Blog | Page 73 | Jean Galea

Heat and Cold Treatment for Padel Sprains and Injuries

Published: June 19, 20181 Comment

Applying ice or heat can provide relief from injuries, aches, and pains, but they shouldn’t be used interchangeably. Generally speaking, ice works well after a sudden injury while heat helps to soothe ongoing muscle aches and pains.

Cold

Cold works for injuries because it narrows your blood vessels, which helps prevent blood from accumulating at the site of injury, which will add to inflammation and swelling while delaying healing. This is also why elevation is helpful; it limits blood flow to the area to minimize swelling.

During immediate treatment, the aim is to limit the body’s response to injury. Ice will:

Reduce bleeding into the tissues.
Prevent or reduce swelling (inflammation).
Reduce muscle pain and spasm.
Reduce pain by numbing the area and by limiting the effects of swelling.
These effects all help to prevent the area from becoming stiff, by reducing excess tissue fluid that gathers as a result of injury and inflammation.

A good rule of thumb to remember following an injury is RICE: rest, ice, compression, and elevation.

Ideally, ice should be applied within 5-10 minutes of injury and for 20-30 minutes. You don’t want to use ice longer than this as it could damage your skin or even lead to frostbite. This can be repeated every 2-3 hours or so whilst you are awake for the next 24-48 hours. You’ll want to protect your skin from direct exposure by applying a cloth or towel between your skin and the ice.

Do not use ice packs on the left shoulder if you have a heart condition. Do not use ice packs around the front or side of the neck.

After the first 48 hours, when bleeding should have stopped, the aim of treatment changes from restricting bleeding and swelling to getting the tissues remobilized with exercise and stretching. Ice helps with pain relief and relaxation of muscle tissue.

I bought an ice pocket from Decathlon, and keep ice cubes handy in the freezer to use whenever needed. You can take such bags with you when you play in tournaments, typically the bar at the courts will have some ice if you need to apply cold to a sprain.

I also always take a bag of instant ice with me wherever I play. This guarantees that I will always have ice treatment available whenever I need it.

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How to Backup Gmail on a Synology Diskstation via GMVault

Last updated: December 22, 202318 Comments

In this article I will show you how to install Gmvault on a Synology Diskstation and have it back up your Gmail accounts. This will eliminate the need for your computer to be on and also saves processing power on your system, since everything is handled by the Diskstation.

Installing Python 2.7

The first set of steps will have us install Python 2 on the DiskStation, since it’s needed for Gmvault to run.

Log into Synology NAS as an admin user (can be your own username if you are in the Administrators group) and go to Main Menu -> Package Center -> Settings and set Trust Level to Synology Inc. and trusted publishers.
In the Package Sources tab, click Add, type “SynoCommunity” as Name and “https://packages.synocommunity.com/” as Location and then press OK to validate.
Go back to the Package Center and install the Python 2.7 package (“Python”) in the Community tab. (Synology provides Python 3, so if a later version of GMVault is made compatible then you won’t need to do steps 1-4).
Remove the Package Source and reset the Trust Level to “Synology Inc.”

Set up Folders for Gmvault backups

We now have Python 2.7 installed. Nex,t we need to set up the folders to keep the backups in. Go to Control Panel -> Shared Folder. Create a new folder called Gmvault.

[Optional] You can also encrypt the contents of the folder by clicking the folder then clicking on the Edit button and then on the Encryption tab. Then click the checkbox next to Encrypt this shared folder and enter an encryption key.

Enabling SSH

Go to Control Panel -> Terminal & SNMP -> Enable SSH service.

If you have Security Advisor enabled it might complain about the SSH service not being secure if you use the default port of 22, which I didn’t bother changing as I was only logging in via my local network.

Installing Pip, the Python Virtual Environment and Gmvault

Open a Terminal window on your Mac and SSH into the Diskstation using a user with admin access.

Make sure you navigate your way to volume1 or whichever volume you will be using to set up Gmvault on and store the backups. In that volume, you should find the Gmvault folder we created earlier. Make sure you are in that directory then follow the next steps:

wget https://bootstrap.pypa.io/get-pip.py
sudo python get-pip.py
sudo pip install virtualenv
rm get-pip.py
virtualenv gmvault_env
cd gmvault_env
sudo pip install gmvault

What we did above is to install the pip utility that is needed to install Python packages/modules, followed by installing virtualenv. Virtualenv is a tool to create isolated Python environments. It creates a folder which contains all the necessary executables to use the packages that a Python project would need. More info about it and how it works can be found here.

