Why Smart Expats are Buying a Property in Spain Before Brexit

Why Smart Expats are Buying a Property in Spain Before Brexit

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Brexit seems to affect everything, from the availability and price of medications to the rights and security of expats owning property abroad. With the initial Brexit delayed from March 2019 to October 31st, and possibly even longer, smart British investors are securing their long-term rights in Europe by snapping up properties in Spain.

The benefits of moving to Spain post-Brexit are all the easier for those who already own a property and have EU rights grandfathered in. The drop in the value of the pound and pitiful interest rates have also contributed to many Brits deciding that the best time to buy their holiday villa or permanent home in Spain is pre-Brexit. But time is running out.

One forward-thinking UK resident, Ilyas, had been toying with the idea of using his hard-earned savings to buy a holiday apartment in Estepona. Although he and his family were not quite ready to spend more time in Spain, he decided that the impending Brexit was the incentive he needed to buy a property sooner rather than later. For him, it was vital that he secure a property and be registered as a home owner and taxpayer in Spain pre-Brexit.

Ilyas’s long-term plans are sell his home in the UK and move with his family to Spain. However, his youngest son still lives at home and Ilyas’s pension does not kick in until 2020. Nonetheless he decided the uncertain benefits of moving to Spain post Brexit required him to secure a property before Brexit. His solution was to invest his savings in a three-bedroom apartment in Estepona and then rent it out to cover his costs until he is ready to make the move permanently.

Having bought a beautiful seaview apartment fully furnished, he had no problem finding tenants for his property on a one-year contract. He will review the situation once his personal situation, and the implications of Brexit, become clearer.

For those procrastinating about buying a property in Spain, the clock is ticking. Once Brexit is in force, any long-term rights for existing home owners are likely to be replaced with new rights, so now could be your last chance.

From an original article written by Rightmove

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