Selling a property in Spain after Brexit

Posted by admin 07/09/2021 0 Comment(s) Spain,Selling Guides,

 

Spain has always been a popular destination for British tourists. Its proximity to the United Kingdom, pleasant weather, and value for money make it a true home away from home for many.

 

In a literal sense, it is believed that around one million British citizens own property in Spain, with nearly 400,000 residing there permanently.

 

What happens if you own real estate in Spain after Brexit?

 

This implies that your rights in Spain and the rest of the E.U. will not change due to Brexit. It also guarantees the holder's ability to dwell in Spain. However, there will undoubtedly be a period of adjustment for Britons who own property.

 

While the UK was a member of the E.U., having a home in Spain meant you could visit a few times a year, especially in the winter, rent it to friends whenever you wanted, for as long as you wanted, and eventually retire in another country without any hassles.

 

But, since the United Kingdom exited the E.U. last year, there has been a cloud of uncertainty around purchasing or selling a house overseas – is it still worthwhile? Can I come as often as I want? Is it still possible for me to rent it out? But, on the other hand, will it be much more expensive to purchase?

 

Can I remain in Spain as often as I like if I own property there?

 

This is one of the most often asked questions. While the United Kingdom was a member of the European Union, there was total free movement between the nations, which was why Brits bought second houses or retirement homes in Spain.

 

As this altered as a result of the U.K.'s exit from the E.U.? Yes, in a nutshell. Since January 20, 2021, you can no longer remain in Spain for more than 90 days in 180 days. Remember that this applies to the whole Schengen Area, so if you travel to Spain via France, for example, that period is counted against your 90-day limit. You may divide that up into two 45-day chunks if you like, but after you've stayed 90 days in total, you won't be able to return until another 180 days have gone.

 

Will I face repercussions if I overstay?

 

It is feasible; however, it is conditional on the nation. According to Schengen Visa Info, it might also depend on how long a person has been in the country illegally. Deportation, jail, an entry ban, extended border inspections, and even a three-year prohibition from returning to the Schengen Area are all possible penalties.

 

According to the U.K. government website, if you want to remain longer than 90 days, you must "meet the entry requirements set by the country you are visiting — this could mean applying for a visa or work permit."

 

Can I rent or sell out my Spanish property?

 

Yes, but there may be some financial consequences. Currently, E.U. citizens pay a 19 percent rental income tax, whereas non-EU citizens, including Brits, pay a 24 percent rental income tax. While this is undoubtedly bad news, Solicitor in Spain recommends that you will be able to set off the tax paid in Spain against your U.K. tax payment for the same income.

 

Can I remain in Spain as often as I like if I own property there?

 

Buying and selling overseas properties is one of the most frequently asked questions. While the British were a member of the European Union, there was complete free movement between the nations, which was one reason Brits purchased second homes or a place to retire in Spain.

 

Has this altered as a result of the U.K.'s exit from the E.U.? Yes, in a nutshell. Since January 20, 2021, you can no longer remain in Spain for more than 90 days in 180 days. Remember that this applies to the whole Schengen Area, so if you travel to Spain via France, for example, that period is counted against your 90-day limit. You may divide that up into two 45-day chunks if you like, but after you've stayed 90 days in total, you won't be able to return until another 180 days have gone.

 

According to the U.K. government website, if you want to remain longer than 90 days, you must "meet the entry requirements set by the country you are visiting — this could mean applying for a visa or work permit."

 

Has Brexit had an impact on the sale of property in Spain?

 

The regulations and processes remain the same, but experts believe that it's a buyer's market after Brexit since many ex-pats are selling up due to the hassle of obtaining residence. In addition, Spain is known for its slow-moving bureaucracy, which many people believe is "just not worth it."

 

Conclusion

 

Since Brexit went into force, there have been many queries regarding what we can and cannot do and where we may go. Don't be put off if relocating to or purchasing a home in Spain is a goal of yours. It is still feasible; it will just require a little more planning. The overarching lesson I received from developing this book was "research, research, research," and don't forget... Tomorrow is a new day. It will take some time.

 

 

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