In the wake of Brexit, uncertainties abound, leaving many pondering the future. One of the burning questions is, “What’s different about buying property in Spain after Brexit?” This article delves into key considerations for those contemplating property ownership in Spain, addressing concerns about costs, taxation**, rental opportunities, and more.
You Still Have the Right to Buy Property in Spain After Brexit: Contrary to misconceptions, the right to buy property in Spain is not exclusive to EU citizens. Irrespective of nationality, anyone with the means to cover the purchase price can acquire property in Spain. Brexit has not altered this fundamental right, with people worldwide continuing to invest in Spanish real estate.
How Much Will Buying Property in Spain After Brexit Cost? The cost of acquiring property in Spain remains consistent, unaffected by nationality. Whether you’re a Spanish, UK, American, or Chinese national, the essential costs—purchase tax, Notary’s fee, property registry fee, and miscellaneous expenses—remain the same.
Can You Still Rent Property Out in Spain After Brexit? Your right to utilise your Spanish property for rental purposes remains intact post-Brexit. However, there are some taxation differences when declaring the rental income if not a resident of the EU.
Are You Still Required to Pay Tax on Property After Brexit? Obligations to pay taxes related to property ownership in Spain persist, unaffected by Brexit. Key taxes, including purchase tax, IBI (similar to council tax), and VAT (IVA in Spain), remain consistent for property owners of all nationalities.
How Regularly Can You Visit Your Property? Non EU nationals can still visit their Spanish properties without the need for additional travel documents beyond their passports. Tourist visits, lasting up to 90 days within any 180-day period, do not require visas. For longer stays, permission must be sought, outlined in resources on long-term stays or relocating to Spain.
The Effect on Property Prices of Brexit: Please see our previous BLOG outlining current Spanish property market insight.
How Has Brexit Affected Buying a Property in Spain? Fundamentally, Brexit has not altered the right of individuals, EU citizens or otherwise, to purchase property in Spain. The overarching process and associated costs remain consistent across nationalities.
Should I Still Buy Property in Spain After Brexit? If owning property in Spain aligns with your aspirations, Brexit need not dissuade you. The core aspects of buying and owning property in Spain remain largely unchanged post-Brexit.
It’s essential to stay informed, considering global market dynamics and potential adjustments in the Spanish property landscape.
In a previous blog we referenced the strength of investing in Spain, and you can learn a little more about how we at Alexander Carmine Estates can support you on this journey.
Please do reach out if you would like a chat
Danny
www.alexandercarmineestates.com
