deVere Spain sponsored a meeting with Expats at the end of last month in the Elche University where the main sponsor was the British Ambassador Simon Manley and his team from Madrid and Alicante.
Excluding all the politics – the message was that we are still in the stage of negotiation regarding EU Budget and Northern Ireland. Also, a lot of underlying work has gone on regarding British citizens rights in Euro countries.
No concrete decisions have been made up to the time of writing this article but there seems good news on two fronts:
1. Pensions – Status Quo to current system.
2. Health Care – S1 card to be maintained for OAPs + 65 years old.
(Britain pays 3500 Euros + indexation – per year for every S1 OAP in Spain).
So what are your actions post Christmas
2018 – register for tax payment in Spain
If you are: +183 days living in Spain, or have children under 18, or are running a business from Spain. It means an annual tax return in June each year (First by June 19).
Register on the Padron with your local council
This entitles your local council to more money to maintain Police / Roads / Hospitals / Schools etc.
Failure to register for taxation in Spain will result in loss of benefits and health and open you to your taxes being reviewed, back dated for up to 4 years.
Health care will be linked to Spanish registered people so 'being off the grid and under radar' could result in no automatic health cover and the need to take out private health insurance, which very often excludes existing known illnesses.
As Spanish tax residents you are able to take advantage of tax efficiency and investment and potential growth, in addition to good financial planning for inheritance tax avoidance.
Watch out for more information in the New Year about future events in Jávea, Moraira, Calpe etc.
Christmas is coming soon and we would like to wish all our clients and the readers of Female Focus a Happy and Prosperous New Year. If you require any financial information of any matter raised in the article please contact myself, Steve Iball