These concessions are only available for approved capital assurances established by life insurance companies, which are authorized to sell insurance policies in Spain according to the European Unions Third Life Directive.
Graydon & Associates work together with their bankers and an insurance provider which is authorized to sell their product Capital Assurance in Spain.
The insurance company is registered in Luxembourg and is under the supervisory authority of the Commisariat aux Assurances in Luxembourg.
The Capital Assurance Scheme means that retired expatriates no longer have to break tax laws by secretly hiding their wealth offshore to avoid high taxation. By using the scheme your total wealth can be declared to the Spanish Tax authorities (Hacienda) and still remain relatively tax free.
Capital Assurance is a life assurance product where the savings are invested through a wide-ranging choice of UCITS approved and regulated funds.
It is the clients own choice how the investments are made and these can be amended at any time. However, in accordance with the regulations, the client will be restricted to a total of ten individual funds. Professional advice can be obtained from the banks own investment advisors.
The Capital Assurance is open to individuals, trusts or companies who reside, or plan to reside, in Spain. It is a term life assurance product covering the death of the person(s) assured. It provides an automatic death benefit of 101% of encashment value and may be written on a single life, joint lives or multiple lives.
Jurisdiction and complaints
Spanish law governs the Capital assurance. The client has the right to file complaints with the Spanish Direccion General de Seguros, the Commisariat aux Assurances or with the competent courts.