Viewing posts categorised under: Costa del Sol

Minimising exposure to tax in Spain

By Charles Hutchinson
This article is published on: 29th September 2021

29.09.21

Probably the most burning issue here on the Costa del Sol for expatriates is minimising exposure to Spanish taxes. Everywhere I go to meet and discuss matters with both clients and prospective clients, this same subject always arises. Over the years I have noticed that this subject has caused so much unhappiness with some people. And it is mostly with men, rarely with women.

The unhappiness stems from the conflict between the heart and the pocket. The heart says I want to live here, revel in this micro climate, enjoy my golf, wine and dine with my friends and basically enjoy a healthy outdoor life. My pocket says I don’t want and will not pay these taxes – particularly wealth tax. Wealth tax is alien to North European nationals, whose countries by and large do not impose this tax.

The result for some is that they are sentenced to be constantly wandering the world, on the move from one jurisdiction to another throughout the tax year, always ensuring they are not there long enough to be caught in the tax net. This can also result in stress, instability, the feeling of not belonging anywhere and some cases the cause of divorce. Women on the other hand just want to live where they will be happy, where they have access to their social circle, to their children and grandchildren, either close by or at the end of an easy inexpensive short flight. For them, the tax issue is secondary.

One only has this life once and so why not take the course of most happiness for you and your family and accept the fact there are two sure things in life – death and taxes (to quote Benjamin Franklin)? You cannot take your money with you when you depart this orb, but you can certainly minimise your taxes whilst here and leave your money to your beneficiaries with either very little inheritance tax or none at all.

Contact me to discuss your tax planning

Saving in Spain, ISA, Tax Free Saving in Spain

Thus, it is best to confront the tax implications head on to see what is entailed and what your potential liability is. Apart from wealth and inheritance tax, there are two other mainstream taxes in Spain – capital gains tax and income tax. These too can be mitigated and often eliminated with careful tax planning. Investment income can be sheltered from tax as well as capital gains if steps are taken early enough, particularly if you are coming to live here from another jurisdiction. Here in Andalucia, inheritance tax has for all intents and purposes been eliminated. Wealth tax carries generous allowances (particularly in the case of shared assets). There is even talk of once more eliminating wealth tax altogether but we will have to wait and see.

Of course, tax and investments are intertwined so it is important to have a good financial adviser on board. Spectrum has been advising thousands of their clients for many years with the assistance of locally qualified tax experts on the subject of taxation, which you can see in the many other articles on this website.

Download your free Guide to Tax in Spain here

If you would like to talk to me more about this subject and the points raised, please contact me as per below and I would be happy to discuss this further.

Life in Lockdown

By Charles Hutchinson
This article is published on: 14th April 2020

Here we are starting the 5th week of lockdown in the Costa del Sol. What a surreal world it is compared to what we have known all our lives. I would like to think it is good for us and our moral fibre. Certainly it is morphing into a much more pleasant environment to the mess mankind was creating until the virus came along. Depending on your take on things, this is either nature seeking to redress our mishandling of this fragile planet, or it is the force we call God taking action to prevent our mass suicide. Of course, it can be argued they are both one and the same, but that discussion is for another time. I and my wife are very lucky, as is my son and his family. We live in houses with space and gardens. We are particularly lucky as we have 1.3 hectares of land and are at least 300 meters from the nearest lone house. We have dogs and can take them out for walks at will, on or off our land, and nearly always meet no one. We have fabulous views and my wife is catching up with all the stuff in the garden for which she normally does not have the time. We both work from home anyway and so our work regime has not altered.

Some of my clients in similar circumstances are also not enduring too bad a time, but the ones I feel for are those clients of mine who live alone in small apartments in urban areas and have no dogs. These are the ones I try to stay in touch with most. I am calm in the knowledge that their money is safe because they are with highly reputable companies and investment managers. And it is all about when the markets will begin to recover. It is their wellbeing that concerns me most and part of that is the reassurance they need that their security is not threatened in the long term.

