Vela

Hey all,

Looking for recommendations on listed/regulated firms providing reliable Tax & Investment advisory services to British expats. In my scenario likely to remain employed in the UK and working from both locations, with the family moving to Spain. Secondary research indicates the likes of e.g. Blevins Franks, Blacktower Financial Management Group etc. - though reviews of their services aren't always glowing. Keen to get perspectives from the folks here regarding tax advisors they've had positive experiences with and might recommend.

Thanks in advance!

discoman

You will need to ask yourself if you want truly independant advice. Neither of the companies you mention are independant: they will point you in the direction of their preferred investments and it'll be your judgment as the how these "recommendation" are arrived at. I'm not too sure if there are any independant advisors in Spain.

snikpoh

You will obviously be a tax resident in Spain paying tax on worldwide income as you family etc. will be living in Spain.

There are a number of big IFA's but (IME) don't really offer tax planning etc. Blevins Franks are the most prominent but are expensive

Otto The Squid

If you are still UK tax resident, then you may need both a UK and EU based adviser as the passporting of licences from the UK to EU and vice-versa will come to an end.

Avoid insurance based investment bonds sold to Brits in Spain (either long term savings plans or insurance bonds). Also,Spanish compliant insurance bonds may not be relevant if you are tax resident in the UK, and if they are expensive if sold on a commission basis. There is a question mark on the legality of the sale of the non-compliant bonds in Spain.

Use a fee-based adviser in all cases. As for tax advice, find an accountant.

trythallj

I would agree that IFAs are by no means unbiased in their advice, and not the best source for tax advice in particular. I have had conversations with IFAs and lawyers offering tax service, and have come to the conclusion that Abaco, based in Torrevieja, are the best for my needs, even though they are not local to me. They are a firm of lawyers and tax advisors, who will also handle the submission of your Spanish tax returns. They stood out from others by answering the questions I actually asked, rather than the ones they wanted to answer. Investment advise is something different, and I would echo the comment that it would be better to try to find fee based independent advice, although I would not know where to start in this. I thought that the IFA I consulted were too keen for me to move out of UK ISA (as a pensioner who may well end up back in the UK), and also were looking for excessive charges (3% plus 1% pa ongoing.)

Otto The Squid

Those IFAs that work on an agreed fee basis- before recommending anything- should not be biased.

However most work on commission and have 'partners' displayed on their websites. The partners being the companies that provide the financial products. No genuinely independent advice firm would have these cosy relationships.

No harm in getting recommendations in writing and then running them past a tax adviser first.

BTW- that 3% and 1% ongoing is way less expensive than most non-UK advisers charge.

dairymaid

Are the investment services offered by the banks worth investigating? I´ve been looking at BBVA and Openbank (Santander) which offer low/medium or higher risk options?
I´ve come to the conclusion that IFAs are expensive and a tad too risky.

snikpoh

There's nothing risky about a portfolio organised by an IFA - they will ask you to complete a questionnaire to assess your risk profile.

I looked into investments via a bank and also via an insurance company but chose to stay with an IFA and a reputable investment company

spainrico

Yes I think now by Spanish law they have to conduct an assessment of your needs to establish your risk profile and all investments are given a risk rating to give you a guide as to the risk you are investing in - but I still think all IFAs have their links to preferred companies to deal with and their commission must factor in their advice.

At the end of the day given the state the world is in and the constant volatility all investments are a risk with whoever.

I prefer something I can see like property which although not 100% risk-free is at least an asset which will not disappear and can provide a roof over your head.