Ahh the word we all loved to hate. However, it is a serious business in terms of your finances as a resident of Spain. So here are some of the main points to consider and how to protect yourself from the adverse affects.
In our new, post Brexit world freedom of services as we knew it no longer exist between the EU and the UK. This means UK domiciled funds (for example) are no longer allowed within Spanish compliant structures. You can identify these funds by their International Securities Identification Number (ISIN). All UK funds start with 'GB'. So what is the big deal? Well, post Brexit these funds are seen as non EU and therefore non compliant within a Spanish investment bond which may then lose its tax efficiency. If you would like a review of your portfolio please give us a call.
UK advisers and their firms can no longer advise clients who live within the European Union. Prior to Brexit they could 'passport' their services throughout the EU under freedom of services legislation. Leaving the block put a stop to that however and it has now become important that you seek out an advisory firm within the EU who have permissions to give advice in Spain. We are part of a group authorised to do business in Spain and the EU. Furthermore many advisery firms do not hold the requisite MIFID 2 EU license to give investment advice and due to recent changes in the law will no longer be able to advise you - especially regarding pensions. We hold all the correct licenses to give investment advice EU wide.