With those in place we created an environment for Gmvault and installed it using pip.

Setting up Gmvault

We are now at the stage where we already have Gmvault and can start having some fun with it.

To make sure that Gmvault has installed correctly, type in the following command:

gmvault -h

This should display the help for Gmvault, if it does, you’re good to go. Follow the next steps:

gmvault sync -t full –db-dir /volume1/Gmvault/backups/YOUREMAILADDRESS/ –emails-only –no-compression my_email…@gmail.com

Gmvault will then prompt to open a web browser to grant OAuth2 access.
Press Enter to open the browser – which won’t happen!
Highlight the web address that Gmvault displays.
Open a new window in your web browser and paste the web address into the address bar.
Login to Google Mail and grant access to Gmvault.
Copy the authentication token that Google will display and paste into the SSH session.

That’s it! Gmvault should now continue and download the emails.

If you’re curious about the parameters I used when executing gmvault, have a look at the in-depth guide on the Gmvault site which details all the possible parameters.

Note: For security purposes, you can now disable the SSH service. It is recommended to only activate this service whenever you need it, especially if you make your Diskstation available over the internet.

Encryption

While you can choose to encrypt using gmvault itself, however, I decided to use Synology’s own facility for encrypting folders. For more information about Synology’s encryption, you can refer to this article. The official Synology guide is also a handy reference, as is their page on managing keys.

Further Improvements

There are additional steps you can take to improve this workflow, for example setting a recurring automated task that runs, say, on a daily basis. This would make the backups work without your intervention.

Have you set up automated backups for your Gmail accounts? What’s your take on the subject?

How P2P Lending and Property Crowdlending is Taxed in Spain

Last updated: September 29, 20225 Comments

Crowdlending is very popular in Spain, and I have written about my experience with property crowdfunding platforms in Spain before. For the purposes of this article, crowdlending and crowdfunding are interchangeable as they are treated the same for tax purposes.

This includes P2P lending platforms in Europe; as a Spanish resident this income will also be taxed according to the savings rates.

Any interest obtained is declared as benefits from movable capital. This is pretty much the same as profits obtained from deposits or dividends from stocks. You need to declare interest even if that same interest has been re-invested or never withdrawn from the crowdfunding platform. If you receive dividends in 2020, you will declare them in 2021; always one year later.

In the IRPF form, look for box number 23, where you will need to insert the total amount of profits, without discounting any retenciones imposed by the platform.

If you are receiving dividends from foreign crowdlending platforms, they will be declared in the same way as the Spanish ones. Remember that in the IRPF you declare your worldwide income. There is no other obligation to comply with when investing in foreign platforms.

Most Spanish crowdfunding platforms will automatically deduct 19% from your profits and declare them to Hacienda. Once you access your Hacienda account, you will be able to see all your retenciones.

Income from property crowdfunding is classified as savings income in Spain. There are the following tax bands in place:

Spanish tax rate on savings income up to €6,000: 19%
Spanish tax rate on savings income from €6,000 to €50,000: 21%
Spanish tax rate on savings income over €50,000 to €140,000: 23%
Spanish tax rate on savings income over €140,000: 27%

You might have noticed that the lowest band is 19%, and that is why the Spanish crowdfunding platforms automatically pay tax of 19% on your behalf. If your income from such platforms is higher than €6,000, you will have to pay additional tax according to the bands above.

If you are participating in property crowdfunding on platforms that are based outside of Spain, they will normally send you the full proceeds from any dividends or capital gains due to sales of property. You will then have to declare the income on your IRPF tax form, which is due for submission between April and June of the following year.

I hope that helps you understand what taxes you typically have to pay after investing in property crowdfunding platforms.

Note that you will also have to take into consideration the Modelo 720 when thinking about taxation and reporting. While modelo 720 does not require the declaration of any loans given out to thid parties, you might have idle cash sitting in your platform’s accounts and sometimes these need to be declared.

If you have any further questions let me know and I’ll do my best to answer them.

You can find more information about paying taxes in Spain on this site.

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Please note that I am not an accountant or financial advisor, the above is the fruit of my personal research, and might contain inaccuracies. Before you submit any tax returns, I highly recommend you contact a tax consultant or accountant to check your numbers.

How to Open a Maltese Personal Bank Account

Last updated: January 04, 2024Leave a Comment

One of the first steps in establishing a life in Malta is opening a bank account. In this article, I will talk about the typical process for opening an account at a local bank, and some alternatives if that doesn’t work out for you. Unfortunately, banks in Malta have become excessively stringent and many people, especially expats, are finding it impossible to open a bank account with one of the local banks.