Little Estepona has only one case so far (so lucky), it’s like a ghost town when I go down for our weekly shop. No one on the streets and the police have check points to enquire to where you are going and why and from where you have come.

You have to carry evidence on you to show what you are doing. It’s all good stuff to keep this dreadful thing outside of our city limits. But it does feel very bizarre. Telecommunications and web communications have replaced face to face and touchy feely, but that’s tolerable. The peace and quiet is incredible, you hear so much more now without the sometimes distant murmur of traffic, fireworks, helicopters and the boy racers roaring up and down our mountain road across the valley. The nightingales have arrived which is so beautiful and you can hear them even louder than before. The dawn chorus is almost deafening.

I have to say that the Spanish are bearing up extremely well. When you consider that their life is all about being out and about, socialising, meeting, kissing and hugging each other, sitting out in cafés with friends and family and just enjoying the social interaction, making huge amounts of noise, so much so that they design their homes, not for entertaining, but for spending as little time in them as possible. So now they are imprisoned for an indeterminate sentence, where they cannot go out except to buy essential food once a day, directly there and back, no meeting or touching people and if meeting someone by mistake, it must be from a distance. At the end of all this, we reckon there will be a spike in suicides, divorces and births. Our son Simon and family in Luxembourg, in the same lockdown, go to virtual drinks and dinner parties in the evenings and weekends with friends in the area. He showed us a photo of him getting ready for a dinner party. He was wearing a winged collar, black tie and dinner jacket and shorts and slippers (they can’t see the bottom half!). We’ve started them too; we have about half a dozen friends for drinks and it is hugely enjoyable. We use Zoom so that you can see everyone at the same time and chat together.

Rhona, my wife, has joined Gareth Malone’s virtual choir – I wonder if you have heard about it? The Great British Home Chorus. So far he has more than 110,000 people from all over the English speaking globe and she rehearses with him in the early evening. It is hilarious sometimes hearing these extraordinary howls from another part of the house or outside, my not hearing or seeing the great teacher conducting her.

So, what now? We really don’t know – anything could happen – gradual eradication or a resurgence of the virus? We know here there has been a partial release of lockdown for some workers, especially those who cannot work from home. There is a natural conflict between those who want to continue the lockdown to protect the health of the population and the health service and those who want to protect the economy, jobs and companies. It is very difficult to navigate a sensible course between the two. The global stock markets, which always try to predict the future (not the present nor the past), have already come off bottom with a double bounce nearly a month ago. Now this rise seems sustained for the moment or is this another dead cat bounce? What is obvious is that the markets want to get going again and advantage is being taken of these low levels by many. Those who have cash should think seriously about getting in at these levels, even if drip feeding. Some markets are already up between 20% – 30% from bottom and the potential is still there for a very healthy start to an investment, but it is not for the faint hearted. Cash is king no longer and a home has to be found for it. Make a plan, invest for the long term (at least 5 years), diversify your investments (even in multi asset funds alone), choose good investment houses and funds and stick to the plan. You will not go far wrong if you observe these simple rules.
If you would like to discuss this further, do please get in touch by contacting me as per below. I would even like to hear about your lockdown experiences!

Arts Society de La Frontera & Spectrum – Costa del Sol

By Charles Hutchinson
This article is published on: 24th February 2020

24.02.20

The Spectrum IFA Group again co-sponsored an excellent Arts Society de La Frontera lecture on 19th February at the San Roque Golf & Country Club on the Costa del Sol. We were represented by one of our local and long-serving advisers, Charles Hutchinson, who attended along with our co-sponsors Currencies Direct, represented by area manager Ignacio Ortega and Alexandra Derudder. Also present was the society’s European Chairman Jo Ward.

The Arts Society is a leading global arts charity which opens up the world of the arts through a network of local societies and national events throughout the world. With inspiring monthly lectures given by some of the UK’s top experts, together with days of special interest, educational visits and cultural holidays, the Arts Society is a great way to learn, have fun and make new and lasting friendships.

