Enjoying Retirement
Discussion
eyebeebe said:
That seems more reasonable, but still a bit of a piss take given you’re going to be paying 50k plus in stamp duty. Do you need an expert to help though? Isn’t it just submitting a bunch of forms? Going down the non-lucrative route would also be an option, as would getting a Swiss passport first.
I was more thinking of minimising capital gains tax. Wealth tax is more tricky. Beyond maximising the primary residence allowance (2x350k in Valencian community from memory), I know that you can use offshore bonds, but they seem to cost more than they save and have limited funds to invest in. Through work I have access to a Spanish tax specialist, but haven’t pulled any favours yet to speak with them, as we’re still 8-10 years out from moving. It’s high on my agenda to have a chat sooner rather than later though.
I have owned a place in Spain for 10yrs+ and I’ve used local lawyers for everything, including obtaining a Padron in the past couple of years which you need to own a car and/or apply for residency. I’ve also spoken to some finance specialists and none have been able to find me a way to gain residency and not end up paying a pile in tax. I was more thinking of minimising capital gains tax. Wealth tax is more tricky. Beyond maximising the primary residence allowance (2x350k in Valencian community from memory), I know that you can use offshore bonds, but they seem to cost more than they save and have limited funds to invest in. Through work I have access to a Spanish tax specialist, but haven’t pulled any favours yet to speak with them, as we’re still 8-10 years out from moving. It’s high on my agenda to have a chat sooner rather than later though.
I retired from my last big job a few years ago at 55 and have built up my asset base to provide for the next 30-40 years, therefore wealth tax is a significant issue. I think there are ways around this but it means setting up trusts for family and effectively transferring the ownership of the assets.
I’ve given up on achieving residency and if they don’t mess us about with Covid restrictions again, aim to spend the best part of 6 months in Spain going forward. As a retirement plan it’s actually quite nice because we enjoy where we live in the UK too.
Jaguar steve said:
Who - me?
Not knocking it at all Chap. There must be many millions who enjoy cruising and nobody would investing $ Billions in building cruise ships if there weren't.
It's definitely not for me though as I much prefer the freedom of doing our own thing on villa or sailing or road trip holidays with family and friends rather than mixing with loads of strangers on an itinerary but it's each to their own of course.
I've never liked the thought of the big cruise ships and all those people aboard at once, but we recently saw a programme with a first class cruise for about a dozen people around the coast/lochs of Scotland that looked fabulous. Not knocking it at all Chap. There must be many millions who enjoy cruising and nobody would investing $ Billions in building cruise ships if there weren't.
It's definitely not for me though as I much prefer the freedom of doing our own thing on villa or sailing or road trip holidays with family and friends rather than mixing with loads of strangers on an itinerary but it's each to their own of course.
Likewise the smaller low level boats on the Rhine or Danube. Never in a million years would I go on the behemoths you see on Jane Mcdonald etc.
Phil. said:
eyebeebe said:
That seems more reasonable, but still a bit of a piss take given you’re going to be paying 50k plus in stamp duty. Do you need an expert to help though? Isn’t it just submitting a bunch of forms? Going down the non-lucrative route would also be an option, as would getting a Swiss passport first.
I was more thinking of minimising capital gains tax. Wealth tax is more tricky. Beyond maximising the primary residence allowance (2x350k in Valencian community from memory), I know that you can use offshore bonds, but they seem to cost more than they save and have limited funds to invest in. Through work I have access to a Spanish tax specialist, but haven’t pulled any favours yet to speak with them, as we’re still 8-10 years out from moving. It’s high on my agenda to have a chat sooner rather than later though.
I have owned a place in Spain for 10yrs+ and I’ve used local lawyers for everything, including obtaining a Padron in the past couple of years which you need to own a car and/or apply for residency. I’ve also spoken to some finance specialists and none have been able to find me a way to gain residency and not end up paying a pile in tax. I was more thinking of minimising capital gains tax. Wealth tax is more tricky. Beyond maximising the primary residence allowance (2x350k in Valencian community from memory), I know that you can use offshore bonds, but they seem to cost more than they save and have limited funds to invest in. Through work I have access to a Spanish tax specialist, but haven’t pulled any favours yet to speak with them, as we’re still 8-10 years out from moving. It’s high on my agenda to have a chat sooner rather than later though.
I retired from my last big job a few years ago at 55 and have built up my asset base to provide for the next 30-40 years, therefore wealth tax is a significant issue. I think there are ways around this but it means setting up trusts for family and effectively transferring the ownership of the assets.
