Stressing the importance of ‘location’ has become an unwelcome cliché. However, it cannot be stressed often enough - as it will define your future life absolutely. If you make a mistake with your choice of location within Spain then it may terminally harm your dreams of a new life and lead to a rapid and embarrassing retreat to the UK. Alternatively, if you decide to move again within Spain then it is bound to be an experience that is disruptive, unwelcome and expensive.
You should realise that any sale of a property in Spain, depending upon your personal classification, is likely to attract Capital Gains Tax at 18% even if you are selling your primary and main residence. Equally daunting is Spain’s 7% purchase tax payable when you buy a Spanish property. Move twice in succession (2 x 7% purchase taxes and a CGT of 18%) and you may lose a lot of money simply to the tax man! So, it is important to make sure that any purchase of property in Spain or relocation is precise and does not result in further unnecessary moves.
In fact, there are some very good general guidelines about what tends to suit the majority of people when they relocate. These are really important to understand and deserve close attention. So, always concentrate greatly more upon the suitability of your proposed location - than upon searching for particular properties in Spain. Finally, know what the guidelines are for a successful purchase of Spanish property. This is something that I will tackle in another blog and detail extensively in my book...1
You should realise that any sale of a property in Spain, depending upon your personal classification, is likely to attract Capital Gains Tax at 18% even if you are selling your primary and main residence. Equally daunting is Spain’s 7% purchase tax payable when you buy a Spanish property. Move twice in succession (2 x 7% purchase taxes and a CGT of 18%) and you may lose a lot of money simply to the tax man! So, it is important to make sure that any purchase of property in Spain or relocation is precise and does not result in further unnecessary moves.
In fact, there are some very good general guidelines about what tends to suit the majority of people when they relocate. These are really important to understand and deserve close attention. So, always concentrate greatly more upon the suitability of your proposed location - than upon searching for particular properties in Spain. Finally, know what the guidelines are for a successful purchase of Spanish property. This is something that I will tackle in another blog and detail extensively in my book...1
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