Money

For all of us who arrive in Tenerife, one of the first considerations is money.  Tenerife Lifeline takes a close look at all the financial issues that might affect you.

If you have moved from the UK, or any other country outside the Euro zone, then at some point, you will need to exchange currencies when you transfer money to Tenerife, or even back again.  From an initial property purchase to a monthly pension or even alimony payments, knowing how to get the best rates with the least charges can save enormous amounts of money.

Having your finances in order and understanding the financial system is a vital necessity if you are going to live a stress free life.  Starting a new life with a clean slate is the perfect time to get to grips with your finances and ensure that you are well in control.  Financial problems are cited as one of the main reasons why expats can end up going back home, so understanding how it all works in your new home is essential.

Many residents have chosen Tenerife to retire to.  Private pensions and tax efficient investments in the UK will need careful scrutiny as your fiscal residence will have changed.  Even state pensions will need some forethought and planning.

Banking, mortgages and loans are another fact of life and Tenerife Lifeline will help you make the right choices for your situation.

Tax is almost inescapable and regardless of whether you work, receive a pension or simply live from your savings, all residents should submit an annual tax return.  If your financial arrangements are simple, you can do it yourself every year.  If the language barrier is daunting or time too tight, you might go to a fiscal adviser who can submit the return for you. 

It is important to make a will, and not rely on arrangements you may have made in another country.  If you don’t, your beneficiaries will have to go through a protracted and possibly costly process to claim them.

Tenerife Lifeline is an essential guide that will help you steer a safe course and avoid many of the common pitfalls that have foiled so many expats.