At this event, over 130 attendees were entertained by a talk entitled ‘John Singer Sargent, master of the society portrait’ by Mary Alexander, who is one of the UK’s top experts on this subject. She gave an excellent lecture which was highly informative and educational, opening up the artist’s world to show his versatility away from not just being a portraitist and his much travelled life.

The talk was followed by a drinks reception which included a free raffle for prizes, including a CH supplied lovely coffee table book on the artist, champagne and an elegant pot plant. Currencies Direct also supplied a presentation bottle of brandy.

All in all, a great turnout and a very successful event at a wonderful venue which has just been renovated throughout; looking through the windows, one can see the golf course completely dug up and redesigned.

The Spectrum IFA Group was very proud to be involved with such a fantastic organisation during its current global expansion and we hope to have the opportunity to do so again.

Arts Society de La Frontera event

By Charles Hutchinson
This article is published on: 27th November 2019

27.11.19

The Spectrum IFA Group again co-sponsored an excellent Arts Society de La Frontera lecture on 20th November at the San Roque Golf & Country Club on the Costa del Sol. We were represented by one of our local and long-serving Advisers, Charles Hutchinson, who attended along with our co-sponsors Prudential International in the form of George Forsythe.

The Arts Society is a leading global Arts charity which opens up the world of the arts through a network of local societies (such as in Spain) and national events throughout the world.

With inspiring monthly lectures given by some of the UK’s top experts, together with days of special interest, educational visits and cultural holidays, the Arts Society is a great way to learn, have fun and make new and lasting friendships.

At this event, over 120 attendees were entertained by a talk on Stolen Masterpieces: The Most Sensational Art Thefts in History by Shauna Isaacs who is one of the UK’s top experts in this field. She gave an excellent lecture revealing to us the history and reasons behind great art thefts. She is also a particular expert in the Nazi thefts of Art prior to and during the Second World War which she covered in a later Arts Society lecture that same day.

The talk was followed by a drinks reception which included free raffle for prizes including a CH supplied book on Stolen Masterpieces, Christmas crackers and mince pies. Prudential International donated a bottle of 12 year old whisky.

All in all, a great turnout and a very successful event at a wonderful venue, although we were in temporary accommodation as the main clubhouse is under renovation. The Spectrum IFA Group was very proud to be involved with such a fantastic organization during its current global expansion and we hope to have the opportunity to do so again.

Arts Society Event – San Roque, Costa del Sol

By Charles Hutchinson
This article is published on: 22nd March 2019

22.03.19

The Spectrum IFA Group again co-sponsored an excellent Arts Society de La Frontera lecture on 20th March at the San Roque Golf & Country Club on the Costa del Sol. We were represented by one of our local and long-serving advisers, Charles Hutchinson, who attended along with our co-sponsors Rathbone Brothers represented by Chris Wanless. Also present was the society’s European Chairman Jo Ward and Peter Kirrage, who is on the Arts Society Global Board of Trustees.

The Arts Society is a leading global arts charity which opens up the world of the arts through a network of local societies and national events throughout the world.
With inspiring monthly lectures given by some of the UK’s top experts, together with days of special interest, educational visits and cultural holidays, the Arts Society is a great way to learn, have fun and make new and lasting friendships.

At this event, over 140 attendees were entertained by a talk on Tamara de Lempicka: Art Deco and the Roaring Twenties by Harry Fletcher, who is one of the UK’s top experts in this field. He gave an excellent lecture, revealing to us the artist and notorious personality behind the individual style one has seen everywhere but most of us never knew who it was!

The talk was followed by a drinks reception which included a free raffle for prizes including CH supplied lovely coffee table book on the artist, champagne and an elegant glass jug. Rathbones also supplied stylish personal notebooks, a 12 year old whisky and a magnum of Rioja.

