Where should I declare my official residence to be if I divide my time equally between Tenerife and the UK/Ireland?

goldie23 · 14-01-09, 17:14

I am moving to Amarilla Golf in the next two months. I plan to stay in Tenerife for 6 months approx. and spend the other 6 months in Ireland.
I am wondering what are the pros and cons of declaring either Tenerife or Ireland/Britain as my principal residence. What benefits would I gain/lose if I declared one or the other?
Any help appreciated.

Briz · 14-01-09, 17:27

Quote:

Originally Posted by goldie23

I am moving to Amarilla Golf in the next two months. I plan to stay in Tenerife for 6 months approx. and spend the other 6 months in Ireland.
I am wondering what are the pros and cons of declaring either Tenerife or Ireland/Britain as my principal residence. What benefits would I gain/lose if I declared one or the other?
Any help appreciated.

What nationality and what age are you.

goldie23 · 14-01-09, 18:17

I'm in my mid forties and my nationality is Irish.

Fancyfree50 · 14-01-09, 19:54

You really need to compare financial/tax issues in both countries.Inheritance matters, property regulations, nature of your income, family status may also be relevant.

goldenmaniac · 31-01-09, 11:32

The key as far as the Spanish Tax Authorities is concerned is 6 months and one day in any calendar year!!

So whichever country stay tips the balance is where you should declare your residence for tax purposes.

However dual taxation issues are VERY complicated and I would strongly suggest you invest in a consultation with a Tax consultant versed in that - particularly if you are a high net worth individual.