Best answer for — what will happen if you own a property in Spain after Brexit?

Owning a property in Spain after Brexit will still be possible, but there may be changes in terms of residency requirements, taxes, and regulations for non-EU citizens.

Now let’s take a closer look

Owning a property in Spain after Brexit will still be possible for non-EU citizens, but some changes are expected. According to Spanish law, there are no restrictions on foreigners owning property in Spain. However, Brexit may affect residency requirements for UK citizens who wish to stay in Spain for more than 90 days, who will need to comply with the Schengen visa requirements for third-country nationals.

In terms of taxes, the UK-Spain double taxation treaty should continue to apply after Brexit, ensuring that property owners are not taxed twice on the same income. Nevertheless, UK citizens who own property in Spain may face higher inheritance and capital gains taxes than EU citizens.

In terms of regulations, non-EU nationals may face additional bureaucratic procedures when buying or selling a property in Spain. However, the Spanish government has expressed its interest in keeping good relations with the UK, ensuring legal certainty and continuity for Britons living in Spain after Brexit.

According to Spanish Property Insight, “although nothing much will change for British people who own or buy property in Spain after Brexit, they will be non-EU nationals so may be affected by changes in immigration rules, taxes, healthcare access, currency exchange rates, and other important matters.”

Interesting facts about UK buyers of Spanish properties:

  • The British are the largest group of foreign buyers in Spain, accounting for 16% of sales to foreigners in 2020.
  • The most popular regions for British buyers are Alicante, Malaga, and the Balearic Islands.
  • According to Idealista, the average price of a property purchased by a British citizen in Spain in 2020 was €228,000 ($270,000).
  • Many British citizens who own properties in Spain have chosen to become permanent residents or even Spanish citizens to ensure their rights and privileges after Brexit.
IT\'S AMAZING:  The best way to respond to — what country has the proper Spanish?

Table: Taxation on Property Sales in Spain

Type of tax Rate for EU citizens Rate for non-EU citizens
Capital gains tax 19% 24%
Inheritance tax Varies by region, exempt up to €1m for close relatives Higher rates for non-EU citizens, no exemptions for non-residents.

Video response

British expats living in Spain are facing challenges adjusting to post-Brexit life, where they must now limit their stay in Spain and encounter closed avenues for their children’s education. In addition, British tourists are also required to register as residents or apply for visas to enter. These restrictions have led to many expats having to sell their properties and facing negative impacts on their personal and professional lives.

Check out the other answers I found

From 01 January 2021, non-resident British citizens who own a property in Spain and rent out the property will incur an increase of tax on Rental Income (IRNR) from 19%, to 24%, and will not be able to deduct rental expenses.

The UK’s decision to leave the EU does not affect homeownership rights in Spain. These will continue to be the same as they were prior to Brexit.

Surely you will be interested in these topics

Similarly, Is it still worth buying property in Spain after Brexit?
Buying property in Spain after Brexit will not cost you any more money. The cost of buying a property in Spain is the same whether you are a Spanish national, a national of the UK, or a national of the USA or China. The costs of buying a property are not affected by your nationality.

Beside above, How long can I stay in Spain if I own a property?
Response: How Long Can I Stay in Spain if I Own a Property? Even if you own a property in Spain, you’re still entitled to stay for only 90 days in a 180-day period without applying for a residence permit or a visa. You can still buy or rent your property as you wish, but you must be careful not to overstay the 90/180-day rule.

IT\'S AMAZING:  Ideal answer to — why is it called Spain in English?

Also, Can I live in Spain permanently if I buy a property?
Answer: Can you get Spanish residency by buying a property? Yes, if you are a non-EU citizen, you can obtain a residence permit in Spain valid for 3 years as long as the property you purchase is valued at over €500,000.

What are the pitfalls of buying property in Spain? Top 7 Pitfalls Of Buying A House In Spain

  • Not Allowing Enough Time.
  • Not Doing Enough Property Research.
  • Not Being Financially Prepared.
  • Not Having the Legal Registrations You Need.
  • Not Reading the Contract.
  • Not Researching Property Locations.
  • Not Budgeting for Future Fees.

In respect to this, Will my rights in Spain change after Brexit? Answer to this: This means your rights in Spain and the rest of the EU do not change after Brexit. Keith Rule at CostaLuz Lawyers concludes: “There is bound to be a period of adjustment following 1st January 2021 for Britons who own property in Spain, particularly for those impacted by the 90-day rule.

Can I buy a home in Spain after Brexit? As a response to this: Additionally, any other regulations that are likely to apply to your situation. In short: it’s still possible to buy a home in Spain after Brexit, but you need to be aware of any risks involved and take appropriate precautions. Do your research, consult with experts, and make decisions based on what’s best for your family.

Consequently, Will the 90-day rule affect UK property owners in Spain?
“TThere is bound to be a period of adjustment following January 1 2021 for Britons who own property in Spain, particularly for those impacted by the 90-day rule.

IT\'S AMAZING:  Can you get barcelona tickets on the day?

Beside this, Do all owners of property have the same rights in Spain?
All owners of property in Spain have the same rights and obligations, regardless of where they are from. Are there any tax implications? There aren’t any tax implications in relation to property ownership. However, the rate of non-resident income tax that British nationals have to pay increased from 19% to 24% from January 1 2021.

Also question is, Does Brexit affect property owners in Spain?
Yes, it does. Spain may, of course, introduce new legislation to favour British property owners and allow them to spend longer periods of time in the country. However, at present, the government has not announced any new rules. Will Brexit affect my rights as a homeowner in Spain? No.

Can I buy a house in Spain after the UK leaves the EU?
Response to this: British buyers should not face added difficulties buying a house in Spain after the UK leaves the EU. Spanish law regarding the purchase of property does not differentiate between EU and non-EU citizens. In fact, the Spanish property market relies on foreign buyers in many areas of the country and international buyers are welcomed.

Consequently, Do I need a visa to live in Spain after Brexit? Response to this: Yes, of course. However, the UK is now classified as a ‘third country’ in EU regulations. This essentially means that, rather than going through a simple registration, Brits now need to apply for a visa. There are plenty of options, and each has its own application requirements. Can I get residency and live in Spain full-time after Brexit?

Keeping this in view, Will the 90-day rule affect UK property owners in Spain? “TThere is bound to be a period of adjustment following January 1 2021 for Britons who own property in Spain, particularly for those impacted by the 90-day rule.

Rate article
Spain as it is