IF IN DOUBT, DECLARE THE ACCOUNT

By Gareth Horsfall
This article is published on: 22nd January 2018

22.01.18

The start of the year presents many challenges for me. The start of 2018 presents an interesting challenge that I am not used to. My quandary reminds me of my days at the school swimming pool. The water was always cold. The question was do I jump in and get it over with in one go or do I ease myself into the water gently and take it slower?

The question for me regarding my articles is always what can I write? However, the start of 2018 seems to be an exceptional year in that I have lots of ideas but the biggest question in my mind is how do I ease ‘you’ into these topics?

Well, I can tell you that in my schooldays I was always the jumper. I enjoyed (maybe the use of the word ‘enjoyed’ is a little strong but it was better than the other option for me) throwing myself in and then warming up through vigorous exercise. So it looks as though you are following me in as you read on……

LET’S TALK ABOUT BANK ACCOUNTS
I know that in 2017 you may have received a request from your non Italian bank asking you to provide a T.I.N. for International sharing of tax information purposes. The TIN being the Tax Identification Number or codice fiscale for Italian tax residents. This has caused a lot of concern as bank accounts abroad have often been left undeclared by Italian tax residents for a variety of reasons.

One of the reasons I often hear is that the balance is so low that a declaration is not required in Italy. This could be correct but in this E-zine I want to clarify this law to ensure that you don’t fall under the spotlight with the Italian tax authorities.

So what exactly is the law in Italy regarding the minimal balance which requires a foreign held bank account to be declared?
The law articolo 2, comma 4-bis, del D.L. n. 4/2014, convertito in Legge n. 50/2014, modificato dalla Legge n. 186/2014 states that there is a requirement to monitor foreign held accounts whose maximum total balance in the tax period exceeds €15000. (remember you need to convert to euro if your bank account is in another currency)

This means that if you have a foreign held account that in a calendar year has never exceeded €15000, you are NOT required to comply with the discipline of monitoring. If it has. then the Quadro RW should be completed.

IT’S NOT THAT SIMPLE
However, this is where the confusion begins because this implies that if the balance of the account does not exceed €15000 in the calendar year then no declaration is required. However, the obligation to complete the Quadro RW (declaration of foreign held assets) exists in relation to the average value of deposits into the same bank account, consequently bringing in a new measure of a minimum of €5000 in annual deposits.

e.g. if I were receiving a pension income of £1000 a month into my UK bank account and had outgoings of £900 pm, the balance of my account would never exceed the €15000 in any year, but it would exceed the annual deposit of €5000. (my income payments would be £12000 in the year). Those income payments could be subject to income tax. A declaration of the account should be made.

A CLEAR DISTINCTION EXISTS BETWEEN THE MINIMUM ANNUAL BALANCE OF €15000 AND THE ANNUAL DEPOSITS OF €5000
e.g. I have a dormant account in the UK and the balance is £3000. The account does not receive deposits but earns interest. I must declare the interest in Italy, but the balance of the account has never exceeded €15000 and the deposits do not exceed €5000. Do I still have to declare the account? Well, actually you do! Your commercialista should note it for monitoring purposes but it would not be taxed. However, there is still a requirement to monitor it on the Quadro RW.

CLEAR AS MUD?
My motto is, and has always been:

IF IN DOUBT DECLARE THE ACCOUNT
The best way to look at this is to consider the consequences of declaring versus the sanctions for not doing so.

THE COST OF DECLARATION
If you declare the account the fixed tax on the account is €34.20pa (not including any tax on income payments, interest, or VAT liable payments).

THE SANCTIONS FOR NON DECLARATION
If you don’t declare the account and you are discovered then the sanctions could range from 3-15% of the account balance if it is not a black list country.

If the country is black listed then the sanction is doubled. (6-30%)

IS IT WORTH THE RISK?
For the sake of €34.20 per annum it is probably worth declaring the account.

I would add that I have recently seen 5 letters from the Agenzia delle Entrate sent to different people living in Italy stating that under the Common Reporting Standard International share of tax information agreement, that the agenzia is aware that these people have assets and income payments from foreign financial institutions and that they are investigating why these have not been declared on the individuals tax return.

