Del Canto Chambers has written an article in top wealth management publication, Wealth Briefing, explaining how the pandemic has prompted high net worth individuals to consider their options. Del Canto Chambers explains too the advantages of settling in Ibiza.
The UK’s separation from the EU combined with the pandemic and subsequent lockdowns have given reason to those wanting to change their lifestyles to take the leap.
We are receiving more queries than ever from private clients keen to improve both their financial portfolio and quality of life. Entrepreneurs are looking to relocate their business operations abroad; investors are seeking solid and lucrative investment opportunities; and high net worth individuals are hungry for a better quality of life.
Spain and European market
Spain is becoming one of the most attractive European markets in which to base oneself post-pandemic. The UK is the number one foreign investor in Spain with investment by British companies up 80% since 2018, to EUR 3.1 billion.
Many clients are choosing to move to the Balearic Islands – in particular, Ibiza – recognizing that it will meet their business needs, but also, importantly, that it is an excellent place to raise a family, so having said that the benefits of relocating to Ibiza are obvious.
For investors, Ibiza is a safe and solid destination – foreign property investment has shot up with property values on the island have risen by 56.5% in the past five years. International buyers continue to drive demand in Ibiza real estate.
What must be considered when relocating to Ibiza
The article sets out what must be considered when relocating to Ibiza, including: local property taxes; property law issues applicable to expats; property income tax in the Balearic Islands; and Spanish wills and inheritance.
Provided proper legal and tax advice is taken from a professional that understands the ins and outs of Spanish tax laws, wealthy individuals can swap the snow for sunshine in no time, increasing their quality of life and financial portfolio all at the same time.
Written by Leon Fernando Del Canto, Head of Chambers and an international tax barrister based in London. He is the founder of Del Canto Chambers, an international tax chambers with a country focus on the UK, Ireland, Spain, Qatar, Columbia and Mexico.