Why are so many expats leaving - Page 4

Hi, just looking at this thread, did you end up finding somewhere to rent for 90 day’s? Are you still intending on buying?

Hi Jules,

We have not sorted a rental accommodation as yet. The current cost of living crisis has put our plans on hold for now as we our having to help family members who are struggling right now. We have even had to cancel a much looked forward to trip for the New Year and Epiphany celebrations. Hopefully in the new year we will be able to look at it again.

I assume that you might have a property available?  

Sorry to hear that No I was wondering how you were progressing on the renting and buying front as that something we are considering.  All the best to you and your family

Hi

We had a villa lined up at Sangria pk(spelling)

What put us of is the 10/12% fees on top of the purchase price to cover solicitors/Estate agent fees and if you sell the property you have to pay 30%  ie if the villa is 400'000 i pay 120'000 to the Spanish government because I have a UK based property 

We was retiring out there and wanted the non lucrative visa but that is not straight forward as it seems is so confusing and we think at the end of the day we will lose too much money

So we decided to rent a villa 1mth at a time up to the 6mth limit 

I know lots of owners out there and they are saying the wished the never brought 

Thank you. Lanzarote is like a second home to us. Good luck with your search.

Just heard when you now sell the tax rate has gone up to 33% 

Presumably the tax is on the gain made? So if you buy for £400k and sell at £500k you'd pay tax on £100k. I understand that you can also deduct legal fees, etc to reduce the gain and hence the amount of tax you are liable for. Much as you'd pay capital gains tax on the sale of a second home in the UK. That would seem to be perfectly fair and shouldn't put people off buying in Spain. Or is my understanding incorrect?

My wife and I are retired. We moved to Playa Blanca in July 2021 with non-lucrative visas. This gives you residency for 1 year then you have to renew for another 2 years. Then same again until 5 years when you can get long term residency.  We renewed our residency this year until 2024. Note this is a residency visa and you are expected to live here and pay relevant taxes.

There is now plenty of information available on the process but feel free to message me if you want more info. I wrote a blog about our experiences.

Agree with what you say David but you not mentioned savings you need for up to 5yr 

Hi Gary, no I didn’t want to go into loads of detail on here but i include extensive detail in my blog for anyone who is interested.

The ‘sufficient funds’ requirement is not just based in savings but on a combination of income, savings, and any other assets, including land and property.