A new year brings hope, happiness, health and wealth. Many people set new goals and resolutions. So to support you, these are what expats should be doing in order to focus on the wealth part in order to maintain and support your lifestyle into the future.
When you agree to focus on your financial wealth, the sort of questions you should ask are:
- Do I understand my investments and savings?
- Am I exposed to unnecessary risk?
- Are my investments giving more return than basic inflation (3%+)?
- Is my financial adviser regulated in Spain where the ombudsman is available in the event of a dispute?
- Does my IFA have procedures in place to handle compliance, checks and have a formal sign-off process to prevent inappropriate fund selections?
- Do I see my IFA on a quarterly basis, or are their checks just over the phone?
- Is my IFA experienced with at least 10 years track record?
At deVere, we believe that protecting and enhancing your wealth is our first priority. It’s why we meet face-to-face regularly, have an independent compliance team, are regulated (not just registered) in Spain, and have significant experience. As your personal IFA, all my recommendations are checked and signed-off to ensure the funds we select are right for you. All you need to do is pick up the phone and we can arrange to meet.
One final thing, don’t forget that your Modelo 720 – where you declare overseas assets – is required to be submitted by 30 March. Don’t be caught out with a nasty fine thinking it doesn’t apply to you. I’m afraid it does.