Transferring money to Spain/Gran Canaria

Information and questions about the Law in Spain and Andalucia.
Manchesteral
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Transferring money to Spain/Gran Canaria

Postby Manchesteral » Thu Feb 13, 2020 11:43 am

Anyone have a brief answer to my simple question ?

If one was to become fully resident in Gran Canaria and deposit €500.000 in a resident bank account here, severing ties with U K and living here as a resident and just drawing off the money to live are there any tax implications and if so what are they ? I'm basically asking whether the capital will be taxed.

When one passes away what are the tax penalties on the residue for non resident beneficiaries, Thanks Al :-)

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country boy
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Location: Pizarra, Guadalhorce Valley, Malaga.

Re: Transferring money to Spain/Gran Canaria

Postby country boy » Thu Feb 13, 2020 1:16 pm

To a certain extent it depends on your age, marital status and any extra income you may be obtaining. Sid will tell you!

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costakid
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Re: Transferring money to Spain/Gran Canaria

Postby costakid » Thu Feb 13, 2020 1:49 pm

pm beach or cid.

elusive
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Re: Transferring money to Spain/Gran Canaria

Postby elusive » Thu Feb 13, 2020 3:13 pm

I wouldnt put 500,000 k in any bank. What if it goes bust. You are only covered for 100k . They might want to know where its come from. If its overseas property you might have a capital gains issue depending on when you became resident. Cant see there been an income tax issue as its basically savings. Any intrest! Will be taxed at the standard rate. Imo keep as much as you can in the uk and transfer it as and when needed. Bulk amounts that you wont need for x amount of years open an ISA which you can still keep as a non resident you just cant add money or open a brand new one from scratch.Just make sure you declare everything on the 720 overseas asset form.

there are IHT issues for non residents getting assets.

But yeah beach or cid will, im sure help you out

Manchesteral
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Re: Transferring money to Spain/Gran Canaria

Postby Manchesteral » Thu Feb 13, 2020 3:47 pm

Thanks for the input, this money would be the residue of a divorce, I have no issues with declaring the scource or paying the relevant taxes and will no longer have a U K base, I was just wondering if anyone here has done this or similar, I will of course get professional advice before acting !

elusive
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Location: East of Malaga

Re: Transferring money to Spain/Gran Canaria

Postby elusive » Thu Feb 13, 2020 4:15 pm

We bought over a 6 figure savings lump sum when we moved here. No questions asked.just went into savings account in the bank ( before sending it back to the uk) intrest was taxed as norm.


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