I’ve given up on achieving residency and if they don’t mess us about with Covid restrictions again, aim to spend the best part of 6 months in Spain going forward. As a retirement plan it’s actually quite nice because we enjoy where we live in the UK too.
mart 63 said:
I thought this thread was about enjoying retirement.Seems to be about people moaning about how much tax they will have to pay, if they retired abroad.
Went to a great local festival tonight, the Spanish really know how to put festivals on.
Agreed.Went to a great local festival tonight, the Spanish really know how to put festivals on.
Most of the thread isn't people moaning unless you're looking for it and it's one of my favourite read from afar threads as I'm plenty of years away yet from wanting to retire but it gives me some realistic countdown expectations.
Some bring their problems into it and I couldn't care less about ex pat Spanish residency problems given brexit or cruise ship haters given nobody's forcing you to go on one. The angst I'd happily fight down on another thread is really not for this one on how you're enjoying yourself and bitter balls with complaints. I've further comments but not the thread.
mart 63 said:
I thought this thread was about enjoying retirement.Seems to be about people moaning about how much tax they will have to pay, if they retired abroad.
Went to a great local festival tonight, the Spanish really know how to put festivals on.
A very small thing but I get far more pleasure from my Sundays knowing I don’t have work the next day! My stress levels are considerably reduced now Went to a great local festival tonight, the Spanish really know how to put festivals on.
CAH706 said:
A very small thing but I get far more pleasure from my Sundays knowing I don’t have work the next day! My stress levels are considerably reduced now
Great to hear . Sunday afternoons are ruined knowing there is another 5 full days until the next small break.
Can see me doing a little part time something but certainly not along the same lines as I am now.
Went to see my local estate agent y’day and discussed the relocation plan in a year for retirement.
Seems like in our areas houses still selling well and some under the radar .
I guess thats a different subject altogether.
Enjoy your Sunday and rest of the week choosing exactly what you want to do and when you want to do it
mart 63 said:
I thought this thread was about enjoying retirement.Seems to be about people moaning about how much tax they will have to pay, if they retired abroad.
Went to a great local festival tonight, the Spanish really know how to put festivals on.
Not moaning at all, more informing interested others. Pleased Spain is working out for you but sounds like you’re not retired rather running a UK business from Spain. Went to a great local festival tonight, the Spanish really know how to put festivals on.
DT1975 said:
No not you. As we agree its totally marmite. All I'm offering up is that away from the Behemoth ships there's a decent smaller alternative if you want a cruise. We loved villa holidays but now the kids have flown the nest no so much, perhaps when the grand kids come along. We're also both into sailing, so September is a lovely remote resort in Antigua with some excellent sailing facilities included. We've owned boats in the past and a yacht was firmly on my buy list as we live in Dorset, however we've decided we'd rather fly to the Caribbean and sail, something we've done for a few years now.
Which line are you cruising with DT?Bon voyage.
Friday I went to a track day experience and drove a Dodge Hellcat, a Roush Mustang, a Ferrari California and an Articulated Lorry (which was the best fun of the lot).
Yesterday we went to see some very nice 911s in various states of restoration which was fascinating and today we went to the local PCGB meet, caught up with some old friends and met a few new ones.
Next week we're off to the Italian Lakes on a road trip for a few weeks.
Retirement is good fun
Yesterday we went to see some very nice 911s in various states of restoration which was fascinating and today we went to the local PCGB meet, caught up with some old friends and met a few new ones.
Next week we're off to the Italian Lakes on a road trip for a few weeks.
Retirement is good fun
alscar said:
Cut down some overgrown bushes / hedging , strimmed the garden , beer and sandwich on the patio and about to settle down shortly to watch the F1 - Sunday afternoons no longer hated.
Sunday afternoon, preparing a BBQ after spending most of the day visiting a National Trust property in Surrey. I’m not hating my afternoon at all even though I’m going to work tomorrow, I enjoy my job. Doing something you enjoy is not just the key to a happy retirement, it’s the key to a happy life.Carbon Sasquatch said:
I enjoyed work - however, I'm enjoying retirement more
It's only been a week, but no early start in the morning
Had a small taster working with my cousin today who elected to go into the office as he’s watching tennis on centre court tomorrow . That’s the beauty of a part time flexible job I guess . It's only been a week, but no early start in the morning
Working towards doing some work with him next year but office just once a week.
GT3Manthey said:
Had a small taster working with my cousin today who elected to go into the office as he’s watching tennis on centre court tomorrow . That’s the beauty of a part time flexible job I guess .
Working towards doing some work with him next year but office just once a week.
Sounds like a good way of transitioning from FT work to retirement at a fairly young age Working towards doing some work with him next year but office just once a week.
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