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Associated Press
04-07-2025
- Business
- Associated Press
Planning for Succession and Inheritance Taxes in Spain for Expatriate Residents
07/03/2025, Paphos 8035 // PRODIGY: Feature Story // Spain remains one of the most popular destinations for UK expatriates, with an estimated 275,000 British nationals currently living there and a consistent number of families, professionals, and retirees relocating each year. As with any overseas move, expatriates must consider the long-term financial implications of a change in tax residency. This includes those who have been resident in Spain for some time but have yet to review their estate plans and the significant tax burdens that beneficiaries may be exposed to. Chase Buchanan Private Wealth Management, the global financial advisers and wealth managers with a long-established presence in Spain and across Europe, have put together a concise guide to explain why succession planning is so important and why it matters for expats of any age. An Overview of Succession Planning for Expats Living in Spain Succession planning is a key aspect of financial management for every family, but it is also something we often find overlooked, particularly for expatriates who aren't yet approaching retirement age. However, putting plans in place sooner rather than later may be key to long-term generational wealth protection. In brief, succession planning isn't solely about calculating inheritance tax liabilities. It is about who you would like to inherit your assets and wealth in all jurisdictions, and implementing strategies to ensure you can pass on wealth to your selected beneficiaries tax-efficiently. This can be a complex area of financial planning, given that when we start putting together succession plans, we need to consider a broad range of assets and circumstances, from property portfolios and investments to life insurance products and assets. Without a plan, some families find out too late that they have sacrificed control over nominating heirs or are subject to significant tax liabilities they had not planned for. This is wholly relevant for expats in Spain since forced heirship rules apply, something many UK nationals are unfamiliar with, but a set of regulations common in most European countries. These rules set out which direct relatives have a protected inheritance entitlement and also set out specific allowances. Understanding Inheritance Tax Rules and Rates for Spanish Tax Residents As in the UK, Spanish tax residents are usually subject to inheritance tax on their worldwide assets and wealth. That said, complications can arise where the estate owner has any ambiguity about their tax residency position or could be considered a tax resident in two places. Assuming an expat lives primarily or only in Spain, the Spanish inheritance tax rates will apply. The tax is payable by the beneficiary, regardless of whether or not they are also Spanish residents. Double tax treaties may apply, and professional advice is essential to ensure these are applied and claimed correctly. For instance, if the adult child of a Spanish tax resident inherits a property located in the UK, there may be scenarios where this is considered subject to both UK and Spanish tax. In this case, the treaties mean the largest liability will usually 'cancel out' the other to avoid a situation where the same inheritance could be taxed twice. Another complication is that inheritance tax rates vary within Spain. Each localised municipality has autonomy over the allowances and rates it applies. Generally, inheritance tax rates in Spain start at 7.65% for assets valued up to €7,993, with a top rate of 34% on inherited assets worth €797,555 or more. However, regions like Andalucia, Madrid, Murcia, the Canary Islands, and the Balearics, to name just a few, have allowances of as high as 99.9%, which all but eliminate inheritance taxes, depending on the category the recipient falls into, determined by their relationship to the deceased. Familial Inheritance Tax Allowances in Spain While noting that these do not apply in all Spanish jurisdictions, the most generous tax allowances apply to heirs in groups one to three. Group I includes children under 21, Group II applies to adult children, spouses, and parents, and Group III includes siblings, aunts or uncles, cousins, stepchildren, nephews and nieces, and in-laws. Group IV applies to all other beneficiaries, including unmarried partners in some municipalities. This excludes those within a region governed by rules that mean partners are treated the same way for tax purposes as spouses, including Valenciana and Andalucía. This means that the inheritance tax liabilities associated with your estate will depend on who you would like to receive your assets, where you live, the location of your assets, and how your wishes align with the forced heirship rules we mentioned previously. Spanish succession law applies forced heirship rules that generally state that children have a protected entitlement to receive two-thirds of the estate. This means that without advance planning, it might be impossible for a tax resident to leave the entirety of their estate to a spouse. Thus, consulting an experienced succession planning adviser who can factor in all of these considerations is essential, working with a professional who can advise if there are contrasts between the forced heirship rules and how you'd like your estate to be distributed. Why Strategic Succession Planning is Key for Spanish Expatriates Understanding the varied allowances, exemptions, tax liabilities, and the treatment of estates owned by a Spanish tax resident and inherited by an heir outside of Spain is potentially