Resident or Non-Resident?

This topic contains 5 replies, has 2 voices, and was last updated by  Seumusin 3 months, 3 weeks 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

     

     

  • #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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