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Posted: Sat Aug 5, 2023 3:46pm
4 replies146 views4 members subscribed
DarrelJ23

Posts: 8

Location: Taberno

Joined: 5 Aug 2023

Hi,

My name is Darrel and my wife is Michelle. We are seriously considering to buy a house 10 mins from Taberno which is ideal for us but we just don't know how easy it is to retire here. Initially the property will be a holiday home and eventually live here in a year or so time. We don't know what we have to pay in tax whilst here. A non lucrative visa would be our route. Is it a gamble buying or what are the tax implications retiring on your personal pensions before our UK pensions kick in in 7 years. Would we come here for 3months and appoint a solicitor on the chance of having sold everything in UK ? No going back ! If we l8ved in Spain and sold a property in UK will we be charged spanish tax on the sale?

DarioMartin

Posted: Sat Aug 5, 2023 10:58pm

DarioMartin

Legendary helpful member

Posts: 5861

7083 helpful points

Location: Vera

Joined: 16 Aug 2017

Posted: Sat Aug 5, 2023 10:58pm

DarrelJ23 wrote on Sat Aug 5, 2023 3:46pm:

Hi,

My name is Darrel and my wife is Michelle. We are seriously considering to buy a house 10 mins from Taberno which is ideal for us but we just don't know how easy it is to retire here. Initially the property will be a holiday home and eventually live here in a year or so time. We don't know what w...

...e have to pay in tax whilst here. A non lucrative visa would be our route. Is it a gamble buying or what are the tax implications retiring on your personal pensions before our UK pensions kick in in 7 years. Would we come here for 3months and appoint a solicitor on the chance of having sold everything in UK ? No going back ! If we l8ved in Spain and sold a property in UK will we be charged spanish tax on the sale?

You will receive much and varied advice here … for your tax questions the only solid advice you are going to get is from a tax specialist here in Spain who can advise you on the implications, when best to sell - if you sell.

You’ll get advice NOT to sell up in UK as well - at least not immediately and that is good advice.

Spain isn’t England with sunshine - there are different customs, cultures, ideals - and of course language.  This is a foreign country and it isn’t for everyone.  Living here is vastly different to holidaying here and before sinking your money into what you want to become your forever home, you are well advised to rent here … come out for three months - but come out in high summer and mid-winter - it’s two totally different times and experiences.

The last thing you want is to sell up in the UK, move here … and find it just isn’t for you.  Move here by all means, but keep a place in the UK until you are certain this is the place you wish to live.

DarrelJ23

Posted: Sun Aug 6, 2023 5:41am

DarrelJ23

Original Poster

Posts: 8

Location: Taberno

Joined: 5 Aug 2023

Posted: Sun Aug 6, 2023 5:41am

Thanks for that. Encouraging words, and yes I agree with what you say. We've been coming to Spain a lot over the years and this has been an education. It's something we've been talking about you years. We'll take your advice into consideration thankyou.

Sveinb

Posted: Sun Aug 6, 2023 8:38am

Sveinb

Helpful member

Posts: 334

284 helpful points

Location: Sorbas

Joined: 11 Nov 2020

Posted: Sun Aug 6, 2023 8:38am

DarrelJ23 wrote on Sun Aug 6, 2023 5:41am:

Thanks for that. Encouraging words, and yes I agree with what you say. We've been coming to Spain a lot over the years and this has been an education. It's something we've been talking about you years. We'll take your advice into consideration thankyou.

Dario's words are wise , and he knows his stuff. However, having moved a few times in our lives, 4 years ago we sold up in scandihoolyland, jumped into the motorhome , drove to Spain, moved to a small hamlet pretty much in the mountains . There is also a lot to be said for burning your bridges, and get on with your life without looking back. Found a great international and spanish neighbourhood, without knowing it would be here. After all, it's your life, and to my knowledge, you only have one, each . Looking forward without the hindrance of 'rearfacing' options gives you clarity of the way forward.

MaggieB

Posted: Sun Aug 6, 2023 12:30pm

MaggieB

Helpful member

Posts: 324

236 helpful points

Joined: 10 May 2020

Posted: Sun Aug 6, 2023 12:30pm

Good advice from Dario.  Keep your property in the UK.  Good for visits back to UK and also great during the very hot months in the summer and the cold nights in the winter  when it can be more comfortable to be back in the UK. Property in Spain doesn't increase in value as in the UK.  If you later change your mind and go back to the UK you may no longer be able to afford the type of property that you sold.  Also if you become ill you have somewhere to return to.   Just proceed with caution. Check with a property lawyer re taxes on sale of a property in UK and your pensions.  Just proceed with caution and you will have a great time.

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