Brexit- The Facts

There is a lot of speculation and fear mongering about Brexit. What do we know?
Nothing. That is the simple fact, nobody can tell us what is going to happen.

So with so many seminars and meetings organised with various companies and figureheads to try and clarify the position the fact of the matter is nobody knows.

So why not focus on what we do know, the facts and nothing else. There are undoubtedly many questions and we will all have our own that pertain to us individually or as a family and we will all have an eye on the overall effect.

The Facts

•  For most expatriates living in Spain, working or not one fact is that if you spend more than 183 days a year in Spain you should be Fiscally resident in Spain. It is not a choice it is obligatory.
• If your children go to school in Spain, private or public your centre of influence is likely to be Spain and as a result you are obliged to become Fiscally Resident for tax purposes in Spain.
• In 2018, legislation has been introduced which means that fiscal institutions, Banks, Investment Houses, Life companies, Pension companies and tax offices share information about your assets and income. This legislation has been coming in under a variety of guises, the EU directive, Automatic Exchange of information and the common reporting standards. Over 80 countries have signed up including the UK, Ireland and Spain. Indeed every country in Europe. So if you have assets or income, it will be reportable and available to all of the tax authorities in all countries.
• Have you taken out Life cover with a Spanish company? The chances are you would be deemed to be legally fiscally resident in Spain, if you are not then you may not be covered. The Spanish provider will be advising the Tax office of your details.

Noboby. ourselves included can tell you exactly what will happen, if Brexit does in fact happen. However we can tell you what you should be doing now , to make sure your personal and financial position is where it should be from a legal standpoint.