To say that tax planning for a British expatriate in Spain is complex is a huge understatement! Encouragingly many clients I have met have tried to take the proverbial bull by the horns and are legitimate tax paying Spanish residents though there are many more that have fallen foul of the often misunderstood world of offshore investing!
In the current economic climate, which has seen a vast changes in interest rates, high unemployment and a very complex Inheritance Tax Law, I have decided to contact a financial services company. Siddals Spain has recently developed financial services specifically tailored to help people save time, money and combat the negative effect of the “credit crisis”.
Been reading through the local papers today and came upon an interesting article. It appears that the average salary in Malaga is 871 Euros, whereas the average mortgage is 1.100 Euros a month. In other words, a typical 3 bedroom property on the Costa del Sol costs a full salary plus 229 euros. Why is it so much? Well the Euribor is currently at a historic high, at around 5.5%.
