Managing your money in Tenerife

Almost all people who come to live in Tenerife from northern Europe do so with some savings behind them.  If this capital is not to be invested in property or business, then there are a variety of savings options, with varying types of returns.  As you shift your domicile, and register as a resident of Tenerife, you need to take into account the tax implications on your nest egg.  The days of nestling away untaxed savings are rapidly drawing to a close, but that doesn’t mean that you shouldn’t use all legal devices to ensure that the taxman takes as little as possible.  Planning in this way is particularly important for those who have come to retire, to ensure that the value of their savings is not whittled away.  Tenerife Lifeline is essential reading, covering:

• Taxes on savings
• Receiving foreign pensions in Tenerife
• UK Pension entitlements
• Contributing to Spanish pensions
• Receiving the Spanish state pension
• Combining your UK and Spanish pensions
• Life assurance
• Succession planning

Links about managing your money in Tenerife

The Pension Service International Pension Centre (UK)

Pension Calculator (Ireland)

HM Revenue & Customs Centre for Non-Residents