|
What to do with the cash? |
|
|
|
|
Written by Anne Hobbs
|
This is a problem that concerns most people who have sold their UK property to move to Spain. The main thought being; if it is not secured away quickly it will all disappear.
We are all aware that moving house is one of the most stressful periods in life and it is doubly so when you are moving to another country. Add to that trying to make sure that surplus money is set aside in the most efficient way for the future and the blood pressure is set to rise.
I hope that part of your planning for the future in terms of your financial income included the advice of an Independent Financial Advisor. Having as much information as possible at your fingertips is vital so that you can make a reasonable decision about what to do you with ‘your’ money.
I do realise that many people will say ‘but I am hopeless when it comes to finances.’ I have heard that too many times to count over the years. My response is that, in the end you need to be comfortable with the action taken. You need to decide whether you want to go for the fast buck with some risk or the slower steady pace that will give a smaller return from a more secure platform (though none of it is guaranteed).
Most will already have pensions or regular incomes sorted out so any surplus from a UK sale of property is a new dilemma, and because you are moving to a new country the stakes are jacked up to an even higher levels.
The main worry seems to be should you leave it in the UK or bring it to Spain. As with most things financial there is no complete answer. Your particular set of circumstances and short term needs will be different to the next persons. Whether your new property needs some reform or just a general makeover you will need to be sure you have sufficient funds available. If you have been lucky enough to purchase a property that has everything then your immediate concerns may be just to get your regular income set up.
I would suggest that if you have any concerns about what to do take a step back and get your new home set up first. Sort out your regular income and be sure that what you expect to arrive each month does actually arrive. Sort out your Sky Dish and your post box and ensure that your bills from the auntament are being sent to you. The list is long and they can take up an awful lot of your time when you arrive.
For the short term you may find it easier to place the money in an account that will give you a reasonable, though not astounding return. Ensure that you can get at it easily and without penalty. This will give you some breathing space. If you look at three to six months you will not be out of pocket by very much and you will have reduced your stress levels by a huge amount. This space will also give you time to look at all the options and compare return rates. Whether you decide on the UK or Spain you will find the options are similar. The tax responsibility will be different and you may need to make annual returns. Seek advice from professionals and not just one. You may have to pay a fee, if so check the fee structure first not after the meeting.
You may find it more convenient to settle all you finances here in Spain or you may not have made the final decision and want to keep your option open. Whatever your future plans the old proverb is very true. ‘Act in haste, repent at leisure.’
As I have often mentioned do make any large money transfers through a foreign exchange company and not your bank and you will save at least the price of a couple of return trips to the UK and maybe much, much more.
If you have any queries about this article or any Money Matters queries contact Ann on 661003324, email
This email address is being protected from spam bots, you need Javascript enabled to view it
. or
This email address is being protected from spam bots, you need Javascript enabled to view it
.
|
.jpg)
.jpg)
