HEALTHPLAN MAGAZINE

When the UK left the European Union, the rules allowing Brits to live in or travel to Spain changed.

Prior to Brexit, many Brits who owned a second home in Spain but were not residents had no time limit on how long they spent soaking up the Spanish sun. But now, post-Brexit, Britons are only allowed to stay within the Schengen Area for up to 90 days during any 180 day period. If the visit is to last longer than three months, non-resident UK nationals are required to be in receipt of a visa, allowing them to remain in Spain.

This new 90-day rule is now being firmly enforced by the Spanish authorities and such lengthy stays in Spain are no longer possible without a residency visa. However, there is another residency option for British buyers of Spanish property – Spain’s golden visa scheme.

This scheme not only allows individuals and their families to both live and work in Spain legally, providing they invest €500,000 (£415,000) in Spanish real estate, it also allows them to move freely within the Schengen Area.

Talking to British newspaper The Express, estate agent Adam Neale, who runs a property company in Estepona on the Costa del Sol, said that he is seeing a high number of British buyers using the golden visa scheme, which he believes is contributing to a “property boom”.

Regarding the impact Brexit has had on Spanish real estate, Mr Neale said “We’ve still got UK buyers. It hasn’t dented the love for Spain, the destination to have a holiday home or permanent home.

“They’re just using other means like golden visas. UK buyers wouldn’t dream of having a golden visa prior to Brexit.

“That was an exotic solution for non-Europeans but now it's quite widespread the use of the golden visa.

“In terms of Brexit, we haven’t had a negative or positive effect.”

In fact, Mr Neale said he had actually witnessed a “property boom” in Spain, as the country’s Covid restrictions eased.

“We've seen a really huge influx of UK clients since the restrictions have been lifted.

“It’s like the Iron Curtain, they lifted those restrictions and it’s like ‘boom’," he claimed.

“There are a lot more people with a lot of money, and the properties are selling very fast.

“So, for example, a €9.5million house came on the market two weeks ago, it’s gone.

“That would take two years before, not two weeks.”

According to the Spanish Association of Registrars, in the third quarter of last year, British buyers accounted for 9.89% of all property purchases made by foreigners. With German buyers now being the largest cohort of foreign buyers.

The estate agent added “If you look at the stats, UK buyers are down, but they've been supplanted by new economies like Poland and Spain.

“France, Germany, Italy, Switzerland, America, Ireland, all the usual suspects, Scandinavians obviously huge and increasing.”

“The pandemic has just fuelled this property boom, which was surprising but it's worldwide, I think,'' he continued.

“And I suppose we are one of those destinations where people think that they can holiday.

“Maybe they holidayed before in Florida or Turkey, and they think, ‘well, I’d rather have a home that I can get to if I need to, driving’.”

Golden or Investor visas are not the only option for Brits hoping to make Spain their permanent home once again post-Brexit.

Another option is to apply for a non-lucrative visa which allows a person and their family members to reside permanently in Spain. However, there are financial restrictions in that the main applicant must be able to prove that they have a yearly income of around €27,000.

Furthermore, they also need to make sure they have another €564.90 per month in income for each additional family member.

Another option for those looking to work and reside in Spain on a short-term basis would be to apply for a Spain work visa. The majority of these are valid for one year and may be extended.

Learn more about Spanish residency visas.

Source

https://www.express.co.uk/news/world/1558018/brexit-britons-golden-visas-spain-property-boom-eu-schengen-area-pandemic-spt