Chorus Financial is an award-winning, privately owned brand based in Spain. Our team have over 30 years combined experience in investing and advising British families on their pensions, savings, investments & tax planning.



+34 965 641 163

Carretera del Cap de la Nau Placita, 122, 03730, Javea

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What are the Advantages of a SIPP for People Living in Spain?

As a British expat living in Spain, managing your UK pension efficiently is crucial for securing your financial future. A popular option often considered is the Self-Invested Personal Pension (SIPP). But what are the advantages of a SIPP for people living in Spain?

A SIPP offers significant flexibility and control over your pension funds. Unlike traditional pension schemes, SIPPs allow you to decide where your money is invested, giving you the opportunity to adjust your portfolio based on your risk appetite and financial goals.

Unlike QROPS (Qualified Recognised Overseas Pension Scheme), which can be more costly due to their cross-border nature, SIPPs typically have lower set-up and ongoing costs. This can make them a more cost-effective option for managing your UK pension.

SIPPs are also regulated by the Financial Conduct Authority (FCA) in the UK and are protected by the Financial Services Compensation Scheme. This means that, in the unlikely event of the pension provider going bankrupt, you have a degree of protection.

From a tax perspective, while SIPPs are subject to UK taxation rules, under the double taxation agreement between the UK and Spain, you will not be taxed twice on your SIPP income. However, Spanish tax obligations must be adhered to, and withdrawals from SIPPs will be subject to Spanish income tax.

It’s crucial to remember that while SIPPs offer numerous benefits, they aren’t the right choice for everyone. The level of investment choice and control they provide requires active management and a degree of financial knowledge.

As with any important financial decision, it’s strongly recommended to seek professional advice before choosing to open a SIPP. The team at Chorus Financial can provide expert guidance tailored to your individual circumstances. They’ll help you navigate the complexities of managing your UK pension from Spain and determine the best strategy for your needs.


Qualified & Regulated Advice

Contact Chorus Financial today for a free, no obligation call with a qualified Financial Adviser in Spain. Provide brief information on what you need help or advice with, and let us know what part of Spain, or elsewhere, you are based in so we can assign the best Spanish based financial adviser for you.

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