Foreign resident with money in UK account

BrunoSpain

brianposter said:

If you are living in Spain you should become accustomed to using a "gestor". Ask around to find one who is suitable.

And, before anyone sends you any money, be aware that gifts received in Spain are taxable.

Thank you for advice. Am very aware of role of "gestor" before "graduado social". After nearly 30 years with my own business I have yet to find a suitable one (and I`m often criticised for not being demaniding enough). I don`t live in a place with a lot of foreign business owners so most or all "gestores" will have little or no knowledge of international taxation etc. Also, not sure that it`s in my interet for my "gestora" to know about my overseas bank accounts.

Thrugelmir

BrunoSpain said:

My elderly mother has recently sold her house and moved into a care home in the UK. My sisters who have power of attorney have divided the money from the sale of the house and other assets of my mother between my 3 siblings and me, leaving enough to cover care home costs and future inheritance tax . 

Think that this course of action may have overstepped the POA.  Has your mother lost her mental capacity yet? 

colsten

BrunoSpain said:

. Also, not sure that it`s in my interet for my "gestora" to know about my overseas bank accounts.

That sounds like you feel you have to hide some of your finances. Good luck with that attitude. Don't be surprised if it hurts when (not if) you get found out.

BrunoSpain

Thanks again for all comments.  Here I`m only asking for help regarding possible taxation in UK and/or Spain . Issues regarding Power of Attorney are for another thread perhaps though various lawyers and financial advisers in the UK have given their approval so not an issue here.  I`ve lived in Spain for many years so my UK bank know of my residence situation.

Thrugelmir

Your sisters could have simply transferred the money to you directly in Spain. 

BrunoSpain

colsten said:

BrunoSpain said:

. Also, not sure that it`s in my interet for my "gestora" to know about my overseas bank accounts.

That sounds like you feel you have to hide some of your finances. Good luck with that attitude. Don't be surprised if it hurts when (not if) you get found out.

I`m new to this forum . I presume you`re not . I came here looking for help from people who have  been in a  similar situation and had similar doubts about who to contact for help - banks , tax authorities , accountants, ... Fortunately I`ve received some good advice from several posters - mainly that I need to look for professional advice . Not sure how much experience you have of running a business in Spain or in any other country .  Not quite sure what else to say as your contribution ( was that really help or advice?) makes it hard to answer politely so I`ll just say "thanks for your interest". For other people who may be able to offer advice, I have nothing to hide whatsover and am not worried about being "found out". 

BrunoSpain

Thrugelmir said:

Your sisters could have simply transferred the money to you directly in Spain. 

Yes I suppose so but would that have changed the tax situation in Spain and UK? I`m not trying to avoid paying tax in either country and am fully aware that I will have to pay gift and/or inheritance tax in at least one of the countries (money has been left aside for UK IT at least). I`m new to this forum but suppose that people who offer help may range from people with professional knowledge to others who have personal experience as clients . Both types of advice may be useful.

colsten

BrunoSpain said:

colsten said:

BrunoSpain said:

. Also, not sure that it`s in my interet for my "gestora" to know about my overseas bank accounts.

That sounds like you feel you have to hide some of your finances. Good luck with that attitude. Don't be surprised if it hurts when (not if) you get found out.

I`m new to this forum . I presume you`re not . I came here looking for help from people who have  been in a  similar situation and had similar doubts about who to contact for help - banks , tax authorities , accountants, ... Fortunately I`ve received some good advice from several posters - mainly that I need to look for professional advice . Not sure how much experience you have of running a business in Spain or in any other country .  Not quite sure what else to say as your contribution ( was that really help or advice?) makes it hard to answer politely so I`ll just say "thanks for your interest". For other people who may be able to offer advice, I have nothing to hide whatsover and am not worried about being "found out". 

Being new to the MSE forum, and running a business in Spain, or anywhere, has nothing to do with the money you have received from your mother / your sisters. I have already provided you a couple of days ago with the information about UK taxation. Several people have also advised you could consult a Spanish tax professional, to which you responded that you are "not sure that it`s in my interet for my "gestora" to know about my overseas bank accounts". You can't blame people if they conclude you are trying to hide something, especially as you said you have "a large amount" of money from which you could, presumably, easily afford to pay for professional advice.