So, finally, we are left without a doubt that this financial and tax information is now being shared, as if we were ever in doubt.

I fully expect that in the coming months and years that the systems that tax authorities have in place to analyse the financial information they are now receiving will become increasingly more sophisticated and it will eventually be an automatic process should any information that we have declared on our tax returns NOT match with that which they receive from foreign financial institutions. Certainly I don’t foresee a return to the old days when the responsibility was only ours. That same responsibility has now been taken away from us and the automatic share of financial and tax information will only get more sophisticated moving forward.

On that thought, I will leave you will my simple message.

If you haven’t started any financial planning as an Italian tax resident, then start now. You might end up paying more than you need to!

The ‘Flip side’ of Demographics; a Revolution in the Making?

By David Hattersley
This article is published on: 22nd January 2018

22.01.18

As a “baby boomer” born in the ‘50s, with clients aged between 27 and 93, I have had both the fortune and misfortune of being born slap bang in the middle of a seismic generational gap. It does appear that at the moment there is a greater emphasis and concern placed on an aging population and less attention paid to the “millennial” and “X“ generations and their futures.

Having grown up and experienced a revolution as a teenager in the ‘60s and ‘70s, I was heavily influenced by the contemporary music of that time. The global impact of Dylan, The Beatles, The Rolling Stones and The Who, of whom the latter’s recordings of “My Generation” and “Won’t Get Fooled Again” seemed to represent many of our generations’ feelings and desire for change, helped fuel that revolution. It seems like the recordings and lyrics of the aforementioned, even today, still ring true for the younger generation.

Just as much as music influenced us, so too did Hollywood, with films such as Easy Rider, The Graduate, Soldier Blue and Bonnie & Clyde springing to mind. These films came to represent a counterculture generation increasingly disillusioned with its government, as well as the government’s effects on the world at large, and the Establishment in general. It led to the questioning of “old fashioned values” based on a previous generation’s views. Shortly after, Shaft came to represent a genre, with the actor Richard Rowntree creating a lead role not seen before.

I sense from observations, and from discussions with other parents of varying ages and with the younger generation, the same sense of a growing dissatisfaction and concern with the current status quo.

So the simple question is, are we now at a stage where another “people’s revolution” is in the making? In the next few articles I will try to explain, albeit briefly, a potentially disenfranchised generation, the impact of this position on them, their reaction, and how this may impact the future as we know it.

As an adviser I need to keep up with change. Along with my own research, I also have access to the major resources of the fund managers that we use, their view being that change is happening already.

Brussels Presentation – Should I transfer my pension out of the UK, or not?

By Spectrum IFA
This article is published on: 16th January 2018

Brexit.
A word that exploded onto the British lexicon almost three years ago and has refused to dissipate. Indeed, instead of disappearing into the shadows and reappearing every time the ruling party wishes to dangle a carrot (or stick) in front of the populace, it has remained in full view without a day or week going by without it being mentioned on the news, by the watercooler, at home amongst family, or debated amongst friends and experts alike.

What does it mean? To some, it is wrenching back sovereignty from the EU Overlords, to others, it is an unmitigated mistake. To some, it is the taking back control of the British borders and stemming the tide of immigrants, to others, it is an unmitigated mistake. What is sure, is that it means that the UK voted to leave the EU next March and the EU28 will become EU27.

Whilst the politicians discuss the terms on which they will work together in the future and untangle the ties of the past, what does it mean for you?

If you have worked in the UK and have a pension (or more) there, then the lack of clarity and swirling uncertainty surrounding Brexit undoubtedly has you concerned about your money; fortunately, we at The Spectrum IFA Group have a solution for you.

On Wednesday 7th February, we have invited leading industry experts to discuss the potential implications of Brexit on your money and more specifically any pensions that you have in the UK. This is a must attend event for anyone who has worked and has a pension in the UK. Our experts will discuss likely scenarios and provide solutions for your pension concerns and we will also have a local Belgian Tax Expert who will talk about the tax treatment of UK Pensions here. The evening will end with finger food and drinks and an opportunity to meet and greet our experts, advisers, and attendees.