very complex. This is why detailed succession planning and accurate, up-to-date wills that are legally valid in Spain are essential aspects of financial planning. It's also worth pointing out that, under the recently revised residency rules introduced by the UK government, expatriates who divide their time between Spain and the UK or who haven't lived in Spain permanently for at least ten years are more likely to be exposed to challenges around their exposure to UK inheritance tax. Tailored succession planning isn't only focused on calculating accurate inheritance tax obligations, factoring these into finances, and deciding how best to manage an estate; it's also about gaining clarity over long-term financial tax burdens and making informed decisions without time pressures, which can pay dividends in the years to come. Read more about Chase Buchanan- Chase Buchanan Wealth Management Achieves Status as the Only Global Expat-Focused CII International Professional Partner About Chase Buchanan Private Wealth Management Chase Buchanan is a highly regulated wealth management company that specialises in providing global finance solutions for those with a global lifestyle. We are global financial advisers, supporting expatriates around the world from our regulated European headquarters, and local offices across Belgium, Canada, Canary Islands, Cyprus, France, Malta, Portugal, Spain, UK and the Buchanan Ltd is authorised and regulated by the Cyprus Securities and Exchange Commission with CIF Licence 287/15. Source published by Submit Press Release >> Planning for Succession and Inheritance Taxes in Spain for Expatriate Residents
Associated Press
03-07-2025
- Business
- Associated Press
Chase Buchanan's Sector-Leading Wealth Management Teams Celebrate Latest Expansion Benchmarks With Further Appointments
07/03/2025, Paphos 8035 // PRODIGY: Feature Story // Chase Buchanan Private Wealth Management, an international group of specialist wealth managers, financial advisers, and tax experts, has extended its capacity owing to steep increases in demand for cross-border tax advisory services and private wealth planning assistance. The company, which has long been regarded as a leader in the wealth management sector, has offices across Europe and North America, supported by a UK Administration Centre. It cites major tax reforms, economic uncertainty, and greater awareness of the value of independent taxation advice as the reasons behind upticks in demand for its services. The Global Economic and Tax Landscape and Its Impacts on Expatriates Over recent months, there have been numerous domestic and international events that have affected the financial planning of expatriates living in diverse locations around the world, many of whom recognise that the ramifications in terms of tax exposure, living costs, and income stability may be significant. Examples include the effects of sustained high interest rates and inflation in many economies, volatile real estate markets, and sharp fluctuations in stock markets, which can impact investment portfolios, savings, retirement planning, and the decisions expatriates make around structuring, retaining, and transferring their assets. Another more recent and direct catalyst that has prompted large numbers of expats to search for regulated, reliable, and personalised advice is the sweeping array of tax reforms introduced by both the British and US governments, including measures that have specific impacts on foreign nationals resident in the UK and expatriates living as tax residents overseas. Lee Eldridge, Group CEO and Head of Investment Advisory, says, ' Our role for many years has been to provide dedicated, professional, and current advisory support to an array of clients and ensure they have informed, confident decisions about the right tax strategies, investments, and succession plans based on their personal circumstances, aspirations, and wealth. In a world where tax efficiency is paramount to maximising the security of funds and protecting wealth for future generations, it is little surprise that changes to the non-dom tax regime, reforms to inheritance taxation, and the abolishment of exemptions on certain cross border pension transfers have meant our advisers have received substantial numbers of new client enquiries that we have needed to expand our capacity to be able to accommodate.' Trends in the Cross-Border Tax Consulting Markets The global tax consultancy market was valued at $6.5 billion last year and is forecast to hit $11.2 billion within the next eight years, demonstrating the scale and pace of growth, with a compound annual growth rate of 7.5% between now and 2033. This has been driven by numerous factors, including increasing regulation necessitating more dedicated tax compliance support, globalisation contributing to consistent increases in cross-border transactions, and the emergence of more multinational companies, all of which rely on specialist tax advice to manage their liabilities. Coupled with expatriate population growth, which has increased 83% over the last 30 years, more and more individuals and families are taking advantage of low-tax environments, quality overseas education, and employment or remote working opportunities – and looking for support to manage their financial affairs. Chase Buchanan Private Wealth Management's Investments in Specialist Advisory Services The firm now has representatives working in multiple countries, including Belgium, Canada, Portugal, Spain, Cyprus, France, Malta, and the USA, and it has concentrated on appointing new team members and support staff to reinforce its scope to accept new clients or provide additional assistance to ongoing clients in need of customised