Jim Taylor can you help ? - Page 2

Another  post on  here with people worrying they won't  be able  to live the dream,  sadly  looks true  as well , but if they rushed now,got a property, nie etc applied  for  residence, would they be ok as they started  the  process pre Brexit  do you  think?

Resources for Non EU Citizens:

400% IPREM in 2018 amounts to 2.151,36 Euros a month, 25.816,32 euros annually, for individual applicant.

100% IPREM for every additional family member, amounting to 537,84 Euros a month, 6.454,03 annually.

😪😪😪😪

I'm just quoting from the second of my guides about the no-deal law:

The documentation procedure for UK nationals residing in Spain before the date of withdrawal and their family members ... will be extended during a period of 21 months from the withdrawal of the UK from the EU without an agreement. Once this period has ended, applications for the documentation procedure set forth in these instructions will no longer be accepted, without prejudice to the provisions, where appropriate, for renewals.

Comment: Those of us with residency will have 21 months to change our residency certificates. Anyone applying for residency after the 21 months will have to meet the far more stringent requirements required of non-EU citizens.

During this period ... the residence in Spain of the UK nationals resident in Spain before the date of withdrawal and their relatives will remain legal until their request for residency is resolved. Certificates of registration and family cards of Union citizens will remain valid until they are replaced by new documents in order to prove their legal status in Spain as third-country nationals.

Comment: Similar to the previous clause, but it does all depend on whether your request for residency is approved. This might (?) lead to some people only applying late in the 21 months period if they doubt they can meet the requirements or simply want to put it off.

And there's further info in my guide re the Teresa draft agreement, which is still valid as Boris hasn't changed the agreements relating to us.

Hi 

Can anyone advise on a good wealth tax specialist in Spain 

Thanks again

Paul

As your question has been tagged onto the end of an old post from 2019, you might want to consider opening a new post. This should get you more and better responses.

I would suggest you initially avoid "wealth managers" and instead focus on looking for tax advisor's. There is money in Calpe so there must be quality tax advisors locally. Is there anything specifically you are worried about?

I would just add to be extremely wary of placing funds within the reach of any Spanish based Wealth Fund Management Company. I'm not suggesting you are, but a Denia based WFMC went ahem 'bust' quite recently.

I think a link from the Olive Press will be behind a paywall but I'll copy and paste some of the text from the article below...

"CWM allegedly defrauded up to 1,000 mostly British expats of €35 million between 2013 and 2017.

The firm placed their pensions in high-risk investments which, initially, paid out huge commissions, but later collapsed leaving them with nothing.

But after a four-year litigation process the judge ruled that a class action by 17 victims failed to bring enough proof of wrongdoing.

CWM employees Paul Clarke, and Stephen Ward were also co-defendants in the complex case that was hindered by the Covid-19 pandemic.

It also spanned jurisdictions in Ireland, Germany, Malta, and Cyprus. 

The judge added many of them had worked in finance and ‘had the risks explained to them’.

“Surely someone is accountable for what happened,” the British couple, who wish to remain anonymous, told the Olive Press.

Sole director Jody Smart and ex-husband, mastermind Darren Kirby, stood accused of fraud, disloyal administration and falsification of documents.

The pair allegedly forged investors’ signatures and made changes to documents without the investor’s consent, although this was unproved.

Angie Brooks, who represented many of the victims, blamed the failure on the complexity of the case.

“Under EU law, it’s not enough for the investors to say they accept the risk,” the pensions specialist told the Olive Press.

“They also have to make sure that they spell out what the risks mean.”

However, she is now launching a new claim with fresh complainants in the High Court in Madrid and will also take on other insurance and pension companies involved in the alleged scam.

“We will work with the prosecutor to make this a proper national case to bring a criminal trial against not just the advisors but also the other parties that are involved as well.

“We need to see somebody going to prison, because these people have walked off with millions,” she insisted. 

While Kirby failed to turn up at court and his whereabouts are unknown, Smart’s husband, Franco Pearson insisted Jody would not be commenting on the apparent victory.

The chef, who runs a restaurant in Benissa, added: “Go get a life.”

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It's classic scam tactics, pay big returns at first, encourage more incoming, when the fund is peaking, empty it.

My advice would always be keep large sums outside of Spain. 

Steve