Bank account and Tax status

Hi there,

I’m dual nationality (English + Portuguese). Have a correspondence address in London. Bounce all over the place. Effectively homeless to a degree.

Trying to establish myself out of Tenerife (Canary Islands) which I understand has different tax rules/advantages.

Was going to register as self-employed here (autónomo) with an accountant (gestor) + open a Spanish bank account and apply for residency here.

I’ve taken some intital steps but I’m told that because I live on a british flagged boat in Tenerife and I travel back and forth, I should not apply for Spanish residency and should explore Nomad/traveller options…

A little search led me to seeing posts on twitter which brought me to this site today…


Hi George! Welcome to the community :partying_face:

  • Are you planning on actually living in Spain/Tenerife (even if you won’t use any tax schemes there)? Or would you be open to living more of a PT lifestyle?
  • Is your domicile at birth in the UK or Portugal? Since the UK has domicile based taxation (as opposed to purely resident based), it might affect which “nomadic options” would be beneficial or available to you. Since you need to have a domicile at all times, if you lose whichever domicile you have acquired by choice (often the same as your residency), it will generally revert to the one you acquired at birth.

I think this additional information would make it easier for the community to provide relevant advice :slight_smile:

Hey thanks Thomas.

Planning on spending the next few years going around the different Canary Islands. UK is where I end up going back to for work/Family/Friends… but I never stay very long. Most I spend in any place is around 3 months maybe but I try mainly to be based in Tenerife.

I could be open to PT Lifestyle - probably technically what I do anyway. An accountant here is going through process of registering me with social security, residency and set up as autónomo (self employed). He hit a wall when I told him I live on a boat and don’t plan to live permanently in Tenerife but I want to make it my main base. But conflicting.

I was born and raised in London. I lived and worked briefly a couple times in Portugal and I visit family once in a while.

Thanks for taking an interest in helping me figure this out. :smiling_face::pray:t3:

Hi there,

am not sure if you got sorted but have a look into the UK’s SED system. Seafarer earnings deduction. Maybe this could work out much better for you.