Banking and taxation Hi

Posted: Wed Jan 22, 2020 4:27pm

4 replies106 views2 members subscribed

Posts: 4

5 helpful points

Joined: 5 Jun 2019

Hi everyone, I need some clarification please. Myself and my partner (not married) are hoping to move soon. Do we need separate bank accounts or can I have one just in my own name, as proof of adequate funds.

Also, regarding residency but just renting long term, with approx €130,000 between us, are we taxed separately or together.

Many thanks in advance for any information 🙂

Alexandra

Reply
View 4 replies

Posted: Wed Jan 22, 2020 5:18pm

Movingon

Super helpful member

Posts: 1857

1607 helpful points

Location: Albatera

Joined: 7 Feb 2018

Posted: Wed Jan 22, 2020 5:18pm

You can have separate or a joint A/C it doesn't matter because you are liable for tax based on income not what you have in the bank.

'Partner' is a has no real meaning in law so how you would personally be treated as a pair I couldn't say however married couples can opt to be taxed individually or as a couple depending on how the two calculations work out.

Posted: Wed Jan 22, 2020 5:19pm

jimtaylor

Legendary helpful member

Posts: 5612

8739 helpful points

Location: Mudamiento

Joined: 2 Feb 2017

Posted: Wed Jan 22, 2020 5:19pm

It would be easier to have a joint account, as with that level of a bank balance you could both apply for residency individually. If the account is in only your name, then your partner would have problems in qualifying for residency. At the very least you'd have to formalise the partnership by registering as a 'parecha de hecho'.

When you do tax returns, my first reaction is that, as you're not married, you'd have to do individual returns. That's because the tax system doesn't have a facility to cope with even registered unmarried couples.

Marry the girl and make life easier! That would also make things a lot easier re inheritance when one of you dies.