Living in Spain as a Retired Brit: What You Need to Know

Living in Spain as a Retired Brit: What You Need to Know

Space Real Estate

Spain has long been a popular destination for British retirees, and for good reason. With its mild climate, rich culture, and excellent healthcare system, Spain offers an attractive lifestyle for those looking to live out their golden years in the sun.

A lot of our clients are asking what documents are needed to buy a property in Spain after Brexit. If you're a retired Brit looking to buy a property in Spain, here's what you need to know.

Residency Requirements
To live in Spain, you will need to apply for residency. You can do this by going to a Spanish consulate in the UK and providing proof of your pension income and health insurance. If you plan to stay in Spain for more than three months, you'll also need to obtain a NIE (foreigner identification number).

Health Insurance
Spain has a well-regarded public healthcare system, but you'll need to take out health insurance if you want to use it. You can do this by enrolling in Spain's public healthcare system or taking out private health insurance. You'll need to have health insurance in order to apply for residency in Spain.

Buying a Property
To buy a property in Spain, you'll need to provide proof of identity, proof of income, and proof of residency. You'll also need to have a Spanish bank account, as property transactions in Spain are usually done through bank transfers. It's a good idea to get a Spanish lawyer to assist you with the property buying process, as they can help you navigate the legal and tax implications of buying a property in Spain.

As a retired Brit living in Spain, you'll be subject to Spanish tax laws. You'll need to declare any income you receive from pensions, rental properties, or other sources. It's a good idea to speak to a Spanish tax consultant to ensure you are aware of your tax obligations in Spain.

Cost of Living
Spain has a lower cost of living than many other European countries, making it an affordable place to live for retirees. However, prices can vary greatly depending on where you live, with Costa del Sol properties which are a lot more expensive than the properties in Costa Blanca or Costa Calida area.

Living in Spain as a retired Brit can be an attractive option, but it's important to be aware of the requirements and considerations involved. From obtaining residency and health insurance to buying a property and managing your finances, there are a number of steps you'll need to take to make your move to Spain a success.

After Brexit, the conditions for British citizens to buy a property in Spain have changed. Here are some of the key considerations for British citizens who wish to purchase a property in Spain:

Residency: To purchase a property in Spain, British citizens must have residency in the country. This means obtaining a NIE (foreigner identification number) and registering with the local authorities.

Proof of Income: British citizens must prove their financial solvency in order to buy a property in Spain. This can be done by providing proof of a steady income, such as a pension or rental income, or by showing that they have sufficient savings.

Bank Account: It is advisable for British citizens to open a Spanish bank account to facilitate property transactions. This will allow for the transfer of funds and payments to be made in euros.

Taxation: British citizens who purchase a property in Spain may be subject to Spanish taxes, including property taxes and capital gains tax. It's important to understand the tax implications of property ownership in Spain and to seek advice from a tax professional if necessary.

Legal Advice: It's recommended that British citizens seek legal advice when purchasing a property in Spain, especially if they are unfamiliar with Spanish property law. A Spanish lawyer can assist with the property buying process and advise on any legal and tax implications.

In conclusion, while the conditions for British citizens to buy a property in Spain after Brexit have changed, it is still possible for them to do so with careful planning and preparation. It's important to understand the requirements and to seek advice from professionals if necessary, in order to make the property buying process as smooth and stress-free as possible.