General News

Preloved bargains table

Kick-Off The 2022/23 Season

It was important to come early to the Vall del Pop U3A’s first meeting of the new season last Thursday, 8th September, as there was lots to do before the meeting.

There was the new initiative, the pre-loved table with bargains to be found, there were events to be booked including make-up demonstration, quiz night, Indian meal and Christmas events and, perhaps most importantly - there were the delicious sausage rolls to go with the coffee, rumour (only a rumour I hasten to add) had it that there were only a limited number of sausage rolls so it was important, very important, to order early. Our thanks to Paula who raised 100 euro with her sausage rolls, cakes are promised for next month, and to the Goodwill Team who raised 54 euro on the pre-loved table – funds going into the charity pot for distribution later in the season.

brett hanson

After the formal General Assembly, we were rewarded with an informative/enlightening talk from Brett Hanson, Senior Partner of Blevins Franks on the financial implications of living and dying in Spain as it relates to retirement planning, pensions and taxes. 1/3 Brett has worked in Spain now for many years but advised that Spanish laws are constantly evolving, and some aspects have changed significantly for UK Nationals following Brexit. The importance of reviewing our previous provisions should therefore not be overlooked.

The following notes are issues I thought I should check, they are not definitive and based only on what I heard – if you are in doubt take professional advice.

  • Spanish Succession Laws – if you have not made a Spanish Will then Spanish Succession Laws [Assets divided 1/3 to your children, 1/3 to whoever you stipulate for their life then to your children and the final 1/3 only to whom you nominate]. If you want British, or your home country law to apply to your Will then you must elect “British Law to apply” in your Will.
  • Spanish Succession Taxes – will apply to your assets in Spain, so any assets you do not want to be taxed here should be moved outside Spain. It would be advantageous for your beneficiaries to already hold a Spanish NIE as inheritance tax in Spain has to be paid in 6 months of the death. NIE can be done when they are over on holiday.
  • Bank Accounts – as joint accounts can be frozen on death of either party it is recommended to have separate bank accounts
  • Home Country Will – it is recommended that you have a separate Will in your home country dealing with your assets outside Spain, also mentioning your Spanish Will.
  • Power of Attorney – it is recommended you make a PoA nominating two persons, in case of the subsequent death of either nominee, to administer your affairs if you become no longer capable. In Spain a ‘Poder Preventivo’ is probably the best [cost about €50]. In UK it can be done through the website [cost about £90].
  • UK Pension – UK advisers are no longer permitted to operate in Spain since Brexit. With a few exceptions UK pensions are liable to Spanish income and wealth tax.
  • Inflation – nobody knows what will happen, other than it will get worse before it gets better, perhaps in 2024, resolution of the war in Ukraine permitting. Inflation will reduce the value of savings so look closely at the returns you are getting in order to minimize the effects.

It is recommended that if you have any concerns in respect of the issues in my notes or on your retirement in Spain in general that you seek professional advice.

*** Please be aware that you take part in any of our activities AT YOUR OWN RISK ***