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Getting easy-to-understand financial advice in Spain
Spanish bureaucracy and constantly changing rules can be extremely frustrating, so where can you find straightforward help in plain English?
By Keith Littlewood, Blacktower International Financial Advisor
I have been living in Spain now for 10 years. I fully understand the bureaucracy can be extremely frustrating, not to mention the constant changing of rules, laws and systems that can sometimes leave you bewildered and not knowing where to turn. So when it comes to getting Financial Advice – one of the most important things you have to embark upon when settling in Spain – it is very important that you not only trust the person you are talking to but you can actually understand what you are being told.
When you have your first free meeting with your Blacktower Financial Advisor, there is no rush. I will make sure I understand your exact situation and what you need, I will talk to you with no jargon and try my best to make sure you are very comfortable and reassured. There will be no charge for this meeting so you don’t have to keep looking at your watch and wondering how much it’s costing you. The first meeting can be in your home (pandemic allowing) or in our office, or it can also be via Skype, Zoom, Facetime or whatever format you feel comfortable with. Our office is deep cleaned according to Covid regulations on a regular basis so it’s also a healthy environment.
After our first meeting I will arrange a second meeting with you (usually 1 or 2 weeks later depending on the information you need), and during this time I will find the best solutions possible for you. I will provide you with a written report carefully and clearly explaining the best course of action you need to take. This report will be in an easy-to-understand format IN ENGLISH and will explain in detail the full costings going forward, along with any relevant illustrations.
At this point there has been no cost to you and it will be down to you whether you want to engage me as your financial adviser going forward or go and get a second opinion from another company. There is no pressure sell involved. I can go as slow or as fast as you like.
The areas in which I specialise are:
Investment Advice
Tax-effective investing and portfolio planning, plus help making UK-held investments Spanish friendly
Tax Planning Guidance
Usually around the Modelo 720 asset declaration or taking income from pensions and investments
Transferring UK pensions (not state pensions)
If you hold frozen pension pots, I can help trace and find their values
Taking over your existing portfolio
It is likely that if you had a financial adviser in the UK already that they will no longer be able to continue to help you (following Brexit). If this is the case, I should be able to take you on as a client without you having to change your existing portfolio.
In today’s financial climate it is essential you do everything you can to make sure your money is safe; should you want a no obligation appointment, your only initial investment is a small amount of time.
If you want more information or wish to make an appointment to discuss your own situation then call 657684094 or email keith.littlewood@blacktowerfm.com
Disclaimer: This communication is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice form a professional regulated adviser before embarking on any financial planning activity.
The Blacktower group of companies operates across multiple jurisdictions, each authorized under its respective regulatory license. For further information, please refer to the relevant regulatory page.
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Financial Advice Issues for Expats in Spain
I have been a Qualified Financial Adviser for almost 35 years now. 25 years in the UK for major institutions such as Natwest, RBS and Royal London. I have been in Spain giving expats financial advice now for 10 years and it is quite remarkable the different approaches as well as advice that is required for an expat now living in Spain. Blacktower is a company that has specialised in providing the best solutions for its clients living outside the UK for 30 years also.
The currency issue is always high on the agenda and a discussion for the long term future has to be taken onto account. Questions like What will happen if one partner dies? Will the other remain in Spain? What about other family members? What Inheritance tax provisions do you have in place? The list goes on and on.
Existing portfolio’s and investments that were the mainstay of portfolios in the UK may now be obsolete. An example of this is quite often tax efficient products in the UK like ISA’s and previously held TESSA’s PEP’s actually have low growth rates and provide no tax advantage to a Spanish fiscal resident.
Existing Pension holdings either paid by the state or private pensions built up through working lifetimes are topics that have to be covered. Many expats have lots of small pensions from many ex employers and can be confused by the communications and administration in dealing with them. At Blacktower we specialise in advising on how to consolidate and bring all these pensions together in one place.
Bank accounts and investments in Spain always bring up lots of questions too. Quite often the small print associated with financial products in Spain is in Spanish this can make it very difficult even if you have a good grasp of the language. Understanding Jargon in English is sometime difficult enough. I provide clear easy to understand letters and documents in English so that you fully understand any terms and conditions before making a decision.
Advice on tax efficiency is just as important and offering good returns. There are products available exclusively for Spanish expats that can provide invaluable benefits. Having a good base knowledge of the tax implications both now and in the future is an essential ingredient to making a sound decision.
I will complete a thorough factfind, ask you the right questions, establish your individual needs, attitude to risk and capacity for loss and desired returns before providing you with a full written report of advice and my recommendations in plain English. You will then have time to read and consider all the information before contacting me with how you wish to proceed.
Click for more information about Keith Littlewood.
The above information was correct at the time of preparation and does not constitute investment advice and you should seek advice from a professional adviser before embarking on any financial planning activity.
This communication is for information purposes only and it does not constitute advice or a recommendation. The value of investments can go up as well as down, and investors may not get back the full amount invested. The Blacktower group of companies operates across multiple jurisdictions, each authorized under its respective regulatory license. For further information, please refer to the relevant regulatory page.
