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Taxes on Overseas Pension/Income stream

Posted: Thu Feb 13, 2020 11:06pm
3 replies55 views2 members subscribed
ALEX45

Posts: 3

Location: Fuengirola

Hi there,

I am 74 years of age living in Sydney Australia and contemplating retirement in Spain.

Once I move out of Australia I will not be eligible anymore for the local pension and will have to draw down from my self-funded investment for my living expenses in Spain.

Now to the crucial question: “ WOULD THIS REGULAR INCOME STREAM BE TAXED IN SPAIN? “

The lump sum of money invested has already been taxed throughout my working life.


Any help and clarification on this matter will be greatly appreciated.

Jean pye

Fri Feb 14, 2020 9:41am

Posts: 55

Location: La Cala De Mijas

4 helpful posts

Posted: Fri Feb 14, 2020 9:41am

Hi

You would need to see a gestor here and they will discuss all with you..

You will know exactly what to do then,as you don’t want to be taxed again!

Our pensions from the U.K. are not taxed ,but it will all depends on what you keep in your bank 

Best to seek that Gestors advice ...

Jean

ALEX45

ALEX45

Original Poster

Sat Feb 15, 2020 11:59pm

Posts: 3

Location: Fuengirola

Posted: Sat Feb 15, 2020 11:59pm

Thank you Jean for your reply.

I would imagine that  if you don’t pay tax on your overseas pension,then that must be the law of the country.Never the less I’ll have to contact a local Tax Agent to be 100% sure that I also fall into the same category before I embark on my move.

Ironically enough I have contacted companies on the costas that advertise their services on the help they provide including TAXES and no one ever sent me a reply which I found very disappointing.

Jean pye

Sun Feb 16, 2020 8:52am

Posts: 55

Location: La Cala De Mijas

4 helpful posts

Posted: Sun Feb 16, 2020 8:52am

ALEX45 wrote on Sat Feb 15, 2020 11:59pm:

Thank you Jean for your reply.

I would imagine that  if you don’t pay tax on your overseas pension,then that must be the law of the country.Never the less I’ll have to contact a local Tax Agent to be 100% sure that I also fall into the same category before I embark on my move.

Ironically enough I have contacted companies on the costas that advertise their services on the help they provide including TAXES and no one ever sent me a reply which I found very disappointing....

...

Well I think the best thing is to come over and sort it out with a Gestor or Lifestyle here in La Cala helped us they will sort a package out for you to include residency nie and tax ,you need to speak to someone personally really..

You could always rent,and open a bank account,and transfer what you want Starling are good and don’t charge transfer fees.. you can open a European account with them in euros and a sterling account ..

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