By Kaela • 18 September 2020 • 9:32
Brexit, short for “British exit” as we know now will affect many, but one main concern is what will be different with buying property in Spain after Brexit.
You will still be able to buy property in Spain after Brexit; this is because buying property is not confined to European citizens. If you are able to pay the total price then you are able to buy.
The main change in purchasing a property in Spain will be certain taxes. Although obligatory taxes will stay the same. You will still be able to rent out no matter where you are.
Purchasing property in Spain after Brexit will not mean any higher costs than before Brexit, eliminating the factor that the property market is very inconsistent. The costs are all the same, no matter what your nationality or residency is.
Luckily, it has been agreed that the UK and EU will be given a transition period until the end of January 2021, however that could change. Which will be the time businesses receive for their adjustments to the new laws. Understanding, and processing all of the new changes involving their business and employees.
Renting out in Spain will remain the same, whether it is long-term or short-term, you will still be able to do this after Brexit, the slight difference is that UK citizens may have you pay a little more for rental tax.
If you outrightly have the money for purchasing a home then there should be no problems. There are many taxes in Spain when buying a property, the obligatory ones include; purchase tax, IBI and VAT (called IVA in Spain), which are all the same price no matter your nationality, or where you are living.
With all of this being said, the likely change would be for inheritance tax, EU and UK citizens pay the same amount. It may be that Spain will change this after Brexit, and with that change you will need more details and more of an understanding of the matter if this is something that could affect you.
To conclude, there will not be any major changes to buying property in Spain after Brexit but there will be a few small adjustments to taxes.
Thank you for reading this article, “Purchasing property in Spain after Brexit”. For more up-to-date Spanish news, visit the Euro Weekly News website.
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