[ Offshore Tax ] Tax Implications of Retiring in Spain on a UK Pension
The British ISA (Individual Savings Account) is not a pension plan because it can be accessed in cases not provided for in pension plans. Therefore, its declaration may vary. The most similar product we have in Spain is the PIAS, whose benefits are also exempt, similar to ISAs.
The British QRPPS (Qualifying Recognized Overseas Pension Scheme) is a fund to which the rights of a pension plan can be transferred. It is designed for UK residents who move abroad. Therefore, it is still considered a pension plan. For the purpose of Form 720, it is not required to be declared. However, for IRPF (Personal Income Tax) purposes, it is considered regular income when redeemed.
The SIPP (Self-Invested Personal Pension) is a British pension plan itself and does not need to be declared in Form 720.
TIMESTAMPS:
0:00 INTRO
0:20 Tax implications when retiring in Spain
1:15 Special tax regime in Spain
2:09 OUTRO
--------------------------------------------
OUR CHANNEL OFFERS:
- Updated daily, we help 6, 7, and 8-figure International Entrepreneurs, Expats, Digital Nomads, and Investors legally minimize their global tax burden and protect their wealth.
- Join Amazon's best-selling author, Derren Joseph, in exploring the offshore financial world.
SUBSCRIBE TO OUR CHANNEL FOR MORE FREE INFORMATION:
[ Ссылка ]
--------------------------------------------------
WATCH OTHER VIDEOS:
[ Ссылка ]
[ Ссылка ]
[ Ссылка ]
--------------------------------------------------
Here are 4 ways we can help you:
SIGN UP for free webinars on US Expat Taxes and International Entrepreneur Taxes: [ Ссылка ]
STREAM premium educational videos: [ Ссылка ]
CONTACT us for tax optimization consults over Zoom: [ Ссылка ]
High Net Worth? We can QUOTE for doing your "US-International" tax returns.
FOR MORE DETAILS, CONNECT WITH US:
✉ Contact us at help@advancedamericantax.com
--------------------------------------------------
FOLLOW US ON:
🌍 Check our website: [ Ссылка ]
🎙️ Listen to our podcast: [ Ссылка ]
📸 Add us on Instagram: [ Ссылка ]
🐦 Add us on Twitter: [ Ссылка ]
📕 Add us on Facebook: [ Ссылка ]
💼 Contact Derren on LinkedIn: [ Ссылка ]
DERREN JOSEPH:
Okay, so is a UK ISA private pension excluded or included in Spain? Well, taxed Todd.
TODD COWAN:
Yeah, I think that that's a good question. From my perspective, I'm not, again, you caveated us very well at the outset, Derren, in terms of, you know, not advice. That said, I am not fully up to speed, on the Spanish-UK tax treaty. But what I do know is that that it, well, Derren, I don't wanna throw it back to you so quickly, but my, my understanding would be that it's very possible that it would be caught up in, unless they're part of, unless they're involved in the Beckham regime or they have some sort of tax favorable status within Spain, if they do have wealth tax exposure, an ISO would certainly form part of that. But again, I almost caveat myself to make full representations. And again, it's more my understanding. I'm, I'm almost applying other, other experiences against this particular instance. So, I apologize for maybe passing it back to you get to get
DERREN JOSEPH:
No problem at all. So, yeah, this is something that we get into in a lot more detail in some of the other talks that we've done. Also on the website, we have an article that dives into a lot of detail, and are you absolutely correct, it really depends. Are you in one of the special tax regimes, Noma Beckham law, in which your immigrant resident, but not a tax resident anyway, so the answer's going to be nothing is included, right? So, but if it is that you have, you don't have the protection, you're not on the golden visa, you're not on the back of the log, you're not on NOMAD visa, then yes, chances are your is and may be included in, in the multitask calculation. But of course, you'd wanna sit with someone and get advice run upon to your situation. Where are you in Spain?
TODD COWAN:
You know, are you on the trip or are you in Barcelona? Are you in the bask? Are you, you know, where are you? So, what is your overall situation? We need to know. So, okay.
#taxImplications #spain #taxesSpain #offshorecompany#HTJpodcast #internationaltax #taxplanning #taxes #internationalbusiness #offshore #expats #investors #offshorecitizen #nomadcapitalist #flagtheory #InternationalEntrepreneur #irs #offshorebanking #ibc #offshorecompany
