Re: A mythical exodus?
 

I think the asset declaration has made some people (those that are aware of it) wary because it has made it much more risky to hide assets and therefore income.

An acquaintance went back because his father will kick it in the next year or so leaving him a normal sized town house somewhere in the south east probably worth about 1/2 million - a very common size of inheritance these days.

A small amount of inheritance tax will be payable in the UK but also a huge amount in Spain. In the past he would probably have 'ignored' it but it's too risky these days.

Some might be happy to give the Spanish government tens or even hundreds of thousands of pounds or more so that they can continue to live here, others will not.

Re: A mythical exodus?
 

Apologies, it was a slip of the tongue

I would not change countries because of a 2% change in my wealth. After all, this happens regularly depending on the exchange rates

If someone has £800k in property but absolutely no cash then they are financially very unhealthy. There is no point having all your wealth tied up in assets and no liquidity. You may as well be poor

Re: A mythical exodus?
 

From your point of view, I just used that as an example, there are plenty of people who have a small terraced house in London worth 800k that they may want to keep for future habitation, who knows.

There are some who want to keep an increasing asset, for whatever reason.

There are some who sell an increasing asset and stick the money in the bank, when they have no specific plans to do anything special with the money.:confused:

Re: A mythical exodus?
 

My rule of thumb is that an asset is only "worth" something once you cash it in.

We sold our flat in London because we made a lot of money in a short space of time and did very little to deserve it

The financial buffer that gives us in cash means my wife and I can be choosy about how much we work and can send our kids to private schools if we want. And can basically buy anything we want, whenever we want.

Selling the property has improved our lives no end. If we still had the flat then on paper we may think we were well off, but in reality having a property you don't live in, in another country is pointless. It is only a good investment as part of a much larger investment mix

Re: A mythical exodus?
 

Yes, but it doesnt take much to accrue a healthy asset value if you have owned property in the UK for many years, and have cash / investments as well.If you are happy enough to give away the (maybe) two percent as a one off (maybe) then power to you. Changing countries doesnt always mean the same to everyone. I can spend as much time as I like now in Spain "as a holidaymaker" without any risk at all :D

Re: A mythical exodus?
 

I used the property as an example, it may not be the best one.


You say you want to do the best for your children, sending them to private school, then surely you should be able to understand how expats also want to do the best for their own children , even when they are long past school days.

You seem to criticise others who decide to adjust their living/residency arrangements, to the advantage to their own wealth and children's future inheritance, and eem to imply that you are the only one that has their children's welfare at heart, where as others are just tax dodgers.

Re: A mythical exodus?
 

I am not happy to do it, but it is important to recognise that the lifestyle my family have here in Spain is phenomanal. We would need to earn 2-3 times as much in the UK to live to a similar level, probably more.

And then of course there are certain things that money cannot buy

So in that context, a slight risk that they maybe will come after 1-2% of my assets is insignificant

Re: A mythical exodus?
 

No. I am criticising the decision to move countries because someone thinks that possibly at some time in the future, then maybe the government will ask for 1-2% of your overseas assets

If lifestyle, health or even inheritance tax are actually the bigger reason for leaving Spain then fair enough, they are good reasons. But those who are running scared because of the asset declaration have their priorities wrong (imo)

Re: A mythical exodus?
 

It is easier for you to say, as you are married into a Spanish family.

The majority of expats will return home, most retired ones don't have their children living in Spain, and would not have the care that you would.

So if they had to pay a 2%asset tax on a 300k house in the UK that the intended to move back into sometime in the future, they would be in financial difficulties.

You have a rather superior smug attitude to other expats situation.

You see most expats as criminals or potential criminals and your disdain for others that have not jumped into Spanish lifestyle with your commitment sticks out a mile.

Me and my Oh, although we are both 100% Spanish blood, do not have such a lowly opinion of the British expats in Spain as you do.

Re: A mythical exodus?
 

I could equally say the same about your opinion of Spain and Spaniards

They are all poor and useless according to you, except for yourselves because you were lucky enough to be brought up in the UK

It is as if you have Stockholm syndrome

Re: A mythical exodus?
 

:goodpost:

Re: A mythical exodus?
 

I have never said all Spanish are poor and useless, and as you seem to sit on here why not find the posts of mine that say that?

You show distain for the 'poorer' Spanish too. You say the pensioners, you know the ones that are not getting 7k or so pension like your inlaws, who are in real need, it is because it is their own fault that they haven't contributed.

all the unemployed, it is because they did not get a 'good uni degree'.

Those posts all exist, unlike the posts you accuse me of making about useless Spanish.

you forget, some of us posters have been around for a while and remember the cricketman of old.

Re: A mythical exodus?
 

This has caught me.

How so? We all need to protect that for which we have worked hard for surely. If only to provide for our own selves or our families.

I will say here for you that will not and have no reason to know that we are caught in a retrospective taxation on transferred private pensions here in NZ. For us personally, a very large sum of money which we do not have time in our lives to recover.

May I also add that I prefer to not see personal pointy remarks to others about their own circumstances or otherwise. Old or otherwise.

Let us deal with the here and now.


edit

Subscribed.

Re: A mythical exodus?
 

Presumably, you then had to pay a huge amount of cgt in Spain, then?

Re: A mythical exodus?
 

"Only have a 20k income?" Some would like to have that;many have far less!