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Hi and thanks for letting me join the forum. I am planning to move next year and buy a house to live in with my daughter and her husband. If I buy a second property for holiday let will we be able to take income from that? I have been given conflicting advice online. Thanks Christine
Posted: Sun Mar 20, 2022 10:35am
In theory yes but it will depend on the type of visa. Also be careful with Capital Gains tax dependent on when you sell you UK property and if you are resident for UK or Spanish taxation in that year.
The Spanish are using brexit to fleece us where they can and are not in some cases sympathetic to those who didn't want BrexShit.
You are getting conflicting advise because it all depends on individual circumstances, you don't mention how your daughter and husband are going to live, they cannot work without an appropriate visa.
I'm not an expert and that's what you need do take advice from forums and Facebook. I already have property on the island pre BrexShit so can provide you names of solicitors and tax advisors on the island if you wish. Just be careful at this time the Spanish dream is in flux due to BrexShit, in fact maybe there isn't one anymore. BrexShit has cost me €000s but has also cost Lanzarote as I don't go as often and I don't rent so they have lost the tax There are no winners from BrexShit only losers. Don't vote for these crooks if you did so, write to your MP and complain we need back FOM
Steve
Posted: Sun Mar 20, 2022 11:27am
Gozo4860 wrote on Sun Mar 20, 2022 10:35am:
In theory yes but it will depend on the type of visa. Also be careful with Capital Gains tax dependent on when you sell you UK property and if you are resident for UK or Spanish taxation in that year.
The Spanish are using brexit to fleece us where they can and are not in some cases sympathetic to those who didn't want BrexShit....
Read more...
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You are getting conflicting advise because it all depends on individual circumstances, you don't mention how your daughter and husband are going to live, they cannot work without an appropriate visa.
I'm not an expert and that's what you need do take advice from forums and Facebook. I already have property on the island pre BrexShit so can provide you names of solicitors and tax advisors on the island if you wish. Just be careful at this time the Spanish dream is in flux due to BrexShit, in fact maybe there isn't one anymore. BrexShit has cost me €000s but has also cost Lanzarote as I don't go as often and I don't rent so they have lost the tax There are no winners from BrexShit only losers. Don't vote for these crooks if you did so, write to your MP and complain we need back FOM
Steve
Hi thanks I will be selling my uk property to finance the purchase of the main property on Lanzarote and the apartment. My daughter and her husband will have a non lucrative visa. I just wanted to find out if income from that was allowed while under the NLV.
Posted: Sun Mar 20, 2022 1:51pm
Will your daughter and hubby work there
Re none lucrative visa
Posted: Sun Mar 20, 2022 5:33pm
They will not be working there so the income from the rental property would supplement their capital.
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Posted: Sun Mar 20, 2022 10:53pm
OK they need savings of 27'000€ for hubby
9'000€ for your daughter in the bank and this is for the 1st Yr
Posted: Mon Mar 21, 2022 8:57am
Gary wrote on Sun Mar 20, 2022 10:53pm:
OK they need savings of 27'000€ for hubby
9'000€ for your daughter in the bank and this is for the 1st Yr
Thanks they will have that but will they be able to take income from the rental property? Cha
Posted: Mon Mar 21, 2022 10:22am
Having a rental income could be seen as earnings and tax might have to be paid
But how will that effect the NLV
Posted: Mon Mar 21, 2022 10:44am
Gary wrote on Mon Mar 21, 2022 10:22am:
Having a rental income could be seen as earnings and tax might have to be paid
But how will that effect the NLV
Yes I expect to pay tax on the rental income but I just can’t find out if it’s allowed under the NLV. I will have to keep digging!
Posted: Mon Mar 21, 2022 11:04am
It's very complicated we are in Pb now looking To buy
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