Resident or Non-Resident?

This topic contains 2 replies, has 2 voices, and was last updated by  Seumusin 2 weeks, 4 days ago.

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  • #226972

    Seumusin
    Participant

    From a taxation point of view, is it not simpler to be NON-resident in Spain than resident?

    I refer to the mandatory requirements for all Spanish residents to declare most of their holdings in, say, the UK. A resident owning say a £70,000 terraced house in , say, Hartlepool, would be obliged to declare this wealth to the Spanish authorities, if I understand correctly.

    For simplicity’s sake, I wonder if it is not best for retirees to Spain to:

    1. Be non-resident
    2.  To rent rather than buy

    Your thoughts?

    seumusin

     

     

  • #227192

    Choosy
    Participant

    If you are resident it will give you more benefits in banks, with contracts like telephone, lights, water and so on… Plus you have to declare income, if you are retired you have to declare that you receive only a pension from government as a support and that you pay all taxes in UK ans you can show tax declarations. They will not ask you to pay taxes in UK and here on the same income. But if you work in Spain then you have to pay here. To rent or to buy property in Spain is up to you at the end of the day.

  • #227193

    Seumusin
    Participant

    Thank you Choosy,

    What concerns me the most though is the obligation to declare all financial assets outside of Spain, if one is resident. (My income is a very low pension).

     

    All the Best,

     

    Seumusin

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