advice. Eldridge adds, ' We recognised the importance of underpinning our financial and tax advisory teams to accommodate the ever-increasing demand for higher-quality cross-border tax advice and used this opportunity to welcome specialists in specific tax regimes, categories and jurisdictions to join the Chase Buchanan teams around the world. We now provide advisory support across a range of specialisms, including expatriate taxation, commercial law, global investment management, pension transfers, wealth taxation, and inheritance planning, bringing together a collective of talent that ensures every client can access the knowledge and expertise they need in one place. Following this expansion initiative, Chase Buchanan now comprises two experienced Business Development Managers, three accomplished Tax Advisers and Consultants, 20 talented Private Wealth Managers and Regional Managers, and our multi-talented operations and administration teams. Led by myself and Darren Fletcher, our Head of Global Sales, we have recruited high-calibre professionals with diverse experience working in varied areas of financial advice. We blend our respective expertise to ensure our services are comprehensive in every location.' Read more about Chase Buchanan- Chase Buchanan Wealth Management Achieves Status as the Only Global Expat-Focused CII International Professional Partner About Chase Buchanan Private Wealth Management Chase Buchanan is a highly regulated wealth management company that specialises in providing global finance solutions for those with a global lifestyle. We are global financial advisers, supporting expatriates around the world from our regulated European headquarters, and local offices across Belgium, Canada, Canary Islands, Cyprus, France, Malta, Portugal, Spain, UK and the USA. All investments carry risk, including the potential loss of capital. You should carefully consider whether investing is suitable for you, taking into account your personal circumstances, financial situation, and risk tolerance. Chase Buchanan Ltd is authorised and regulated by the Cyprus Securities and Exchange Commission with CIF Licence 287/15. Media Contact: Chase Buchanan Ltd +357 2501 0455
Trade Arabia
03-06-2025
- Business
- Trade Arabia
Spark Capital PWM launches operations in DIFC
Spark Capital Private Wealth Management (Spark Capital PWM) has announced the launch of its operations in Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa and South Asia (MEASA) region through Spark Global PWM Private Limited. This strategic expansion will enable global investors to access diverse markets with ease while offering its clients comprehensive portfolio diversification opportunities. The move reinforces Spark Capital's commitment to delivering sophisticated, bespoke wealth management solutions on an international scale, the company said. Spark Capital PWM has significantly focused on growth and expansion in recent years. Its AUM & AUA has grown nearly 10x —from $360.24 million in April 2023 to $3.56 billion in May 2025. The firm has also scaled its team from 60 to over 400 professionals, including 130+ seasoned relationship managers, and established a pan-India presence across 12 cities. Arpita Vinay, Senior Managing Director & Co-CEO, Spark Capital Private Wealth Management Private Limited, said: "The establishment of our DIFC office represents a significant milestone in Spark Capital PWM's global growth strategy. Dubai's strategic location and robust financial infrastructure provide an ideal platform to connect investors across regions with diverse investment opportunities. This expansion allows us to enhance our service offerings to international clients while creating new avenues for wealth creation and preservation." Neeraj Ojha, Senior Executive Officer, Spark Global PWM Private Limited, added: "DIFC offers an exceptional ecosystem for wealth management firms, with its world-class regulatory framework and access to a wide network of financial institutions. Through our presence here, we aim to provide professional clients in the Middle East with comprehensive wealth solutions backed by Spark Capital's expertise and innovation in investment management." DIFC is a strategic gateway to financial institutions and multinational firms in the region. DIFC continues to experience exponential growth in the wealth and asset management sector with 420 wealth and asset management firms and over 75 pure play hedge funds, 48 of which are 'billion-dollar club' organisations, that are capitalising on regional opportunities. Spark Global PWM Private Limited's DIFC office will be staffed by a team of experienced wealth management professionals with extensive knowledge of global markets and a proven track record of delivering exceptional client outcomes. These professionals will leverage the firm's comprehensive research capabilities, innovative investment strategies, and established track record in wealth management to provide tailored solutions to clients in the region. This approach underscores Spark Capital's dedication to client-centric service while strengthening its position as a trusted wealth management partner globally, it said. –
Zawya
02-06-2025
- Business
- Zawya
Spark Capital PWM establishes strategic presence in Dubai International Financial Centre to serve global investors
