Table of Content
- Costs to consider when buying a home in Spain
- Can I stay in Spain for 90 days and then apply for a long-stay visa without leaving the country?
- Can I bring my UK-registered car to Spain and is it worth it?
- You still have the right to buy a property in Spain to rent it out after Brexit
- Is Buying Property in Spain a Good Idea After Brexit?
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. The purchase tax, the property registry fee, the Notary’s charge,and a few small additional expenses are all included in the cost of buying a home in Spain. And these are not affected by Brexit if you want to purchase a property in Spain.
However, in Spain, you need a notary to witness this procedure so you can add your title to the property’s register. The fee you pay to the notary is controlled by the Spanish government and is based on the number of clauses in the property deeds and the declared value of the property. The number of UK citizens making the choice to buy property and live in Spain has actually risen a lot lately, due specifically to Brexit. Continue reading and if you are interested check our properties below.
Costs to consider when buying a home in Spain
As the pandemic restrictions ease and people can once again visit Spain to view property, we will have a better idea of the effect of Brexit on Spanish property prices. Stay tuned to our website for updates in the future by joining our mailing list below. Of course, you do not necessarily need to invest €500,000 in real estate if you wish to purchase a property in Spain, and you do not seek to avail of The Golden Visa. In November 2023, the EU will launch the European Travel Information and Authorisation System for non-EU citizens.
The difference between the currencies and conversion charges may add to the cost of purchasing the property. If you’re buying a property in Spain after Brexit and you’re looking to visit for short periods of time you won’t feel any difference. If you’re a temporary resident in Spain, you can stay out of the country for up to 6 months in a year without losing your residency. If your travels are less regular, the total time outside of Spain may not exceed 12 months in a 5-year period.
Can I stay in Spain for 90 days and then apply for a long-stay visa without leaving the country?
The amount of tax you pay depends on whether you are buying a new home or a resale property. The former means a property that has never changed hands before. A forward contract allows you to lock into an exchange rate based on today’s price for either a fixed date in the future or between two specified dates. Barcelona Metropolitan, the property market in Spain almost collapsed in 2020 because of lockdown measures imposed due to the Covid-19 pandemic.
After the end of the transition period it is unclear if the EHIC will continue to operate. If not holiday home owners will need to make their own travel health arrangements. The agreed Brexit transition period runs from 1st February until 31st December 2020. During this period current EU rules will continue to apply /no changes. So if you move to live in Spain before the end of 2020 you will keep all your rights. The other change mentioned is that you may have to apply for a residency permit even if you only own a property and are not living in it full time.
Can I bring my UK-registered car to Spain and is it worth it?
There is good news and bad; the good news is probably less has changed than you expected, with the bad news being the changes that are currently in place, will restrict you somewhat. At this point, it’s difficult to say exactly what will happen post brexit when it comes to residency rules. The Spanish government has not released any information about this and it’s unclear what kind of agreement – if any – will be reached between the UK and EU governments.
The cost of buying a Spanish property is the same, whether you are a citizen of Spain or another EU country, Great Britain or any other nation. The Spanish property market is supported by low interest rates and high foreign demand. Both these areas beckon the inhabitants of Foggy Albion, first of all, for their sunny Mediterranean climate (the local winter isn’t much colder than the British summer).
However, UK pet passports are no longer recognised in the EU, so only one issued in an EU country can be used for travelling within the bloc. As such, if you’ve been a Spanish resident for more than 6 months from 1st May 2022, you’ll no longer be able to use your UK licence. It looks like Spain and the UK are currently negotiating mutual recognition of driving permits.
Therefore, it is always best to consult with a lawyer or immigration specialist to get a more accurate idea of what will apply to you. It’s also important to remember that Brexit is just one factor that could affect the Spanish property market. Several other things could impact prices, including economic conditions in Spain and Europe as a whole, the availability of mortgages, and whether or not the country remains in the Eurozone.
The property market in Spain has fluctuated a lot throughout the past years, however it has been in a recovery phase since its devastating 30% fall between 2008 and 2014. Finally, the biggest uncertainty is whether you can move to Spain in your brand new property or not. The reason for this is because there hasn’t been an agreement in this matter, or all the other matters like working in Spain, healthcare, pensions and any other basic requirement to live in a country.
So, do not let Brexit deter you from making the decision to buy your dream home in the sun. This applies if you travel as a tourist, to visit family or friends, to attend business meetings, cultural or sports events, or for short-term studies or training. It is important to note that United Kingdom and Spain has a double tax treaty in place, which prevents paying twice for the same income in both countries. Property rights are not linked to residency status and accordingly, all owners of property in Spain have the same rights. If you have made the decision that owning a home in Spain is for you, Brexit need not deter you.
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