Private Client Consultancy

Tax-Smart Thursdays - Demystifying Spanish Inheritance Tax   Did you know that Spanish Inheritance Tax operates on both national and regional levels, with some interesting and unique variations?  Understanding this tax is essential for those with assets and/or family in Spain.   These are the main points you must remember: 1) The Tax Applies To Recipients: In Spain inheritance tax is levied on the beneficiaries (not the estate), meaning that tax obligations will vary significantly based on the relationship to the person leaving the inheritance. 2)Regional Variations: Each Spanish region sets its own allowances and tax breaks. In some areas, like Andalucia, close family members can inherit up to €1 million tax-free, while others may offer lower allowances. 3)Kinship Group System: Beneficiaries are placed into groups based on their relationship to the deceased, with different exemptions and multipliers applied. Spouses and children generally receive more favourable treatment than distant relatives.   Why Should This Matter To You? For many expats and Spanish nationals these details make a big difference. Without a plan in place, unforeseen taxes could erode the wealth you wish to pass down to loved ones and instead creating heavy tax liabilities.   Looking to learn more or avoid this situation? Dive into our article on Spanish Inheritance Tax, https://lnkd.in/d2_QVFyR or get in touch for personalised advice on securing your family’s financial future: https://lnkd.in/dEezzDuk.   Let’s make sure your wealth goes where you want it, stays protected all with peace of mind.

Our next upcoming webinar is now open for registration. Who Should Attend? >US nationals considering or already living in Europe >High-net-worth investors with interests in European markets >Anyone seeking clarity on cross-border financial regulations   Why You Should Attend? This webinar provides a rare opportunity to receive expert insights tailored to the unique financial needs of US nationals living in Europe. Key Discussion Topics: 1. Managing Investments at Home and Abroad Explore strategies for optimising investments across regions, considering risks, tax implications, and growth potential in a European context. 2. Introduction to Residency in Europe Learn about residency requirements, financial considerations, and the benefits of establishing a second home in Europe. 3. Beneficial Accounts for US Nationals Discover the best financial accounts for US nationals in Europe, designed to provide tax efficiency and flexibility. 4. Options Available to Protect Your Assets Review structures and strategies to secure wealth against economic and legal risks, including trusts and asset protection plans. 5. FATCA Regulations and Reporting Gain clarity on the Foreign Account Tax Compliance Act (FATCA) requirements, essential for US nationals managing foreign investments. 6. The “Dark Side of PFICs” Avoid costly tax pitfalls of Passive Foreign Investment Companies (PFICs) with expert advice on these complex investments. Private Client Consultancy's Peter Smith will provide actionable strategies and vital information on how to structure, protect, and grow your assets in Europe. Register Today

🎄 Spread Hope & Joy This Christmas with Private Client Consultancy! 🎄 This holiday season, Private Client Consultancy is partnering with the Rotary Club Mijas International to bring smiles to children in Mijas cared for by the Asociación para personas con discapacidad intelectual de Mijas (ADIMI). Together, we can make this Christmas unforgettable for children facing challenging circumstances. Now, we're using all possible resources to gain momentum, and here’s how you can help: Donate a Toy – If you are able to, drop off a new, wrapped toy at our office in the Costa del Sol to brighten a child’s Christmas morning. Contribute Online – If you can’t donate in person, no problem! You can support us through our GoFundMe page and participate financially in our effort. Spread the Word – Finally, you can share this post with your network. Every share helps us reach more people who want to make a difference, and together, we can make this Christmas truly special. Join us in spreading the true spirit of the season: Hope, Action, and Joy. 🎁 For more details on how to participate, visit our page: https://lnkd.in/d5CHyN_m Let’s make this Christmas 2024 one to remember!

Did you know? That the British pound sterling, in use since around 775 AD, is the oldest currency still in circulation today. 💰 It began as a representation of a pound of silver and has maintained its relevance through centuries of economic change. When the euro was introduced in 1999, it replaced several national currencies that had been in circulation for centuries, marking a significant shift in Europe’s monetary landscape. These currencies reflect not only economic stability but also the rich histories of the nations they represent. The world of currency is more than transactions; it's a rich tapestry of history and evolution.💫

🎃 Today marks both World Savings Day and Halloween! Coincidence, perhaps – but it does shed light on a real fright: what happens when we don’t start saving in time. Imagine a Graveyard of Lost Dreams. Not because of misfortune, but because those dreams were left without a plan. Jet-setting on luxury holidays, retiring somewhere sunny, owning a second home by the coast, or simply seeking comfort and peace of mind later in life – all left to rest in peace without the financial backing to bring them to life. And here’s another truth: delaying saving means missing out on the power of compound interest – that quiet magic that lets your money grow over time. A comfortable retirement, with the lifestyle you’ve pictured, depends on these early moves. Many goals meet their end simply because we think there’s always “next year.” But saving is about giving your future self the freedom to say “yes” to the life you truly want. 👻 Don’t let your dreams rest in peace too soon. Start saving today.

