Escape Planning from abroad?

by Readers Question

10:56 AM, 14th April 2016
About 3 years ago

Escape Planning from abroad?

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Escape Planning from abroad?

I have property in UK (8 BTL’s), have lived in Spain for 10 years, where I also own property and have been very interested in Mark’s move to Malta.great escape

Mark has no doubt carried out a very in depth investigation into the benefits or pitfalls of moving, together with the tax implications.

I have read what I can on the internet, and now need to take serious professional advise.

Is there anyone or anything you can recommend?

Many thanks

John



Comments

Mark Alexander

12:59 PM, 14th April 2016
About 3 years ago

Hi John

Where you should consider obtaining advice from will be highly dependent upon whether or not you plan to continue to reside in Spain or to move to Malta. The tax regimes in those two Countries are very different. For example, tax is much higher in Spain than Malta.
.

John Curtis

17:39 PM, 14th April 2016
About 3 years ago

Hi Mark, Thank you for replying.
I really need a professional that has experience of Spanish and Malta tax set ups.
I am not a Spanish tax payer although I have lived here for years, my tax is paid in Uk as my accountant says they refuse to let me go as my income is generated in UK.
I really need to sort out this problem before it gets out of hand.
I need a professional to look into my whole situation and advise on my best way forward.

ray selley

18:58 PM, 14th April 2016
About 3 years ago

Blevinsfranks are tax and investment advisers in Malta and Spain as well as the UK.If you live in Spain full time[183 days of the year or more] then you are a Spanish tax payer you can not choose where to pay your taxes.Your BTL income in the UK should be declared on your Spanish tax return and the tax paid in the UK will be deductable from your Spanish tax bill.Do not forget that all worldwide assets such as property and bank deposits must also be declared and wealth tax must be paid annually .That's why i spend no more than 182 days a year in Spain to avoid a wealth tax bill of over £100,000 a year !

Mark Alexander

19:02 PM, 14th April 2016
About 3 years ago

Reply to the comment left by "ray selley" at "14/04/2016 - 18:58":

Interesting you mention Blevinfranks as they were the firm of specialist tax consultants recommended to me in Malta only this week by my largest client who also has businesses here in Malta and The Canary Islands as well as a property portfolio in the UK.
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Bricks n Mortar

20:35 PM, 16th April 2016
About 3 years ago

Hi John,
Do you have any reliable letting agents that you could recommend please?

I'm thinking of going abroad too, but am very worried about leaving my properties in the hands of agents. (I self manage now.)

Many thanks in advance!

John Curtis

10:35 AM, 17th April 2016
About 3 years ago

Hi, The Letting Agent you use will depend on where the properties are. Mine are located in Bristol and Somerset. I use Firstmove based in Chippenham and now a new office in Trowbridge.
They are very good and totally manage the portfolio, I could not recommend them higher, they really do a good job.

Mark Alexander

13:45 PM, 17th April 2016
About 3 years ago

Reply to the comment left by "Bricks n Mortar" at "16/04/2016 - 20:35":

Letting Supermarket.com look after mine and do a great job for 4% plus VAT.

I spend an extra tenner per property with them on RGI and legal fees insurance for peace of mind. They are brilliant. So good I acquired shares in them!

See our letting section.
.


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