How to buy a home in Spain following Brexit

The arrival of Brexit on 1 January 2021 has understandably caused a lot of commotion, concern and questions among our UK clients. This is normal, it’s a new situation and there are always doubts. If you want to know how to buy a property in Spain following Brexit, this article will be of interest to you.

You’re probably asking yourself questions such as: Is it safe to buy property in Spain post-Brexit? Is it advisable? Are prices going to go up? And, if you’ve finally decided to take the plunge and buy, will you be able to rent it out?

We’ll start by telling you something: buying property in Spain is a good investment at the moment, no matter where you come from.

If you want to buy a home in Spain, go ahead, you may do so with no restrictions. There are currently no rules restricting the purchase of property in Spain by UK nationals, or by citizens from anywhere else in the world. There are no specific rules in this respect. In fact, there are a number of advantages for non-EU nationals who choose to invest in Spain, such as the Golden Visa, which will allow you and your family to travel freely throughout the EC.

Buying in Spain allows you to obtain your Golden Visa

This is a permanent residence permit for people who invest in the country. There are several investment options, but the most common is the purchase of property for at least €500,000.

Holders receive a temporary residence permit for one year, which can be extended to two years and is renewable for a further two years. Investors must maintain their investments in Spain and visit the country to maintain and renew their visas. After five years of residence, investors can apply for a permanent residence visa and, after ten years, they can apply for citizenship.

If foreign nationals decide to invest here, it is very beneficial for Spain. For this reason, the government encourages this type of purchase. The number of UK citizens choosing to buy a property in Spain is increasing, especially after Brexit.

There are no additional financial burdens that UK citizens (or citizens of any other part of the world) have to face when buying a property in Spain.

The expenses to be paid are as follows:

• Purchase tax.
• Notary.
• Property registry.
• Other minor expenses.

Bear in mind that the constant fluctuation of the pound and the euro will affect the price you will end up paying for your home.

If in your case, you are not going to meet the requirements to obtain the Golden Visa, it is important for you to know that you have a maximum of 90 days per 180-day period to stay in any EU country. Therefore, you will have no problem travelling to Spain as long as your stays are for short periods of time and you do not exceed this limit.

If you enjoy travelling and love the Mediterranean sun, this 90-day limitation will probably be too short. You will have to carefully plan and calculate your trips in advance, always go through the appropriate checks at the airport and pay the corresponding amount each time you travel.

The Golden Visa will give you the freedom you need

Without a doubt, the best solution, and also the quickest and cheapest to avoid all these inconveniences, is to obtain the Golden Visa by buying your home in Spain. This way, you will be able to travel freely whenever you want, without time restrictions and without having to go through the controls. Can you imagine not being able to enjoy the summer in Costa Blanca because you have reached the maximum number of days allowed? Getting the Golden Visa is the best way to make sure this won’t happen. Don’t let them stop you from spending more than 3 months in a row in your wonderful home under the Mediterranean sun.

British passports are scanned upon entering and leaving the country. Anyone who chooses to stay in the EU longer than permitted risks a hefty fine, future visa difficulties or even a ban on entry.

Despite the current circumstances, tourism is a major source of income in Spain, especially that coming from the UK. It is, therefore, to be hoped that the Spanish government will do everything in its power to maintain and encourage UK citizens to visit or stay in Spain and, of course, to buy homes.

The high population density in big cities, combined with the possibility of working from home and reduced social life, means that many people have changed their priorities when it comes to housing. More and more people are choosing to move from inner-city flats to suburban homes, where they can enjoy more space and outdoor activities. A large number of British citizens are thinking of going one step further and buying a second home in a country like Spain, where they can enjoy a high quality of life in the sunshine just a two-hour flight away.

If you’re looking to buy property in Spain to rent out, you can do so in exactly the same way as before Brexit. The difference here is that previously the tax on rental income for UK citizens was 19% (because they were considered EU citizens) and now it is 24%, the same as for all non-EU citizens.

A very important point is health care. In the case of UK citizens travelling to Spain, there are no problems, they are fully entitled to it. In any case, we recommend that you contact the corresponding British institution before your trip to find out what documentation you will need to provide. UK pensioners living in Spain also retain the same rights as they had before Brexit.

If you want to know more and you’re interested in learning about the process of buying a property in Spain, click on the following button, and we’ll explain all the details:

If you have more questions about how to buy a property in Spain after Brexit and obtain the Golden Visa, please feel free to ask us. At Jetvillas, we’re always happy to help you and make your purchase in Spain a unique experience to remember. We look forward to seeing you!