Spanish Real Estate Market, COVID and Brexit
Everything You Want To Know About The Spanish Real Estate Market, COVID, And Brexit Is Here
Twenty-twenty was a rare year full of changes that might confuse most people trying to invest overseas. We are here to clear out every doubt you might have about investing in Spain after COVID and Brexit.
Are Spanish prices going down due to COVID?
Prices are not plummeting with COVID-19. What has changed drastically is the type of property with high demand. For example, those looking for a space with outdoor facilities, a garden, and a pool, will see high demand, little offer, and higher prices. On the other hand, those looking for apartments and closed spaces in cities will see a wide array of prices and offerings. Depending on the type of property you want to invest in, you´ll find different prices.
Do I need to get vaccinated to travel to Spain?
No official word has come yet from the European Union regarding vaccination registry and traveling. It is a fact that Greece made a petition in early January for the issuing of a certification that will allow tourists to move around freely. To this date, there has been no response from the EU. If things move on in the same lane they are now, countries with a high volume of visitors due to tourism (Italy, France, Spain) will very likely back that petition up.
Can I purchase a property in Spain after Brexit?
The answer is absolutely yes; Spain does not have any restrictions regarding nationalities to purchase a property. Furthermore, you can apply for a residency still and get most of the benefits you used to get before Brexit as a British citizen.
How long can I stay in my Spanish property?
The information available regarding the length of stay is that you can stay 90 days every 180 days. In other words, three months every six months. If your plan is to buy a beautiful paradise to escape during the winter season or relax in the summertime, this shall be more than enough. Nevertheless, you can always apply for a Visa or a Residency. Contacting the British Embassy in Spain will always be the best way to find out about modifications to that scheme.
The difference between what an EU citizen and a British citizen will pay after Brexit is 5%. All EU citizens pay 19% taxes for the rental of their property in Spain; non-EU citizens pay 24%. Bear in mind that the 19% is calculated over the net income (after deductions such as community fees, rates, and such), and the 24% is over the whole rental income.
Nevertheless, there is a treaty in place between Spain and the UK that ensures no tax is paid twice. This means that you shall pay the 24% initially, but will be deducted from your UK taxes over the same income.
If you think about it, it is not such a big difference from what it was before. Investing in Spain as a UK citizen is still doing great business.
Whether you are buying a property to make a side income from rent or want to buy your own little paradise, Spain can offer it all. Indeed, the current crisis and the changes the world is going through can prove to be an opportunity for you to change your life forever.
Don´t let go of the dream; you can still see the sun sink in the Mediterranean as you sip a fresh beer with a tortilla; Spain is closer than you think!