1. Choosing the Right Bank

There are several banks in Malta, both local and international, that offer various banking services to individuals. Some of the most prominent banks include:

Bank of Valletta (BOV)
HSBC Malta
APS Bank
Lombard Bank
Banif Bank (now BNF Bank)

Each bank has its own set of account options and fees, so it is essential to research and compare their offerings to find the one that best suits your needs.

2. Required Documentation

When opening a bank account in Malta, you will need to provide the following documents:

A valid passport or national ID card (for EU/EEA nationals)
Proof of address (e.g., a utility bill or rental agreement)
A reference letter from your current bank or a bank statement
Proof of income or employment (e.g., a payslip, an employment contract, or a pension statement)
Tax Identification Number (TIN) or Social Security Number (if applicable)

Some banks may also require additional documentation, so it is advisable to check with your chosen bank for any specific requirements.

3. Opening a Bank Account in Person

Most banks in Malta require individuals to open an account in person at one of their local branches. It is a good idea to schedule an appointment with the bank to ensure a smooth and efficient process. During the appointment, you will be asked to present the required documentation and complete an application form. The bank may also ask about the purpose of the account, the source of funds, and your expected banking activity.

4. Opening a Bank Account Remotely

In some cases, it may be possible to open a Maltese bank account remotely. However, this option is usually limited to individuals who already have a relationship with the bank or can provide a strong reference from their current bank. Additionally, remote account opening may involve more stringent documentation requirements, such as notarized copies of your documents.

5. Bank Account Features and Fees

Maltese bank accounts typically offer various features, such as online banking, debit cards, and access to a network of ATMs. However, it is essential to be aware of the fees associated with these services. Some banks charge monthly account maintenance fees, transaction fees, or fees for using ATMs outside of their network. Make sure to review the fee structure of your chosen bank to avoid any unexpected costs.

BoV VS HSBC

The two big banks in Malta are HSBC and Bank of Valletta.

Here are some of my notes on opening and maintaining bank accounts with both of these banks.

Internet Banking

Although BOV revamped their internet banking system in 2018, they only made it even worse than before, both looks and functionality-wise. HSBC offers a clean interface and an easy way to contact bank officials and get your queries resolved in a timely manner via the internet banking interface. I’ve previously sent messages to BOV from the internet banking that I never got replies to.

The internet banking key of HSBC is also much thinner and thus is easier to carry around.

Branches

HSBC is a clear winner here. Staff is professional and smart, and the offices are modern and well appointed. BOV offices seem to be older and badly designed.

Getting Things Done

HSBC has a reputation of being tougher with their requirements than BOV. Nowadays, however, both of them have strict procedures to adhere to, and if you follow the procedure, I’ve actually found dealing with HSBC to be a more pleasant experience and always very efficient.

Crypto-Friendliness

BoV does not allow outgoing transfers to crypto exchanges, while incoming transfers might also be subject to checks and blocks. HSBC also prevents its users from interacting with crypto exchanges.

ATMs

Again, I think the HSBC ATMs are easier to use and easier to access.

Fees

BOV charge €60/year if your residential address is outside of Malta. HSBC charges €30/month to companies, while BOV doesn’t.

Which Bank Should You Use?

I’ve always believed that it’s always safer to use two banks rather than one. It gives you more peace of mind in the unlikely event of things going south. It also gives you the opportunity to compare and contrast banks and take your business to the one that serves you best. It might also very well be the case that one bank excels in one area but is poor in another and vice versa.

After holding accounts with both BoV and HSBC for more than 20 years, I’ve decided to shut down my BoV account for two reasons. One is that their new internet banking system is horrendous, and second because every year I kept getting hit by some new hidden charge or issue and I’m tired of dealing with them anymore. HSBC have always been the more professional bank so I’m sticking with them.

It is also worth noting that in recent years we have seen the rise of virtual banks such as Revolut and N26, and they offer a far superior experience to the normal customer who just wants an account to deposit money and spend accordingly.

I think N26 has the edge at the moment, and they provide spending analysis via their impressive mobile app, something that will probably take years before BOV or HSBC can implement. They also provide the ability to link smartphones to your account and thus pay through your phone. If you need direct debit facilities, European businesses are now obliged to accept direct debits from non-local banks, so this is no longer a reason for needing a local bank account. N26 will do just fine. However, last time I checked, N26 is not available for Maltese residents yet.