We’re happy to announce our new series called Tax Smart Thursdays! 🌍 Starting next week, every Thursday, we’ll share important tax advice for expats living in different countries across Europe. In this series, we will highlight the potential: - Taxes that can effect your wealth in the following countries: Spain, Portugal, France and more. - The risk of not addressing/ understanding these taxes - Strategies to mitigate these taxes. 👉 Make sure to join us every Thursday for wealth management advice with peace of mind. We can’t wait to share this with you! #TaxSmartThursdays #ExpatLife #FinanceTips

A Glimpse Into Our Second Office in La Cala 🌞 This space is where our HR, Finance & Compliance, Marketing, Legal, Property departments, and our CEO all come together to keep things running smoothly. A place filled with energy, collaboration, and plenty of coffee.☕ From recruiters chatting with potential new team members to our creative crew crafting campaigns, the atmosphere is relaxed and natural. There’s nothing stiff or formal—just a team that genuinely enjoys what they do. 💁♀️

QROPS: A Smart Pension Solution for British Expats Navigating retirement planning can feel overwhelming, especially if you’re considering moving abroad. A Qualified Recognised Overseas Pension Scheme (QROPS) is a type of pension plan that allows UK expatriates to transfer their pension savings to a scheme located outside the UK, meeting specific requirements set by HM Revenue and Customs (HMRC). Who should consider a QROPS? - Expats Facing Double Taxation. - Approaching Age 75: Expats nearing 75 who want to ensure their beneficiaries avoid paying tax on inherited pension funds. - Large Pension Funds: Individuals with pension funds likely to exceed £1 million by retirement. - UK Residents Planning to Emigrate: UK residents planning to retire abroad and who have privately administered pension funds. - Foreign Nationals with UK Pension Benefits: People born abroad who have worked in the UK and accumulated benefits in a UK pension scheme. - Stable Overseas Residency: Individuals planning to live overseas long-term and not return to the UK within the next five to ten years. - Significant Pension Value: Individuals with UK pensions (excluding state pensions) with a total fund value of at least £100,000. For a deeper dive into the working of QROPS check out our detailed article: https://lnkd.in/eTBWxBWE

The Private Client Consultancy Weekly Business & Economic Review 1. Reeves Welcomes IMF's Upgraded UK Growth Forecast The International Monetary Fund has raised its growth prediction for the UK to 1.1% this year, up from its previous estimate of 0.7%. Chancellor Rt Hon Rachel Reeves welcomed this revised forecast but acknowledged challenges ahead. As she prepares to unveil the Budget on the 30th of October which is aiming to raise £40 billion, which is likely to include significant tax rises and spending cuts, there’s a clear tension between optimistic growth projections and the harsh fiscal realities the government faces. This IMF outlook contrasts sharply with Reeves’s earlier assertion that Labour inherited "the worst set of circumstances since the Second World War". 2. #Labour Budget Predictions: Taxation Changes Likely With Labour's first budget in 14 years approaching, speculation is at its peak regarding the potential tax increases that will come. Many are suggesting that capital gains tax could see hikes, alongside reforms to inheritance and pension taxation. While the government has assured that income tax, National Insurance, and VAT will remain unchanged for “working people,” there are concerns about fiscal drag, which may lead to higher effective tax rates for many other individuals. 3. The #FTSE100 Struggles Amid Budget Jitters This week, the FTSE 100 fell by 0.65%, this is a reflection of investor anxiety surrounding the anticipated Budget. Key sectors such as energy and telecoms saw declines, with the uncertainty surrounding government policies affecting the general market sentiment. The interplay between governmental fiscal strategies and stock market performance will be a focal point in the coming days and weeks. 4. #USElections and Market Volatility Polling shows a tight race between #DonaldTrump and #KamalaHarris, creating uncertainty in global markets as important decision are being placed on hold until after November 5th. This tension can be seen in slight declines in the S&P 500 and Dow Jones. Additionally, crude oil prices surged in response to escalating conflicts in the Middle East. 5. IMF Predicts Robust Growth for Spain The IMF forecasts Spain’s economy will grow by 2.9% this year, positioning it as one of the stronger performers among major economies. Despite facing challenges, Spain’s overall economic outlook appears considerably more robust compared to many of its European counterparts. This growth highlights the potential for investment opportunities. With the UK preparing for potential tax increases, it's imperative for those managing investments and assets in the UK to reassess their strategies. As advisors, our role is to ensure that our clients not only mitigate their tax obligations but also position their wealth for sustained growth in a fluctuating economic environment. Adapting to these changes with informed strategies will be key to enhancing financial resilience in the coming days and weeks.

As the key figure in our Finance Department, Angelica ensures all commissions are processed smoothly and accurately. 📑 From generating detailed reports for wealth managers to overseeing online banking and financial controls, she makes sure everything runs like clockwork. With 12 years of industry experience, Angelica’s expertise shines in her ability to organise, lead, and adapt to challenges. She may not work directly with clients, but her efficiency ensures wealth managers get the answers they need, empowering them to deliver top-notch service. Angelica loves the daily challenges and the collective drive to succeed. Outside the office, she’s an avid Padel player, loves family adventures, and is even a salsa dancer! 💃 We’re thrilled to have her on the team, making a difference every day! #TeamSpotlight #FinanceExpert