Resident or Non-Resident?

[SeumusinParticipant]

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

 

 

[SeumusinParticipant]

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

[inbarcelonaParticipant]

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.

 

[SeumusinParticipant]

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?

[inbarcelonaParticipant]

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.

[SeumusinParticipant]

Good idea, Thanks Paul.

[Author]

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