All in all, a great turnout and a very successful event at a wonderful venue. The Spectrum IFA Group was very proud to be involved with such a fantastic organization during its current global expansion and we hope to have the opportunity to do so again.

Arts Society de la Frontera – Costa del Sol, Spain

By Spectrum IFA
This article is published on: 20th October 2018

20.10.18

The Spectrum IFA Group again co-sponsored an excellent Arts Society de la Frontera lecture on 17th October at the San Roque Golf & Country Club on the Costa del Sol. We were represented by one of our local and long-serving advisers, Charles Hutchinson, who attended along with our co-sponsors Richard Brown and Harriette Collings from Tilney Investment Management. Tilney were invited to a private lunch afterwards where they met potential clients.

The Arts Society de la Frontera (previously named the Decorative & Fine Arts Society) is a leading arts charity which opens up the world of the arts through a network of local societies (such as in Spain) and national events throughout the world.
With inspiring monthly lectures given by some of the world’s top experts, together with days of special interest, educational visits and cultural holidays, the Arts Society is a great way to learn, have fun and make new and lasting friendships.

At this event, over 175 attendees (probably a record Spectrum sponsored attendance) were entertained by a talk on Gold in paintings and wall coverings entitled “As Good as Gold” by Alexander Epps who is one of the UK’s top experts in this field. She gave an excellent talk and engaged the audience for almost an hour!

The talk was followed by the sponsored drinks reception which included a free raffle for prizes including CH produced Champagne, wine, a tea set and a lovely coffee table book on Gold craftsmanship. Tilney also supplied a cocktail shaker designed and beautifully crafted by Viscount Linley, the Queen’s nephew, which caused a further stir after their last event’s prize!

All in all, a great turnout and a very successful event at a wonderful venue. The Spectrum IFA Group are very proud to be involved with such a fantastic organisation and we are booked to sponsor further lectures this December and March next year.

Spectrum sponsored Arts Society de la Frontera

By Charles Hutchinson
This article is published on: 4th January 2018

04.01.18

The Spectrum IFA Group again co-sponsored an excellent Arts Society de la Frontera lecture on 13th December at the San Roque Golf & Country Club on the Costa del Sol.

We were represented by one of our local and long-serving Advisers, Charles Hutchinson and Jonathan Goodman, who attended along with our co-sponsors Richard Brown and Lewis Cohen from Tilney Investment Management. Tilney also very kindly hosted a lunch afterwards for the committee, the DFAS Chairman and the Lecturer.

The Arts Society is a leading international Arts charity which opens up the world of the arts through a network of local societies (such as here in the Costa del Sol) and national events throughout the world.

With inspiring monthly lectures given by some of the country’s top experts, together with days of special interest, educational visits and cultural holidays, it is a great way to learn, have fun and make new and lasting friendships.

At this event, around 110 attendees were entertained by a talk on the art of Leonard da Vinci and the Mona Lisa entitled “The Woman who ate her Husband” by Nicole Mezey who is one of the UK’s top experts in this field. She was excellent and kept the audience gripped and entertained with her knowledge and humour.

The talk was followed by a drinks reception which included a free raffle for prizes including CH produced Champagne, mince pies and a Christmas pudding, together with a fully illustrated book on Leornardo. Tilney as usual excelled themselves by providing the top prize of a wooden set of candle holders designed and beautifully crafted by Viscount Linley, the Queen’s nephew, which caused a further stir after their last two years’ prizes!

All in all, a great turnout and a very successful event at a wonderful venue. The Spectrum IFA Group were very proud to be involved with such a fantastic organisation and we hope to have the opportunity to do so again in 2018.

Investing in turbulent times – presentation, Costa del Sol

By Spectrum IFA
This article is published on: 15th June 2017

15.06.17

The Spectrum IFA Group and Tilney Investment Management co-sponsored an excellent presentation and lunch on 13th June at the exclusive Finca Cortesin Hotel & Spa on the Costa del Sol. The Spectrum IFA Group was represented by our local adviser, Charles Hutchinson, assisted by his wife Rhona and Jonathan Goodman who attended along with Richard Brown, Lewis Cohen and Harriette Collings from Tilney.