Another option is to open an account with Wise. This can work both as an individual or as a business, and indeed, many of the companies who are opening up in Malta use Wise as their banking partner, due to the difficulties in opening a bank account with a Maltese bank at the moment.

So right now, the best two options for residents in Malta are:

Wise
Revolut

Both will you give you a multiple currency account (USD, EUR, etc). What you would need to do is transfer money out from your BOV account and into your Transferwise or Revolut account. Then from there you can transfer onwards into your cryptocurrency exchange of choice, no problems at all. The same applies for withdrawing money from exchanges, it works the other way round as well.

If you want to learn more about Wise, check out my previous post on Borderless Banking. Another bonus of using Wise and Revolut is that you will be able to get much better rates when converting from one currency to another. The classic case for Maltese people who work in the UK is converting money between GBP and EUR and vice versa. By using Wise or Revolut they can get better rates than when using a Maltese bank to do the conversion.

Open a Revolut account | Wise account

What about Crypto Transfers?

The big banks have proven to be reluctant to deal with crypto, so you’d need to look at the smaller banks. Unfortunately, due to Malta being a small country, there aren’t that many options.

Agribank seems to be the only banking provider in Malta that allows transfers to and from crypto exchanges.

Paytah is touted to be a crypto-friendly bank and it is definitely involved with crypto companies and payments processing, however, it has repeatedly been in the news for the wrong reasons.

If you explicitly want to make crypto transfers, either as an individual or as a company, then your only option is Agribank at the moment.

😨 Filling in the Modelo 720 for Expats Living in Spain

Last updated: September 29, 202270 Comments

As a foreigner living in Spain, you have the dubious pleasure of having to declare all your assets abroad. Welcome to Spain! In this post, I’ll give you more information about this declaration that is known as modelo 720. If you think it’s ridiculous and unjust I’m totally in agreement. However, unfortunately, there is no way around it.

Since I received so many requests about this form and how to fill it in, I have asked my trusted accountant if I can forward requests to him directly, in that way you will get professional advice and help (at a reasonable fee) for this complicated and hugely annoying declaration requirement.

Click here to fill in the form if you want to get in touch with my tax lawyer/accountant. Unfortunately, I am not qualified to assist myself due to the inherent complexities of each individual’s financial setup, so the best idea is to put you in touch with the people I trust myself for submitting my own yearly model 720.

If you want to learn more about model 720 before trusting anyone else with you obligations, please continue reading. My advice is to read as much as you can on your financial and tax matters, but ultimately, given the risks involved, it’s better to pay for professionals to handle such stuff.

Spanish tax resident individuals are obliged to report (720 Form) the following assets and rights (including any investments) located outside of Spain to the Tax Authorities:

Accounts in which the individual is the titleholder, or in which he is representative, authorized person or beneficiary, or in which he has disposal powers.
Securities, rights, insurance and life or temporary annuities.
Real estate or rights on real estate.

There will be no reporting obligation for those assets or rights which value (considered in aggregate for each group of assets listed above) is lower than Euros 50,000. The deadline for filing the 720 Form is from 1 January to 31 March of the year following that for which the information must be reported.

In subsequent years you will need to re-submit the modelo 720 if any of the accounts are closed or if the value in any of these three categories increases by 20,000 Euro or more.

This is a form that is quite tricky to fill in, especially for foreigners, and the fines are ridiculously high in the case of mistakes, late submissions or forgetting to submit it altogether. Hence it’s worth paying close attention to it and making sure you do it right, especially if it’s the first year you’re submitting it. I highly suggest you approach a reputable tax consultant to help you out. Note that many accountants, gestores and tax consultants don’t provide help on this form, as they have relatively low demand for it compared to the other services they provide. Expect to pay between 400 and 500 Euro per declaration if you hire a tax consultant (contact me if you need recommendations in Barcelona) to fill it in for you. You will still need to provide all the documents and details to the consultant, what he will be able to do is guide you on what data is needed and actually fill in and submit the form for you.

Many expats simply do not declare the modelo 720, and many are not even aware of it. Unfortunately, they are exposing themselves to serious trouble and harsh penalties. We have seen several cases of financial ruin in the past years due to failure to declare this form or declaring it with erroneous data. The penalties are so harsh that a Spanish consultancy company has denounced Spain to the European Court a few years ago. There are some indications that Hacienda has been softening its hand in terms of fines after the EU requested them to do so, but the case is ongoing.