LIFE AT BARCELONA, The Tyler Group

http://thetylergroup.org/the-tyler-group-barcelona-life-at-barcelona/

 

Life at Barcelona (traveling tips, hotels, restaurants, shopping and style etc)

A glimpse to the northeastern coast of the Iberian Peninsula

Barcelona is the second largest city in Spain in both size and population, in a privileged position on the northeastern coast of the Iberian Peninsula. It is also the capital of Catalonia, 1 of the 17 Autonomous Communities that make up Spain.

The capital of Catalonia is unequivocally a Mediterranean city, not only because of its geographic location but also and above all because of its history, tradition and cultural influences. The documented history of the city dates back to the founding of a Roman colony on its soil in the second century B.C. Modern Barcelona experienced spectacular growth and economic revival at the onset of industrialization during the second half of the 19th century. The 1888 World’s Fair became a symbol of the capacity for hard work and the international outlook projected by the city. Culture and the arts flourished in Barcelona and in all of Catalonia; the splendor achieved by Catalonian modernism is one of the most patent displays.

Barcelona, more than just a single city, is really a collection of multi-faceted and diverse cities. The visitor unfamiliar with its history might be surprised that such a modern and enterprising city preserves its historic Gothic center almost intact, or by the curious contrast between the maze of narrow streets and the grid-like layout of the Example, the urban planning “Enlargement” project of the end of the 19th century.

FINANCIAL & LEGAL, The Tyler Group

http://thetylergroup.org/the-tyler-group-barcelona-financial-legal/

 

Financial and Legal (financial planning for expats at Barcelona, life insurance, banking, etc)

Best for Expatriates in Spain

As an expat, your circumstances are likely to change more often than if you were in your home country. Clear financial advice and planning means that expatriate life is without worry and that your future is taken care of.

Financial planning requirements vary from country to country and expatriates living in Spain may need to allocate their investments in a different way. These are the elements that make expatriate financial planning different.

 

Currency

One of the first financial steps when relocating abroad may involve exchanging currency to that of the new country. It is important to search around for the best deal at both banks and specialist currency dealers.

If an income is received from another country in another currency, it will need to be exchanged into the currency of new country. The impact of a regular currency conversion can leave a person exposed. Currencies move quickly and often; it may be necessary to “forward book” some of the currency exchanging to fix the rate of exchange.

When it comes to arranging savings and investments, different currencies also need to be taken into consideration. In principle, if the investments are generating income used to live on, they should be in the same currency as the expenditure.

EMERGENCY CASH FUND

Regardless of the country of residence, an amount of cash should be instantly available for emergencies. In the case of expatriates, this fund needs to be higher because inevitably additional trips back home are required (for example, trips to see ailing and infirm relatives). The amount required depends on individual circumstances and a financial adviser takes this into account when financial planning.

BANK ACCOUNTS

Expatriates need a bank account in more than one country; a local bank account is required in the local currency. It is also often necessary to retain a bank account for residual issues in the home country.

Choosing a bank

Some banks are available in Spain and other countries (for example Santander and HSBC) which could make it the preferred choice; a bank might be chosen because it has a conveniently located branch and cash-machine. Banking regulation differs between countries which require extra vigilance (the Spanish Cajas and the German Landesbanks may be examples of this in the future).

TAX PLANNING

With double taxation agreements between, for example, the UK and Spain, it must be determined in which country tax is paid. This involves definitions of “residence” and “domicile”. In a home country these are likely to be the same but after relocating, they may be different. Inheritance tax is different and it is easy to be caught in two tax regimes.

RETIREMENT PLANNING

A recent survey found that the highest concern for expatriates is to ensure that they have enough funds for retirement. If retiring in a new country there are many factors to take into account such as what to do with a pension from another.

HEALTH CARE

Many British expatriates state that the health care in Spain is as good as the UK. However, despite this many of them return to the UK in later years due to health problems. It is worthwhile to look into the Spanish state health care; additional health care cover may be required.

INTERNATIONAL SCHOOLING

If children are involved in a family move to a new country, schooling is a concern. Many countries have a requirement to pay towards education costs. School fees might be required to educate children at an international school. There is also the option of boarding school (this is an expensive option).