English finance adviser - Cantabria
 

Hi Brits,
My meager savings are sitting in a normal current account back in England earning nil interest.. My Spanish is extremely bad so I need an adviser in Cantabria who can speak English. Any suggestions?

Biddulph

Re: English finance adviser - Cantabria
 

You won't find any Spanish financial advisers who will be able to advise you on how to invest sterling

If you have an amount in euros then Spanish people usually go to their local bank to see what funds and deposits are available (answer = not much, normally giving less than 2%, or up to around 5% if willing to risk the capital).

If you have over 300k euros then you can get a wealth check at a private bank

Interest rates on sterling are also terrible although are actually higher than any return you can get in Euro

Anyway, as far as I am aware (happy to be corrected) there is no such thing as an independent financial adviser in Spain

Re: English finance adviser - Cantabria
 

You've got it in the wrong account then ;)
Santander 123 current account for a starter gives 3%, but there are more of them springing up now

If you had put it in a cash ISA you could get 2 - 3% tax free. That might still be possible depending on your circumstances.

Re: English finance adviser - Cantabria
 

Like ex members of the SAS, I am sure you will find them down at your local bar offering really really good advice

My financial advisor in the UK has a magic wand and a crystal ball on his meeting room table.

Re: English finance adviser - Cantabria
 

I know you say it depends on his circumstances, but, just to be clear, ISA's aren't open to non (UK) residents are they?

Also, the Santander account requires a regular income of over £500 per month - how do you get around this? I guess a pensioner would be OK but how would they go with credit checks, direct debits etc.?

Re: English finance adviser - Cantabria
 

I did say "there are more springing up now", and thats the point. People who have pensions can have them paid in to said bank. As I said, depends on circumstances because I dont know the OP's circumstances.

On the ISA ... again, it depends on the circumstances .... There are lots of things you theoretically cant do when you are a non resident, but in reality you can if you have the use of a UK address. Whilst I was in Spain I was able to open a UK bank account, operate various investments, and should I have wished to I could have opened another ISA

And before anyone says anything ..... it's NOT illegal :lol:

Re: English finance adviser - Cantabria
 

Not in the North of Spain you won't ;)

Re: English finance adviser - Cantabria
 

Except it is illegal

When opening a UK account you have to tick a box saying you are UK resident. And the contractural t&cs it states that the account is only for UK residents

So by doing this (if you are actually Spanish resident) the person is committing fraud

Re: English finance adviser - Cantabria
 

A common misconception according to my solicitor
;)
You are not actually defrauding anyone of anything. It's a civil thing, not illegal.

Thanks for proving my point btw :rofl: