The company, part of Old Mutual Wealth, said it has redesigned its European Capital Account specifically for the Spanish expatriate market “to meet the growing demand for a flexible savings solution”.
Head of international proposition marketing at Skandia International, Phil Oxenham, said: “We see a great opportunity in the Spanish market for a flexible investment solution which meets the evolving needs of expats living in Spain. The launch of the European Capital Account means investors can benefit from greater choice and flexibility together with wider investment opportunities.”
The ECA offers a flexible choice for investors looking to save over the medium or long term.
Skandia explains that customers who plan to invest for at least five years can use a charge free withdrawal allowance of 10% each year, without triggering an early surrender charge. This gives investors easy access to money, with the maximum potential for their investment to perform.
The payment options are also flexible; once an initial lump sum of £10,000 (€15,000) is made, investors are able to make regular and ad hoc payments as and when required.
Through the ECA investors can access over 150 Spanish compliant international investment funds and defer when they pay tax on their savings.