Click below to confirm your attendance, and we look forward to meeting you at the Renaissance Hotel.

Yes, I would like to attend the presentation on Wednesday 7th February/

How often should I have a financial review?

By Amanda Johnson
This article is published on: 12th January 2018

12.01.18

There are no hard and fast rules regarding the frequency of a financial review. I believe, however, that there are several questions you can ask yourself, which may indicate that now is a good time to review your own situation:

Have my personal circumstances changed since my last review?
This can include firming up on plans for retirement, changes in your family situation, emerging health issues, a change in jobs or an inheritance. Any of these things could change what you need your money to do for you.

Do I know how the investments I hold are performing?
Have you received a recent statement and are you aware of how your investments are performing compared to others? Reviewing your finances can reassure you that you are on track.

Do I know the position of my current private pensions?
There are options available to expats which are not open to British residents. These are not right for everyone and a professionally prepared analysis is required.

The answers to of these questions may indicate that now is a good time to arrange a financial review.

Sitting down with your adviser will enable them to ensure that any investments held are appropriate for your current situation and risk profile and that you are not over exposed in certain areas.

Your adviser can also tell you how your investments are performing against other types of investment available in the market. Couple this with an ability to advise you of any changes in rules and regulations and you can see that a financial review can provide tremendous peace of mind.

Whether you want to register for our newsletter, attend one of our road shows or speak to me directly, please call or email me with the contacts below and I will be glad to help you. We do not charge for our financial planning reviews, reports or recommendations.

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.

Trusts – and French residency

By Katriona Murray-Platon
This article is published on: 28th November 2017

28.11.17

I remember during my legal studies, Trust law was not a popular subject. The French authorities do not like Trusts either. They don’t understand them, they mistrust them (pardon the pun). Interestingly Trusts originated in France, in Normandy, during the crusades. Crusaders entrusted their property to trusted third parties to manage until their return and the “trustees” had to pay the income to the crusader’s family. However today, the French authorities view Trusts as a way to hide assets (to avoid Wealth Tax for example) whereas from a UK perspective Trusts are a very useful way of managing assets for people who cannot manage them themselves and/or require protection. They are very often used in wills but when the beneficiary, settlor or trustee decides to go and live in France they may have forgotten all about the Trust and have no idea about the reporting obligations for Trusts in France.

Things are even more complicated by the notion of “deemed settlor”. When a settlor dies, the beneficiaries are deemed to be the settlor of the trust assets. Article 885 G ter of the French Tax Code states that the settlor or the “deemed settlor”, if their assets exceed the wealth tax threshold, must include the net value of the assets of the trust in the assessment of their assets on 1st January of the tax year.

Trusts are very often managed by solicitor’s firms and may contain investment portfolios. If a beneficiary is resident in another country the Trust falls under the requirement to report under the Common Reporting Standard Automatic Exchange of Information rules introduced by the OECD (please see my colleague Derek’s article).

There are two declarations which have to be filed. One for every event i.e. when the trust is created, amended or terminated, which must be filed in the month following the event. The other declaration is annual and must be made by the 15th June of each year and show the assets in the Trust as at 1st January of the same year. There is no income tax return for the Trust itself but beneficiaries should declare the income they receive from the Trust (whether it is dividends, interest, proceeds from sales of shares or rent from a property within the Trust) on their annual tax return form. If distributions are made to the beneficiaries, it may also be worth filing an event return mentioning the amounts distributed throughout the year.

Both of the Trust declarations require details (names, dates of birth, addresses etc) of each and every settlor, trustee and beneficiary whether or not they are French tax resident. It is the Trustees responsibility to file the information and the Trustee who will be liable for failure to declare, late declarations and for any penalties.

Since 8 December 2013, Trustees who failed to comply with their reporting requirements could have been fined €20,000 or 12.5% of the total value of the assets held in the trust, whichever was higher. For declarations due before this date the fine was only 5% of the assets in the trust or €10,000.

In March 2017 the French Constitutional Council ruled that the 5% or 12.5% penalties were unconstitutional with effect from 1st January 2017. The €20,000 fine does still apply however and can be cumulative, applying to each return that has not been filed on time.

