If you are planning to make a permanent move to Spain, it could be a good idea to transfer your pension policy to an overseas company. The options include self-invested personal plans and Qualified Overseas Pension Schemes. Whilst there are many different kinds of policies available, many have the potential to lower your tax requirements and give you greater control over your money.
It is important to note that the UK government only allows citizens to transfer their pension in this manner if they can demonstrate that they do not expect to return to Great Britain. Plus, it takes around a decade to start enjoying the benefits of the schemes outlined above, which makes it even more important for migrants to think about their options now – not later, when time to build up gains has been lost. Mike Smith, owner of leading real estate agents Valuvillas on the Costa Blanca, says personal financial planning is imperative when purchasing property abroad.
It is common for migrants (from Britain to Spain) to raise the money to pay for their overseas lives via the use of commercial property. In other words, they turn their Spanish properties into businesses.
If you are native to the UK or Europe, there are no limitations on establishing a company in Spain, just so long as you adhere to local laws, planning regulations, and corporate guidelines. The most popular way to achieve this is to turn your overseas property into a temporary holiday home, leased to others whilst you are not in the country.
Although, this is not the only way to set up a business in Spain. It is also possible to establish a new company from scratch. It is possible to invest in a franchise, buy out an enterprise, or set up something entirely new. As with buying or starting a business in Great Britain, it is essential that you know what the market competition is like, who your target market is, whether interest will be interchangeable throughout the year, and how many hours you are truly willing to put into the business on a daily basis.
Once you are clear on the answers to these questions, it may be time for you to take the next step – whether you have plans to run a bar, become a restaurant owner, or turn your property into a holiday home, you must consider all of the details.
Creating An Online Company
You can start a successful online company, from Spain, if you can identify a product or service to offer, or a talent which allows you to operate a business from home. One of the biggest advantages of online professions is that they give you the chance to control how much work you do, which can be important for older couples.
No matter what you choose to do, it is necessary to think about whether or not you can feasibly compete with the local market. In order to do this, conduct research on the level of demand in the area – get to know who its residents are, and what they are looking for. Also, take note of the fact that the unemployment rates in Spain are generally higher than they are in the UK.
If you are planning to move to Spain, or establish a business there, you first need to manage your tax requirements and revenue sources. This is essential if your new venture is going to be financially viable.
The best possible way to do this is get in touch with reliable financial professionals and seek good advice.