Transferring savings to Spain from U.K. Will I pay taxes?
Jun 22nd 2017, 4:38 pm
#1
Just Joined
Thread Starter
Joined: Jun 2017
Posts: 3
Transferring savings to Spain from U.K. Will I pay taxes?
Hi,
I hope I'm not duplicating existing posts but finding it difficult to follow what rules may apply to my situation!
Basically I'm been living in Barcelona for around 5 years with my wife (who's Brazilian) and I have a nie but I live off a small scholarship I receive in the UK where I'm originally from. So I have no earnings in Spain. My wife and I are thinking about buying a wee flat here in Barcelona and to pay the fees and deposit we'd use money I have in the U.K.
The money is roughly £35, 000 and was originally a gift from my father but is in my account. My question is if I transfer this money to Spain will I be liable to pay taxes on it? From what I'm reading online I may have to pay a 'gift tax' but maybe that's only on amounts over €50000? If I am liable what would the process be - would the bank alert hacienda who would charge me or would it be my responsibility to declare the amount (and how would I do that!). I'm a bit lost in the system right now but I'm worried about having my accounts frozen or something!
Thanks for any insights.
I hope I'm not duplicating existing posts but finding it difficult to follow what rules may apply to my situation!
Basically I'm been living in Barcelona for around 5 years with my wife (who's Brazilian) and I have a nie but I live off a small scholarship I receive in the UK where I'm originally from. So I have no earnings in Spain. My wife and I are thinking about buying a wee flat here in Barcelona and to pay the fees and deposit we'd use money I have in the U.K.
The money is roughly £35, 000 and was originally a gift from my father but is in my account. My question is if I transfer this money to Spain will I be liable to pay taxes on it? From what I'm reading online I may have to pay a 'gift tax' but maybe that's only on amounts over €50000? If I am liable what would the process be - would the bank alert hacienda who would charge me or would it be my responsibility to declare the amount (and how would I do that!). I'm a bit lost in the system right now but I'm worried about having my accounts frozen or something!
Thanks for any insights.
Jun 22nd 2017, 5:04 pm
#2
MODERATOR
Joined: Mar 2007
Location: Costa Valencia
Posts: 14,800
Re: Transferring savings to Spain from U.K. Will I pay taxes?
Hi and a warm welcome to the Spanish forum on BE. Myself and Fred James are the moderators for the Spanish forums whilst BEVS moderates Europe. Moderators are there to ensure that the site runs smoothly within the rules of BE. This is so that members gain the information that they are looking for and find their experiences on the forums to be friendly and worthwhile.
Problems and complaints should always be addressed to a moderator who will look into the matter and deal with it efficiently and fairly. Our members who post in the Spain Forums are usually friendly and helpful with a wealth of knowledge about the issues of living in Spain. I hope that you enjoy your time participating in the forums.
Please let me know if you need any further help.
Rosemary
Problems and complaints should always be addressed to a moderator who will look into the matter and deal with it efficiently and fairly. Our members who post in the Spain Forums are usually friendly and helpful with a wealth of knowledge about the issues of living in Spain. I hope that you enjoy your time participating in the forums.
Please let me know if you need any further help.
Rosemary
Jun 22nd 2017, 5:32 pm
#3
Retired and loving it!
Joined: Sep 2007
Location: Ontinyent - Valencia region (campo)
Posts: 5,160
Re: Transferring savings to Spain from U.K. Will I pay taxes?
Hi,
I hope I'm not duplicating existing posts but finding it difficult to follow what rules may apply to my situation!
Basically I'm been living in Barcelona for around 5 years with my wife (who's Brazilian) and I have a nie but I live off a small scholarship I receive in the UK where I'm originally from. So I have no earnings in Spain. My wife and I are thinking about buying a wee flat here in Barcelona and to pay the fees and deposit we'd use money I have in the U.K.
The money is roughly £35, 000 and was originally a gift from my father but is in my account. My question is if I transfer this money to Spain will I be liable to pay taxes on it? From what I'm reading online I may have to pay a 'gift tax' but maybe that's only on amounts over €50000? If I am liable what would the process be - would the bank alert hacienda who would charge me or would it be my responsibility to declare the amount (and how would I do that!). I'm a bit lost in the system right now but I'm worried about having my accounts frozen or something!
Thanks for any insights.
I hope I'm not duplicating existing posts but finding it difficult to follow what rules may apply to my situation!
Basically I'm been living in Barcelona for around 5 years with my wife (who's Brazilian) and I have a nie but I live off a small scholarship I receive in the UK where I'm originally from. So I have no earnings in Spain. My wife and I are thinking about buying a wee flat here in Barcelona and to pay the fees and deposit we'd use money I have in the U.K.
The money is roughly £35, 000 and was originally a gift from my father but is in my account. My question is if I transfer this money to Spain will I be liable to pay taxes on it? From what I'm reading online I may have to pay a 'gift tax' but maybe that's only on amounts over €50000? If I am liable what would the process be - would the bank alert hacienda who would charge me or would it be my responsibility to declare the amount (and how would I do that!). I'm a bit lost in the system right now but I'm worried about having my accounts frozen or something!
Thanks for any insights.
Are you actually resident in Spain? That is, do you have a residency certificate and do you complete a tax return every year?
From what you say, the answer SHOULD be yes to both questions.
If I were you, I would simply transfer the funds over once I found a property using someone like CurrenctFair or TransferWise. When asked where the money has come from, I would simply state "savings".