With the Common Reporting Standards currently being enacted by the UK (including Jersey, Guernsey and the Isle of Man) and France, I believe that there will be a lot more questions from the French tax authorities in the near future and in particular regarding undeclared bank accounts and trusts. Whilst the French tax authorities ask nicely the first time, if they suspect that assets or income have not been declared they do have the power to apply these fines. To better understand your tax obligations as regards Trusts, please do not hesitate to contact me.

Taper Relief on Capital Gains from the Sale of Shares

By Derek Winsland
This article is published on: 16th November 2017

16.11.17

My colleague, Sue Regan, in her last article, gave details of a number of tax changes currently being debated in Parliament and which are expected to come into force by the end of the year. On a positive note, wealth tax (Impot de Solidarite sur la Fortune) is to be abolished, to be replaced by a tax on the value of property (Impot sur la Fortune Immobilier) or IFI. This can have real benefit to those with investments outside of property.

Less positive is the intention to abolish taper relief on capital gains from the sale of shares, which includes equity investment funds. This can have serious connotations for those investors holding investment portfolios outside of an Assurance Vie. Portfolios held within equity Individual Savings Accounts (ISA’s) in the UK, for example, will be affected. For UK residents, ISA’s represent an excellent savings and investment vehicle, with ‘income’ drawn from the ISA tax free in the hands of the investor. Growth in the investment attract no capital gains tax charge, irrespective of whether the gains are extracted or allowed to roll up within the ISA.

In the hands of a French tax resident though, ISA’s don’t enjoy any of the tax benefits UK residents take for granted. It is as if the ISA wrapper doesn’t exist. Instead, in France, taper relief is granted on gains made from equities (shares) where the holding is greater than two years. Where shares have been held for two years and up to eight years, the relief is 50%; after eight years the relief rises to 65% under the current system. Crucially, this relief also applies to collective investments where a minimum of 75% is invested in equities.

If you then factor in the fact that all gains are calculated in euros, shares and equity collectives in the UK held for a long time can be further reduced because the purchase price will be converted into euros using the exchange rate on the day of purchase. Likewise, the euro value is calculated on the day of sale. With the value of sterling currently low, the amount of any gain can therefore be further reduced if the exchange rate on the day of purchase is higher than the rate on the sale date.

All of this means that if you are resident in France, holding on to stocks and shares ISA’s in the UK, it really is time you thought about cashing them in, reinvesting the proceeds in the far more tax efficient Assurance Vie. Time really is of the essence.

If you feel you could be affected by this, or have personal or financial circumstances that you feel may benefit from a financial planning review, please contact me direct on the number below. You can also contact me by email at derek.winsland@spectrum-ifa.com or call our office in Limoux to make an appointment. Alternatively, I conduct a drop-in clinic most Fridays (holidays excepting), when you can pop in to speak to me. Our office telephone number is 04 68 31 14 10.

Le Tour de Finance – autumn seminars

By Spectrum IFA
This article is published on: 7th November 2017

07.11.17

Le Tour de Finance came to the wonderful Chateau La Coste near Aix-en-Provence and was once again, a resounding success. Over 50 guests came along to listen to a number of industry experts talking about issues effecting expats.

These independent industry experts spoke about highly topical issues such as the proposed changes to the French tax system, pensions, international banking, foreign exchange, assurance vie, discretionary fund management and Brexit.

The event was hosted by The Spectrum IFA Group’s Christopher Tagg and Victoria Lewis, Spectrum’s local adviser explaining how she provides practical financial solutions for expatriates living in France. Other industry experts on hand form their Head Offices around Europe included; Tilney, Momentum, Rathbones, Standard Bank, SEB Life International, Old Mutual and prudential International.

The subjects open for discussion are wide ranging, relevant to expats living in France and the guests are readily invited to participate in the open forum.

Le Tour de Finance will be back in the Spring of 2018 and to learn more about Le Tour de Finance, please click here or visit the dedicated Le Tour de Finance website.

Where are you domiciled?

