, with many expat investors eager to cash in on buy-to-let opportunities before they are priced out of the market. As the year draws to a close, many are finding they can’t afford properties in areas already saturated with foreign buyers, and are looking overseas to find the next hotspot....
23 Sep at 6 PM 2014

Spanish tax man hits out at expats with Gibraltar properties

British expats living in Spain who also own property in the British offshore financial hub of Gibraltar are being targeted by the Spanish tax authorities. The sovereignty of the famous Rock of Gibraltar has long been a thorn in the side of Spain, although Britain has managed to hang onto it for several centuries. Spanish finance minister Cristobal Montoro is claiming that 22,000 Gibraltar-registered companies and at least 6,000 expat property owners on the Rock are using Spanish public services but paying almost no tax. According...
19 Sep at 6 PM 2014

EU court rules against Spanish inheritance tax discrimination

Expats with properties in Spain and holiday home owners are to benefit by an EU court ruling allowing them the same range of tax relief options as Spanish citizens. Discrimination against non-residents as regards tax liabilities has long been an issue amongst UK expat property owners who spend time in both countries. By the use of tax relief options, residents’ taxes can be cut to around zero, but the same options have not been granted to part-time expat residents owning holiday homes. The European Court of Justice stated that...
8 Sep at 6 PM 2014

Expats in Spain looking to face LMIM and Axiom crooks in court

Expat victims of two massive investment scams, LMIM and Axiom, are targeting the product providers and salesmen whose greed has resulted in the loss of millions-worth of retirement savings. Rogue FAs operating in Spain as well as the product providers themselves are to be named and shamed in court actions. Groups representing the victims of both Ponzi schemes are requesting that the estimated thousands of other victims join in the fight for justice. The LM Investor Victim Centre (LMIVC) has representatives in Spain already working...
21 Aug at 6 PM 2014

Expats who lost homes during Marbella blaze still awaiting compensation

Expat victims of the devastating fire which razed part of Marbella and Mijas in 2012 are still waiting for compensation from the Spanish authorities. Although the region is finally returning to its full glory after three years, victims who lost their homes and possessions during the massive blaze are still waiting for the promised €14,500 emergency compensation intended to allow them to get on with their lives. The vast majority have not yet received any payments and are living in limbo. One UK expat, a resident in the area for 13...