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Estate Planning when Buying Abroad
If you are considering moving to Spanish
territory or purchasing a property for holiday purposes or letting, David Wilson
Associates (DWA) can advise on all property related matters and more...
At DWA our ability to advise simultaneously on
the UK, Spain and offshore gives us an advantage over most advisers, we are not
based in the UK and therefore not governed by the exchange of information act.
In turn, we offer true confidentiality that is hard to find in the UK.
David Wilson Associates offers expertise in a
number of areas
- Relocation and Property Advice
Including where to buy and how to
buy, legal and tax requirements, procedural requirements such as searches.
We offer more detail, input and information than estate agents.
- Mortgages
What are the advantages of having a
mortgage in Spain? Who are the best providers and why? We can source the
most appropriate mortgage solution on your behalf.
- Spanish and British Tax Regulations
With us having knowledge on both
countries regulations you will receive best advice on your current and
future affairs
- Moving Capital
Where is it best to keep your assets?
Are your assets in the most tax efficient environment? Where should you have
your pensions paid? Where do you pay tax? Where is it best to pay tax?
- Offshore Investments & Facilities
These can prove beneficial and
profitable to the British non-resident. However your investments should be
placed in the correct legal jurisdiction and in the correct manner.
- Inheritance Tax
Your Spanish property will be
subject to the Spanish laws of inheritance, which are more severe than the
British. DWA can advise on how to legally protect your beneficiaries from
IHT in both countries.
- Wills
If you do not have a Will anywhere,
when you die you are INTESTATE. This means that your possessions will be
disposed of in accordance with the intestacy laws. Intestacy laws can prove
to be rather penal! In Spain and even in the UK, intestacy laws usually
favour the children rather than the spouse. DWA will advise on the drafting
up of both British and Spanish wills and ensure your assets are distributed
in the most tax efficient manner and according to your wishes.
DWA will review your Will regularly. Avoiding
care home costs and IHT are all possible and even controlling your assets
post death by way of trusts can prove both beneficial and affordable. Apart
from being able to prepare your Will cost effectively we can ensure its
content does not contradict with the disposal of assets in other countries.
- Powers of Attorney
Who will look after your affairs if
you are unable to do so? The law will dictate to you who will do this and
you will have to pay the Court of Protection for the privilege. With a
power of attorney you remain in charge.
- Children, grandchildren and disabled
people's Trust
Again with the right advice you can
set up a trust to protect your beneficiaries inheritance.
- Spanish Will
Under international law, fixed assets
i.e. property, are dealt with in the country where they are situated. If you
rely solely on a UK Will, the disposal of your assets will be significantly
delayed and costly, requiring official translation and to be apostiled by
the Foreign and Commonwealth office. The Spanish have strict forced heir
ship rules but allow foreigners to draw up their Spanish Will in accordance
with the laws of their country. A Spanish Will can also help to alleviate
the crippling IHT in Spain.Be aware
that changes in circumstances such as marriage, remarriage or divorce can
cause the Will to become invalid, therefore leaving you intestate.
Intestacy rules in Spain are very fierce. The
surviving spouse would be left with only a third lifetime interest in the
estate and no entitlement to capital. Your children, or if you do not have
any, other relatives receive the balance.
- Relocating
Make it as simple as possible and
think before you act! Get advice before you go. Who do you inform? What are
you entitled to from the UK or in your new country? Do you receive benefits
or is your health a concern? Do you understand the difference between
domicile and non-resident status? What is the current make up of your assets
and investments and how will they need to be changed?
We are qualified in British and International Tax and Estate Planning. We are
associated with Lawyers, Accountants and Financial Advisers in the UK, Europe
and Offshore.
To get peace of mind is priceless
and the potential financial savings are immeasurable.
The
first step is to call us on (00 34) 922 390851
We travel
throughout the UK, Ireland, Spain, Balearic and Canary Islands.
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