By Gareth Horsfall
This article is published on: 1st November 2017

01.11.17

As a foreign national living in Italy for many years I find it sometimes confusing to look at where you come from and know where you belong. I rang my prefettura the other day to check on the progress of my Italian cittadinanza application only to be told that I would have to keep checking the Ministero del Interno website to see whether any updates or further requests for information would be required and that no confirmation email would be sent.

Anyway, this got me thinking about the issue of ‘where we belong’ and ‘where we think we belong’. The difference being, one is based on facts and one is based on what we believe to be true.

If I take a cross section of you, my group of clients, and stranieri living in Italy, I could split you into many different groups (it is not an exhaustive list), but a good summary would be as follows:

Foreign nationals married to Italians (like myself)
Foreign nationals who are married/partners with someone of their same nationality
Foreign nationals married/partner with someone of a different nationality
Foreign nationals who are not married

And within this group I could create sub groups of you:

those who don’t intend on returning to your country of origin
those who have made a long term move to Italy but intend on moving away from Italy at some point in the future, mainly for reasons of later retirement when language, health, and maybe grandparenting considerations become more of an issue

However, in each category and sub category we have to work with the fact that we have accumulated financial assets which, from a fiscal point of view, will be subject to taxation in any one country or another. Knowing which group and sub group you belong to, and the definition of such, will likely determine which jurisdiction you are considered for inheritance tax/ succession purposes.

So let’s focus on the subject of domicile for a moment, since the application of domicile will determine which tax authority will have overriding power when it comes to your inheritance tax or successione. Firstly I want to highlight the definition of domicile in the UK (which may also be applied in other similar countries which work on a basis of common law)

Definition of domicile
The domicile is the country which a person officially has as their permanent home, or has a substantial connection with. When you’re born, you’re automatically assigned to the same domicile as your parents, which is defined as your domicile of origin. If your parents were not married, typically your domicile of origin will be the same as your mother, although this may vary depending on each individual’s circumstances.

Your domicile of origin then continues until you acquire a new domicile – even if you move abroad, unless you take specific action, it is unlikely that your domicile will change.

Now let’s look at the definition of domicile in Italian law, which has a totally different meaning:

The place of domicile is taken to be an individual’s principal place of business and interests.

(see full definition of residency and domicile in Italy HERE)

As you can see the two definitions have quite a different meaning. This creates problems when looking at inheritance tax, succession planning and will writing.

CAN I BREAK DOMICILE OF ORIGIN?
For those of you who fit into the category of having lived in Italy for many years and have few or no connections back in your country of origin, it might be that you are now in the position that you could break the domicile of origin and be subject to the law of Italy on your worldwide estate. This might have some advantages given that succession taxes in Italy are very low compared to other European countries.

However, to break the domicile of origin rule, specifically when relating to UK citizens, you would have to:

show that you were not domiciled in the UK within the three years before death
show that you were not resident in the UK in at least 17 of the 20 income tax years of assessment ending with the year in which you died

CHANGING YOUR DOMICILE
You might also try and actively change your domicile but to do this you will need to satisfy a number of criteria and be able to provide evidence of each one. The basic criteria for changing your domicile will typically include as an absolute minimum:

* Leaving the country in which you are domiciled and settle in another country
* Provide strong evidence that you intend to live in your new location permanently or indefinitely.

However, the criteria for changing your domicile are incredibly varied and include things like closing bank accounts down in your country of origin, selling all properties that you may own there and finally each case will be judged on it’s merit incorporating the evidence provided.

SO WHAT IS THE SOLUTION IN ITALY?
The long and short of this is that when you die, it is highly likely that as a foreign national living in Italy, that unless you have attained cittadinanza, the Italian authorities will refer back to your country of origin and allow that authority to apply their inheritance tax code to your worldwide assets. (Any Italian taxes would still need to be applied, where appropriate to Italian domestic assets, such as property) Whilst this might be preferable for some, you may wish the Italian tax code to apply on death because of its lower tax rates. If this is the case then you have to try and break domicile and this can only be determined at the point of death by the relevant tax authorities. If you want to know how hard that could be then see the ”famous example’ in the column opposite.

Clearly it makes sense to start planning to minimise problems from an inheritance tax point of view, as soon as possible. Having a will in place is the first step to ensuring that your relatives are not left with cross border legal burden when the inevitable happens.

