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 News from the financial sectors in Spain and the Canary Islands Effective Investment Beating the taxman with constructive tax planning Just about everyone hates paying taxes and the less tax you have to pay the better. It gives you more to spend on yourself and your family, and/or more to save up for your future. You may also wish to leave your children a useful inheritance. Paying taxes is a legal and social responsibility and moving abroad doesn’t negate the necessity to pay taxes. This is why legitimate tax planning is so important, so you can reduce the amount of tax you have to pay without breaking any rules, leaving more in your pocket for you and your dependants.  You should therefore review your tax planning soon after settling in Spain If you are a British expatriate, consult a financial adviser who has total knowledge of the tax systems, as well as strategies to mitigate tax, both in the UK and Spain. If there is any possibility that you will return to the UK in future years your tax planning should reflect this, and of course you usually need to take steps to escape the UK inheritance tax net. Your savings and investments can be at the most risk of excessive taxation. Bank account interest, however, is always taxable and so it can be prudent to keep what you feel you may need to a safe minimum in a bank account and move the rest of your capital into tax efficient vehicles. UK investments are usually tax inefficient in Spain. For example, popular tax free investment structures in the UK such as PEPs and ISAs are taxable in Spain and so it may be better to remove these investments from the UK and reinvest the money in a more appropriate tax free structure applicable to Spain. One such well established structure, designed to mitigate and in some circumstances avoid tax altogether, is a life insurance bond known generally as a Personal Portfolio Bond (PPB). This type of bond is often referred to as a “tax wrapper” because it acts as a protective layer around your investments shielding them from tax. A PPB can hold different classes of investment assets such as equity funds, bond funds, property funds, multi manager funds, capital guaranteed investments and also cash. Interest and gains can roll up tax free and if you don’t make any withdrawals there is no tax to pay. Another structure effectively used for tax planning is an offshore trust – your PPB as well as various other assets can be placed within your trust. A trust offers various tax benefits (plus other benefits like avoiding probate), though perhaps the key attraction is the avoidance of inheritance taxes. To keep in touch with the latest developments in the offshore world, check out the latest news on our website www.blevinsfranksinternational.com
| Canary Islands - 08.02.2012 - Yesterday's ugly scenes at Bilbao airport, where Ryanair boss Michael O'Leary had to be given a police escort after his provocation of former Spanair employees, prompted a furious reaction against the head of the airline by Canarian MP Ana Oramas. more... Las Palmas - 08.02.2012 - The snags preventing the release of tickets for the concert by rock legend Bruce Springsteen in Gran Canaria have now been resolved and the gig has been confirmed 100%, say the organisers. more... La Laguna - 07.02.2012 - A well-known Tenerife lawyer is the focus of police attention in a money-laundering and fraud investigation ordered by a La Laguna judge. more... Canary Islands - 07.02.2012 - Relations between the Canarian government and the new Spanish government sank further yesterday when the region's tourism minister was apparently snubbed by his national counterpart. more... Canary Islands - 07.02.2012 - Two Britons who had to be rescued again after getting into trouble on their bid to cross the Atlantic in a pedal boat could face a hefty fine for the latest mobilisation of air and sea rescue resources. more...    Banish the blues They tell us that this is one of the most depressing times of the year more...   | Elektrische Zigarette Neue Geschmacksrichtungen als gefüllte Depots für die Elektrische Zigarette www.elektrische-zigarette.eu Holiday car Tenerife We have been in the rent a car business since 1976 in Tenerife. Our experience - your advantage. www.hermanns-cars.com Electronic Cigarette The Electronic Cigarette SLIM is recommended for smokers with few consume, occasional smokers and to go. www.liquid-shop.eu Real Estate Tenerife We are a real estate company, constituted in the year 2002, and nevertheless our professional team possesses a long trajectory in the real estate sector in the north of Tenerife. www.optima-tenerife.es ic media group |
