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Wealth Management for Expats in Spain

Submitted: July 2013

Generally speaking, you should look for a wealth manager if you think you need help with financial planning. A financial institution is prone to offer you more sophisticated services when you are or get wealthier. These services range from traditional lending or investment management to inheritance tax planning or asset protection.

 

Issues for expatriates

Financial planning complexity increases dramatically when you become an expatriate, as additional cross-border issues must be taken into account. These include, but are not limited to:

It is essential to check if your wealth manager is qualified enough to deal with your specific cross-border issues. In particular, it is very important to assess your Spanish-specific needs, as a foreign wealth manager may not have the adequate skills to address them.

However, you don’t necessarily need a Spanish wealth manager, especially if you already have a one with the appropriate qualifications in your home country.

In all cases, be wary of:

 

US taxpayers

It may be harder for US citizens to find a relevant wealth manager outside the US. This is because US citizens remain subject to US tax rules, even when they are resident outside the US. Consequently, US taxpayers have US-specific needs which interact with their Spanish needs.

If you are a US taxpayer, you are likely to need a specialist wealth manager, i.e. with the appropriate qualifications to advise US citizens resident in Spain.

 

 



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