Spain: Does the sun attract unforeseen tax consequences? New obstacles to tax-neutral insurance portability within the EU

It is a well-known fact that thousands of European citizens -British, German, Danish, Swedish, among others- choose Spain as their retirement destination, attracted by our weather and the quality of our medical services, after a long working life during which they have managed to amass the savings needed to do so. In many cases, these savings take the form of life insurance/bonds, pension plans and similar products.