Updated: Mar 30, 2020
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With Spain being one of the top destinations for expats, many of are now returning to the UK following Brexit. With an estimated 1 million plus expats in Spain and an estimate of 500,000 pensioners, many have returned to the UK or are considering the move.
With the major regions in Spain, Barcelona, Madrid, Valencia and Coast Del Sol containing most of the expats, figures show a decline in expatriates applying for residency.
For most pensioners who have been in Spain for years following a successful retirement in the sunshine capital, reports show that due to Brexit fears they are returning to the UK and keeping their property as a holiday home.
What do you need to consider?
Most of the expatriates who came to Spain to live a better life with the expected 300 days a year of sun, brilliant food and gorgeous views, have transferred their assets from the UK. Pensions have been placed in QROPS, lump sums placed offshore and homes sold within the UK.
Is the QROP still suitable?
Whilst a QROP or qualified Recognised Overseas Pension can have its benefits to some expats, we must consider whether this option is still the most suitable for yourself if you have returned or are considering a return to the UK.
If you have returned the UK and currently hold a QROP, you can continue to use the scheme with the correct management of the funds within it. Whilst a QROP can have many advantages, the yearly charges are often high. It may be useful to know that a SIPP or Self Invested Personal Pension maybe a more suitable option.
After the collapse of Continental wealth, many who have retired are still waiting for their pension. Do you still have a pensions or investments that was held with Continental wealth?
SIPP (Self Invested Personal Pension)
• To help save for your retirement in a tax-efficient manner.
• To enable you to transfer benefits in other registered pension schemes such as QROP’s to your SIPP.
• To enable you to make your own investment decisions in conjunction with your Investment Manager or Financial Adviser, and utilise a wide range of types of investments.
• To give you choice over how and when you take your benefits.
• To allow you to take regular or variable income from your fund while remaining invested.
• To provide you with a tax-free lump sum.
• To provide benefits for your dependants and other survivors on your death.
For further advice on a SIPP and how this can benefit yourself, contact Expat Financial Advice today to speak with an advisor.