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BUYING AFTER BREXIT

As of January 1, 2021, the United Kingdom officially exited the European Union, resulting in changes that may affect individuals looking to purchase property in Spain. While Brexit has introduced some adjustments to the process, rest assured that buying property in Spain as a non-EU citizen remains feasible and straightforward. Here's what you need to know:

Key Considerations:
 

  1. Residency Requirements: Non-EU citizens, including UK nationals, may need to apply for a visa or residency permit to reside in Spain for more than 90 days. Ensure you understand the specific requirements and application procedures before making a purchase.
     

  2. Tax Implications: Familiarize yourself with any tax implications for non-resident property owners, including property taxes (Impuesto sobre Bienes Inmuebles), wealth taxes, and potential capital gains taxes upon sale.
     

  3. Currency Exchange: Fluctuations in currency exchange rates may impact the cost of purchasing property in Spain. Consider consulting a financial advisor to mitigate currency risks and explore strategies for currency exchange.
     

  4. Legal Assistance: Engage a reputable lawyer specializing in Spanish real estate law to guide you through the purchase process. They will ensure all legal aspects are addressed, including property title searches, contract reviews, and compliance with local regulations.
     

  5. Healthcare Access: Review your healthcare coverage and access to healthcare services in Spain, particularly if you plan to reside there for an extended period. Consider obtaining private health insurance to supplement any public healthcare provisions

     

Checklist for Buying Property in Spain After Brexit:
 

  • Determine your residency status and any visa or residency requirements.

  • Research and understand the tax implications for non-resident property owners.

  • Consider the impact of currency exchange rates on your purchasing power.

  • Secure legal representation from a qualified Spanish real estate lawyer.

  • Evaluate your healthcare coverage and consider obtaining private health insurance.

  • Familiarize yourself with local regulations and cultural norms to ensure a smooth transition to life in Spain.

     

By addressing these key considerations and following the checklist, you can navigate the process of buying property in Spain after Brexit with confidence and ease. Should you have any questions or require further assistance, our team at Sidney George is here to support you every step of the way.

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