Resident or Non-Resident?

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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

       

       

    • #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

      • #228459
        inbarcelona
        Participant

        Whichever you choose…..and I would choose non-resident….you could always “forget” to declare an asset. The Spanish Government have no way of finding out.

         

    • #228460
      Seumusin
      Participant

      Thank you.

      However, if officially resident in Spain, I think UK banks at least would routinely send info on one’s holdings to the Spanish tax autorities, would they not?

      • #228492
        inbarcelona
        Participant

        I doubt it very much. UK banks would send such information to HMRC in the UK…..but not to every foreign Government in the world.

         

        Also, Could you use a relatives address in the Uk as a correspondence address for all your UK assets.

         

        That´s what I do.

         

         

        Regards,

         

        Paul.

    • #228493
      Seumusin
      Participant

      Good idea, Thanks Paul.

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