Since the referendum in June 2016 Brexit has seemed never ending. It has
been a worry for many British residents wanting to make the move to Spain and now that it has finally gone through, we take a look at what changes, if
any, you need to look out for.
There have been some changes made but on the whole the process is much the same. For residents the buying process is very similar to pre-Brexit but for those only buying a holiday home the differences are subtle but important.
Do I still have the right to buy property in Spain?
Yes. The right to buy property is not restricted to citizens of the EU. Anyone can buy property if they can agree a purchase price with the owner. This has not changed and many non-EU nationals own homes or holiday homes in Spain.
Has the cost of buying a property changed?
No, the cost of buying a property is the same for residents, Spanish nationals and those from countries around the world. The cost of buying is not defined by your nationality and you should look out for:
- purchase tax
- notary and land registry fees
- solicitor fees
Inheritance tax rates will also remain the same and these are set dependant on your autonomous region.
Ask your agent for a full rundown of the fees involved in buying your next property, we are here to help!
Has the demand for property changed since Brexit?
At the time of writing we are still currently in the middle of the global pandemic and Brexit was very recent. Therefore currently it is hard to gauge interest from British nationals looking to purchase property in Javea or Spain, but we are seeing an increase in enquiries and traffic to our website from UK residents
Will I need a visa to visit my property?
Much of the information in this article may change in the future but currently there is no need to apply for a Visa to visit Spain from the UK. UK citizens wanting to visit as tourists can only stay for a maximum of 90 days in a 180-day period and this applies cumulatively across all European countries. For example: if you visit Germany for 90 days you could not then visit Spain as a tourist in the same 180-day period.
For those not travelling as tourists you can extend the stays in the country by applying for residency, by processing a Golden Visa (proof of major investment in the Spanish economy) or you can review other less common routes to being allowed to stay longer. For this we would always recommend using a professional lawyer or agency.
Can I rent out my property?
Yes, you can rent out your property but this has changed slightly. The tax on rental income is different for EU citizens (19%) than it is for non-EU (24%). If you are looking to rent a holiday property specific licenses are also still required and the correct registration numbers must be displayed on the property to avoid fines.
The discussions between the UK and Spain are still ongoing and we will need to revisit this article over the coming months. Many issues still remain up in the air. These include health care for pensioners, minimum income to be able to gain residency and many others. Make sure you check back for further information as it is announced or feel free to chat to one of our friendly agents. We are always happy to help.