The United Kingdom’s exit from the European Union took effect on December 31, 2020, but the pandemic put issues on the background that, now the health situation has calmed down, are once again in the spotlight.
British citizens have traditionally chosen Spain as a vacation destination and even to buy a second home. With the reactivation of tourism, the question “could I buy a house in Spain after Brexit?” is one of the most frequently asked by those interested in owning property in Spain.
The reality is that the Brexit has not affected too much the procedures that a British citizen had to carry out before the separation of the United Kingdom from the European Union. Fortunately, the purchase processes are very similar and any interested person can purchase a property in Spain. But it is true that there are some things that must now be taken into account:
- Although the price of housing remains the same for one country and the other, the use of different currencies between them can make it more expensive. Despite the fact that the euro never came into effect in the United Kingdom, the fluctuation after Brexit between the two currencies may be more noticeable.
- A special permit from the Spanish Ministry of Defense is required to acquire a property in Cartagena, Strait of Gibraltar, bay of Cadiz, the border with Portugal, some area of Torrevieja and Orihuela, part of the Galician coast, island territories, Ceuta and Melilla. This undoubtedly makes the procedures take a little longer.
- While for renting a property during the months when it is not being used, now instead of a 19 % tax on the income generated by this operation, a 24 % tax will have to be paid as non-EU citizen.
- The maximum stay in Spain for British citizens is 90 days compared to the maximum 180 days before Brexit.
For this reason, in Suomma we offer the possibility of buying a fraction of your second home to have the benefits of being an owner without any of the headaches of traditional property. Something that with the new regulations after becoming non-EU citizens will be appreciated more than ever.
In addition, taking into account the maximum stay that is allowed in Spain. The opportunity that we offer at Suomma to have a fractional property is the best way to take advantage of investment and vacations.
Take a look at what we can offer you and enjoy your second home in Spain.