Spark Capital, through its Investment Banking, Asset Management and Private Wealth Management services, has evolved into an integrated financial services institution in India. Spark Global PWM Private Limited, a CAT4 firm regulated by Dubai Financial Services Authority, the independent regulator for business conducted from or within Dubai International Financial Centre (DIFC), operates as a subsidiary of Spark Capital's Private Wealth Management business and the new office will serve as a hub for its Middle East operations. Dubai, UAE: Spark Capital Private Wealth Management (Spark Capital PWM), today announced the launch of its operations in Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa and South Asia (MEASA) region through Spark Global PWM Private Limited. This strategic expansion will enable global investors to access diverse markets with ease while offering its clients comprehensive portfolio diversification opportunities. The move reinforces Spark Capital's commitment to delivering sophisticated, bespoke wealth management solutions on an international scale. Spark Capital PWM has significantly focused on growth & expansion in recent years. Its AUM & AUA has grown nearly 10x—from USD 360.24 million (INR ~3,000 crores) in April 2023 to USD 3.56 billion (INR 30,000 crores) in May 2025. The firm has also scaled its team from 60 to over 400 professionals, including 130+ seasoned relationship managers, and established a pan-India presence across 12 cities. Commenting on the expansion, Arpita Vinay, Senior Managing Director & Co-CEO, Spark Capital Private Wealth Management Private Limited, said, "The establishment of our DIFC office represents a significant milestone in Spark Capital PWM's global growth strategy. Dubai's strategic location and robust financial infrastructure provide an ideal platform to connect investors across regions with diverse investment opportunities. This expansion allows us to enhance our service offerings to international clients while creating new avenues for wealth creation and preservation." Neeraj Ojha, Senior Executive Officer, Spark Global PWM Private Limited, added, "DIFC offers an exceptional ecosystem for wealth management firms, with its world-class regulatory framework and access to a wide network of financial institutions. Through our presence here, we aim to provide professional clients in the Middle East with comprehensive wealth solutions backed by Spark Capital's expertise and innovation in investment management." DIFC is a strategic gateway to financial institutions and multinational firms in the region. DIFC continues to experience exponential growth in the wealth and asset management sector with 420 wealth and asset management firms and over 75 pure play hedge funds, 48 of which are 'billion-dollar club' organisations, that are capitalising on regional opportunities. Spark Global PWM Private Limited's DIFC office will be staffed by a team of experienced wealth management professionals with extensive knowledge of global markets and a proven track record of delivering exceptional client outcomes. These professionals will leverage the firm's comprehensive research capabilities, innovative investment strategies, and established track record in wealth management to provide tailored solutions to clients in the region. This approach underscores Spark Capital's dedication to client-centric service while strengthening its position as a trusted wealth management partner globally. About Spark Capital Private Wealth Management Spark PWM Pvt Ltd, operates as a subsidiary of Spark Capital Advisors (India) Limited. Aligning with Spark Capital's core values of Knowledge, Integrity, Trust & Transparency, Spark PWM endeavours to assist Affluent Families, Business Owners / Promoters, Family Offices, New Age Entrepreneurs, and CXOs in navigating the complexities of the financial landscape. The company's mission is to seamlessly facilitate the creation, preservation, and transition of wealth across generations through its range of products and services. As part of Spark Capital's ecosystem, Spark Capital PWM extends its offerings beyond traditional wealth management services to include investment banking and asset management expertise. This integrated approach enables Spark Capital PWM to tailor bespoke solutions to meet the diverse needs of its clientele. About Dubai International Financial Centre Dubai International Financial Centre (DIFC) is one of the world's most advanced financial centres, and the leading financial hub for the Middle East, Africa, and South Asia (MEASA), which comprises 77 countries with an approximate population of 3.7bn and an estimated GDP of USD 10.5trn. With a 20-year track record of facilitating trade and investment flows across the MEASA region, the Centre connects these fast-growing markets with the economies of Asia, Europe, and the Americas through Dubai. DIFC is home to an internationally recognised, independent regulator and a proven judicial system with an English common law framework, as well as the region's largest financial ecosystem of 46,000 professionals working across over 6,900 active registered companies – making up the largest and most diverse pool of industry talent in the region. The Centre's vision is to drive the future of finance through cutting-edge technology, innovation, and partnerships. Today, it is the global future of finance and innovation hub offering one of the region's most comprehensive AI, FinTech and venture capital environments, including cost-effective licensing solutions, fit-for-purpose regulation, innovative accelerator programmes, and funding for growth-stage start-ups. Comprising a variety of world-renowned retail and dining venues, a dynamic art and culture scene, residential apartments, hotels, and public spaces, DIFC continues to be one of Dubai's most sought-after business and lifestyle destinations.
News.com.au
27-05-2025
- Business
- News.com.au
Have a Long Runway for Succession Planning
Raj Bhatia, private wealth advisor with Merrill Private Wealth Management, recommends that advisors set aside at least three to five years to ensure a successful succession plan.
