I would appreciate some financial advice please

With the amount of money that you are talking about, you are probably better getting proper advice from a financial adviser specialising in expats, such as Blevins Franks  https://www.blevinsfranks.com (NB this is an example - not a personal recommendation).  You will have to pay for their work but they will give you much better advice than you are likely to get from random strangers on a forum such as this.  When you are talking about £200K getting it wrong could be very bad for your wealth and hence your future lifestyle.

Check out visas before you do anything. You'll need one if you are a UK citizen. You can't just move to Spain any more 

Just make sure you don't fall foul of tax situation in Spain regards possible capital gains tax and also any tax free lump sum you get if you have private pensions as these are taxable in Spain so make sure that you plan your move in the second half of the year so you don't spend more than 6 months in Spain as the tax year in Spain is Jan to Dec. Take all monies before you come.

Your advice on financial advisors is very helpful. I'll definitely start researching them. The more information I can pick up the better. Thanks again for your time!

Thank you, I am trying to sort all this sort of information too.

Thank you for your advice, I will be sure to sort out the best tax out come where possible.

To answer your two specific questions

(1) keep the money from your UK house sale in UK savings accounts with respected institutions, yielding a decent rate of interest. Spread it amongst two, three or four for extra security. There are no interest bearing savings accounts worthy of the name available in Spain. The ones that do exist offer derisory rates of interest. Of course you will have to declare the interest you earn as income on your Spanish income tax return once you become tax resident.

(2) Once you have a cash balance available to supplement your income after buying a house, I would recommend keeping some, maybe 20%, in one or more UK savings accounts whilst interest rates are relatively high, but I would spread the majority amongst a wide selection of stocks and shares bearing reliable dividends. Look at investment trusts in particular. You can do it yourself if you know what you're doing, or seek professional advice (which will cost) if you don't. Bear in mind that most UK stockbrokers can't offer services to European residents any more, yet another Brexit benefit, so you may have to deal with a European based broker. I use Degiro, a Dutch online dealer which allows me to buy, sell and hold UK stock market shares in sterling in my account with them. They collect the dividends and add them to my account, free of charge. Their dealing costs are very low and there's no annual fee.

I have my own portfolio, and have designed another for a friend, which is currently yielding about 5% net per annum from a wide spread of low risk stocks and shares. With the approx. £200k you expect to be left with, that's an annual income generation of about £10k.

Hi Brian 222,

Happy Easter to you.

Exciting times ahead!

Firstly, when seeking financial advice you will need to ensure that the person providing the advice is qualified and regulated in Spain to do this and most importantly is is registered with the EFPA (España).

You can check out the credentials of any IFA here:https://www.efpa.es/busca-tu-asesor-financiero-certificado/

We work in partnership with Christopher Shaw at Chorus Financial - EIP Certification (No. 36635).

All of our group's advice is free of charge at all times, you only pay if you instruct any of us to act for you in some capacity, legal or financial.

If you would like an initial informal chat on the phone then just give us a call on 865 756 058 

or complete our enquiry form here: Contact 2 — Thy Will Be Done 

A convenient time can then be arranged with you accordingly.

We look forward to speaking with you soon.

Kind regards

Paul

Hi Brian

I echo what has already been said by others.

You will at some point have to think about currency conversion, and many people on this forum recommend https://wise.com/ , including me. It's free to register, so you could try it out with a very small amount to learn how it works - it's easy peasy, but note Wise is not a bank.

In addition, Wise offer a very easy way to invest in government bonds and government backed loans (I confess I'm not too sure what the latter actually means, but I'm confident that it's low risk). On my sterling investments I'm currently earning 4.66%, my euros are earning 3.67%. Interest is paid daily, and the money is managed by Black Rock.

Cheers

Steve