The EU – a Financial success or not?

By Chris Burke
This article is published on: 31st October 2017

31.10.17

What better subject to discuss, than one closest to the heart of someone living and studying in Europe.

Geneva Business School (GBS) in Barcelona, is a leading Business School providing cutting edge, innovative, Swiss quality education on a global scale. Part of their curriculum is to invite guest speakers along to hold a forum/debate on a topical subject, to enhance their knowledge, practice what they are learning and increase their debating skills.

So, where better to format the debate on discussing what the original reasons were for the EU being formed. Easy I hear you say. Ok, well we started discussing putting all the countries together and how that could make them stronger under one currency, against other economies. It was soon apparent that although this seems a sensible idea, did this work for everyone? Greece was debated as already being financially in trouble before it joined the EU, and has continued down that path, but why? When we looked at the Government debt of each country before joining the EU and present day, it’s clear many of the country’s debt has doubled; The UK, Greece, Italy, France to name but a few, but why haven’t others? No one was surprised Germany’s hadn’t, but why hadn’t it? We discussed Germany’s manufacturing capability compared to the other countries; this could well be a valid reason. There was mention of ‘black’ money still prevalent in certain countries, mainly Italy and Greece where in some places you still couldn’t pay by card, only cash. It was well known a few years back the Greek underground had been losing money hand over fist due to passengers not paying. Was there a cultural issue here that was denying the government, in those countries, of more revenue from tax?

Freedom of movement was on everyone’s lips as another good reason for the EU being born. Freedom to move elsewhere, find work, perhaps a new life, career. It was quickly pointed out this didn’t work for everyone, an Italian farmer (highlighted by an Italian student) would not agree this had worked well for him. Of course, you cannot please everyone and there are countries in the EU whose farmers receive subsidies to help.

Access to the common market, so trading made easier for countries in the EU, cheaper and more direct for them to sell within. This making them potentially more competitive than those outside it. This was a strong reason for the EU to be formed.

So there was one more, major reason, that after we discussed what it was, agreed that perhaps this could be the biggest reason for the EU being formed, but is hardly ever brought up. We discussed that during the Brexit negotiations this was hardly ever mentioned as a reason to remain, if it was its press headlines were minimal. When you are part of a team, whether it be a sports team or any other, you have a common reason/goal to make it work. You may have disagreements, but because you all want the same outcome, which benefits you all, you work hard to find a solution. Differences can be put aside, or debated, and there may be a skirmish occasionally but in general, conflict is usually avoided or at least minimal. Stopping wars and keeping the peace was one of the founding reasons for forming the EU, yet it hardly ever gets the status it should deserve.

So, taking all this into account, did we think the EU has been a financial success? Certainly not to everyone, but if you were a consultant brought in to investigate and make a decision, the debaters at Geneva Business School voted marginally it had. Wars cost money, however they can also generate it……

Other key questions asked were:

Where are we economically in the world?
We are in the second longest Bull Run in the history of the stock markets, we certainly aren’t on the bottom run of the ladder in terms of its upward curve, probably not in the middle, how long there is to go is anyone’s guess, but we are probably in the final third.

Government debt are at the highest rates ever, can it be repaid?
No. Even if we had ten more fantastic years on the stock markets, which is highly unlikely, it’s my belief it’s almost impossible to repay these. Looking at debt clocks is frightening and best not to be done!

Bitcoin, good investment or not?
The jury is still out on this, it continues to provide itself as an investment choice. Will it last? Do the bank’s want it to last? Will it be here tomorrow? For the high risk takers it’s a choice, for everyone else it’s too early to tell.

Property, a good investment in Barcelona?
Simply, if you are intending on holding it for a decade or so, and being able to fix the mortgage interest rate for life, it’s hard to advise against it. For anything less, you wouldn’t want all your investments in one asset class.

So, our final thoughts were, on Maslow’s Conscious Competence Model, where did we rate the EU? And the overwhelming answer was:

Conscious Incompetent – that is to say, the EU knows it isn’t working, and is arguably trying to fix it although isn’t sure how. But how much we wonder…….