For this event, around 25 attendees were invited and selected for this exclusive venue. They were given a very interesting interactive talk by Richard and Lewis on investing in these turbulent times, followed by a mingling lunch and refreshments in the Moroccan Room where everyone was able to personally discuss their questions with staff from both companies in a glorious and relaxing setting with gardens and fountains close by. The feedback from the attendees has been most impressive.

Spectrum was very proud to be involved with Tilney in this superb event. It is hoped this will be repeated again in the future.

Spectrum sponsor the DFAS event – Costa del Sol

By Charles Hutchinson
This article is published on: 16th December 2016

16.12.16

The Spectrum IFA Group again co-sponsored an excellent DFAS (Decorative & Fine Arts Society) lecture on 14^th December at the San Roque Golf & Country Club on the Costa del Sol. We were heartily represented by one of our local and long-serving Advisers, Charles Hutchinson, who attended along with our co-sponsors Richard Brown, Lewis Cohen and Harriette Collings from Tilney Bestinvest. Tilney Bestinvest also very kindly hosted a lunch afterwards for selected potential clients, the DFAS Chairman and the Lecturer.

The National Association of Decorative & Fine Arts Society (NADFAS) is a leading Arts charity which opens up the world of the arts through a network of local societies (such as DFAS in Spain) and national events throughout the world.

With inspiring monthly lectures given by some of the country’s top experts, together with days of special interest, educational visits and cultural holidays, NADFAS is a great way to learn, have fun and make new and lasting friendships.

At this event, over 120 attendees were entertained by a talk on Dutch Genre Painting by Lynne Gibson who is one of the UK’s top experts in this field. She was excellent and kept the audience gripped and entertained with her knowledge and humour – especially the hidden saucy side to the art which she revealed to great effect!

The talk was followed by a drinks reception which included a free raffle for prizes including CH produced Champagne, mince pies and a lovely coffee table book on Dutch Genre Painting. Tilney Bestinvest also supplied a wooden permanent calendar designed and beautifully crafted by Viscount Linley, the Queen’s nephew, which caused a further stir after their last year’s prize!

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The Spectrum IFA Group co-sponsored NADFAS lecture

By Charles Hutchinson
This article is published on: 25th October 2016

25.10.16

The Spectrum IFA Group co-sponsored an excellent NADFAS (National Association of Decorative & Fine Arts Societies) lecture on 19^th October at the San Roque Golf & Country Club on the Costa del Sol. The Spectrum IFA Group was represented by one of our local advisers, Charles Hutchinson who attended along with our co-sponsor Paul Ellis from Currencies Direct.

The National Association of Decorative & Fine Arts Societies is a leading arts charity which opens up the world of the arts through a network of local societies and national events.

At this event, over 130 attendees (all our target market) were entertained by a talk on The Life and Work of Henry Murphy, one of Britain’s best but most neglected Goldsmiths. The presentation was given by John Benjamin of Antiques Roadshow fame, who kept the audience gripped with his knowledge and humour. We were fortunate enough to have him agree to private valuations of attendees’ jewelry and especially any Fabergé items before the lecture.

The talk was followed by a Spectrum sponsored drinks reception which included a free raffle for prizes including a CH obtained (very difficult to find, as out of print) glossy coffee table book on Henry Murphy and his works by John Benjamin himself which he gladly signed for the lucky first prize winner. Also bottles of Champagne and Cava. Currency Direct supplied a bottle of fine Brandy and a very useful car sunshade.

All in all, a great turnout and a very successful event at a wonderful venue. The Spectrum IFA Group are very proud to be involved with such a fantastic organisation and we shall be sponsoring the December lecture and drinks reception after, when we will have Tilney Bestinvest as co-sponsors.

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