The approach to an expatriate's financial planning will be determined by whether the individual becomes resident in Spain or can qualify as a non-resident for tax purposes.
While, as a whole, the Spanish tax regime for non-residents is less onerous than the regime for residents, with only Spanish sourced income and gains being subject to tax, an expatriate should take care over the number of days spent in Spain during any tax year, although under certain conditions some individuals can elect to be taxed as Non-Residents even if they become Resident in Spain.
If you are an expatriate currently living in Spain, you should review your finances with a suitably qualified financial adviser who is either authorised directly by the Spanish regulator or is based in another EU market and recognised by the Spanish regulator following prior notification by the adviser under the Insurance Mediation Directive. If you are planning a move to Spain, you should review your finances with a suitably qualified and experienced financial adviser and/or tax adviser who is familiar with Spanish tax matters before making the move.
Whilst the specific benefits of offshore life products will depend upon an individual's circumstances, they do offer a number of potential benefits to expatriates in Spain.
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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
