Buy before Brexit to beat Spanish residency lock-out :: Spanish property buyers are getting younger as families race to Buy before Brexit and beat the official window for EU residency. British buyers can lock-in their residency rights until the end of 2020 and safeguard them permanently in the event of a negative Brexit outcome.
The average age of Brit buyers in Spain has dropped since the Brexit referendum to 42, well below the traditional “pensioner” age group. This is partly due to entrepreneurs or executives, working remotely and conferring online. Another factor in the age drop is the Brexit political machinations. The uncertainties and current buoyant market are pushing buyers to that desired home or buy to let investment.
Buying before the cut-off date should ensure British families benefit from the “preferential EU rules”. These safeguard residency, healthcare and payment of UK pensions and beneficial tax schemes on offer for retirees living in Spain
Buy before Brexit is a flying start
Buyers seeking to live in Spain need to build-up a residency history of five years. If you have lived there for five years or more you are granted all rights for the future. The 27 months to the cut-off date can provide a flying start towards permanent residency.
The UK Government made a unilateral declaration that EU citizens will retain their UK residency rights after Brexit. Although it is unlikely the EU will remove the rights of British property buyers in Spain, it could happen…
Buying before Brexit helps to avoid:
- Property price increases fuelled by a returning strong market.
- Additional relocation red tape applied after a hard Brexit.
- Any foreigner taxes or penalties after a hard Brexit.
Removal firms report business is up by 50% compared with the first two years from the referendum. Forward bookings have surged in recent weeks amid downbeat media coverage of the Brexit negotiations.
Ex-pats, trying to sell their properties in Spain are finding more interest this year than in the first two years since the Leave referendum result. As a Plan B, they too have 27 months in which they can also be building towards five years continuous residency.
Image: Costa del Sol condominium-style living remains popular with ex-pats
Editorial: Kevin Barnett, international property writer