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Spain – Time to buy…….

Spain – Time To Buy Soon

We suggest that Spain may be a good place to buy into soon. Here’s what we say. ‘The Spanish property market certainly suffered in the 2008 financial crisis – but that is now a thing of the past. Things are looking up for investing in property here for a number of reasons, and despite issues such as Brexit, UK investors can still benefit enormously from buying property here. 2020 could be the perfect year for you to invest in property in Spain.’

 

‘It’s official – Spain’s property market is on the increase. According to a recent property market report, residential property prices rose an average of 6.7 per cent across Spain. 2018 was the fifth consecutive year of increases in property values.’

 

‘One of the issues that is certainly hanging over British investors buying property in Spain is the issue of Brexit. As this fraught political issue continues to remain unresolved, a great deal of uncertainty has been created – and of course, uncertainty is never a good thing for those interested in investing their money. It may be the case that by 2020, Brexit will have been resolved. If this does happen markets may begin to stabilise, and there will be far less volatility, for example in currencies.’ More to come.

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VALENCIA – Inspite Brexit – Property Prices in Valencia have risen

Residential property prices in the Spanish port city of Valencia have risen by almost 17 %.

Valencia, situated on the southeast coast and most famous for being the home of paella, is Spain’s third largest city after Madrid and Barcelona, with some 800,000 inhabitants.

It plays host to many arts-related attractions and cultural venues, including Ciudad de las Artes y las Ciencias (a huge, state-of-the-art science complex set within a landscaped garden with a huge aquarium and IMAX screen), the Central Market of Valencia, Valencia Cathedral, La Lonja de la Seda (an impressively grandiose 15th century building) and L’Oceanogràfic (a vast aquarium with sharks and a dolphinarium).

It’s also home to the 55,000-capacity Estadio de Mestalla, the ground of Spanish giant Valencia CF since 1923.

“In 2018, sale prices for residential property rose by 17% compared to the previous year.”

“Underlining the fact that Valencia is one of the up-and-coming regions, after The Balearics and Canaries, and is also one of the most popular locations for international buyers.”

This strong demand from international buyers includes French, German, American and Chinese purchasers eager to invest in renovated properties either for rental or as a capital investment, with the most exclusive properties located in Valencia’s city centre.

Families tend to have a preference for luxury houses here with several bedrooms. The central district of L’Eixample, for example, is one of the city’s most expensive locations, with prices of up to €4,100 per m2

Particularly sought-after are modern freehold apartments and large villas directly on the coast or with sea views, where top prices of up to €6,400 per m2 were achieved in 2018. The area of Ciudad de las Artes y las Ciencias (the City of Arts and Sciences), with its international flair and a rising reputation, is also one of the most desirable and modern areas to live in Valencia.

Currently, the market in Valencia is dominated by national buyers, who account for roughly 75% of all sales. The remaining quarter of clients hail from France, Russia, the UK and Italy, with investors from overseas most interested in exclusive villas and freehold apartments for use as second homes.

More growth moving forward

The residential property market in Valencia will continue to see positive growth, according to Villasvalencia, with the rise in demand from international and national prospective buyers remaining consistently high.

“We anticipate that property prices will continue to rise year-on-year, especially in the centre of Valencia” .

We have more information about the residential property market in Valencia.

 

 

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Brits buying in Spain

We note, from a new report from Property Guides that  55 per cent of Brits considering buying property in Spain ‘aren’t worried about Brexit affecting their future.’

The most popular regions are the Costa Blanca (42 per cent) and Costa del Sol (38 per cent). Former popular regions are proving less popular right how – the Balearics (8 per cent) and Canary Islands (13 per cent). Others are more popular, including Valencia (17 per cent) and Costa Almeria (31 per cent).

‘It’s quite easy to see that, in spite of Brexit, British people remain determined to pursue their dream move to Spain. Even faced with the uncertainties around the process, such as the strength of the pound and healthcare access, many have an unshakeable confidence that they will still be able to enjoy a high standard of life.’

‘Simply put, the lure of the beautiful weather and a healthy retirement offered by Spain is too strong to be dampened by Brexit concerns, especially among retirees. Many of the people planning a move to the country will have been doing so for years, so it will take a monumental shift in the status quo to make them think twice about investing.’

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Spain : The world`s healthiest country

The Mediterranean diet helps residents to live longer. – Spain has in fact taken over from Italy. Spain has risen from sixth place in the last assessment published 2 years ago to reach top spot. Eating habits have been signalled as one of the main factors in the good health rnjoyed by residents in the country.
“Mediterranean diet, supplemented with extra-virgin oil and/or nuts, had a lower rate of major cardiovascular events than those asigned to a reduced-fat diet”

Spain has the highest life expectancy at birth among European Union nations and trails only Japan and Switzerland globally according to UN.

By 2040 the country is forecast to have the highest lifespan, at almost 86 years, followed by Japan, Singapore and Switzerland. They highlight a decline the past decade in cardiovascular diseases and deaths from cancer in Spain. It also takes into consideration environmental factors including access to clean water and sanitation.

5 other European nations were amongst the top 10 in 2019:

Italy (2. place)  Iceland (3rd)  Switzerland  (5th)  Sweden (6th)  Norway (9th) with the UK back  (19th) and Ireland (20th).   –  Japan was the healthiest Asian nation, jumping 3 places from the 2017 survey into (4th). Australia and Israel occupied (7th) and (10th place) respectively

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Why you should buy in Valencia !!! (not in Andalucia)

When I look into the eyes of those affected by illegal houses, the vast majority nearly in their 80s, I think that enough is enough, that this useless suffering must be brought to an end. I also think it´s time to get rid of byzantine, cumbersome laws that do not work, and the sooner the better.

It is evident that urban planning in Andalucía has failed. Proof of this is the 300,000 illegal houses that exist across the region, a problem that probably affects around a million people, and could represent an investment of tens of thousands of millions of Euros. For any sensible person it is also evident that it serves no purpose to demolish these houses, as well as useless and unjust to knock down just a few, except in cases of obvious risk. Prevention is what is required and it is obvious that prevention has failed. That it has failed is not the fault of those affected, it is the fault of the administration. And what cannot be allowed is to keep these poor pensioners as a type of planning hostage until the planning system does its job – a planning system that clearly does not do its job.

The 16,000 people affected in Chiclana in Cádiz have spent 30 years waiting for the planners to resolve their problem, as have those in Carmona in Seville. And those on asentamientos in the Valley of Almanzora in Almería have waited for more than a decade. Enough is enough. Many of those affected in Chiclana and Carmona have running water just outside their plot or urbanisation and again, as if they were hostages, they are not allowed to connect, purely for reasons of planning dogma, in order not to “reward them” they are told. The truth is that the “rewarded” are sunning themselves on the beach whilst those affected live in inadequate conditions and without legal security.

It´s unfortunate that urban planning has been converted into an orthodoxy and this simply cannot be. What is required is a new philosophy in urban planning, one that walks hand in hand with citizens and their needs; a new philosophy that resolves problems and that doesn’t criticise the errors of others without being prepared to be self-critical at the same time.

For this reason, the announcement from the new government of Andalucía that they are going to take rapid measures is a breath of fresh air for thousands of people. These are statements of intent that give hope to those affected. They are no longer told “it’s very complicated” and “it must be studied”. They are told “we are going to resolve it”, “we are going to take action” and “we are going to work with the citizens”.

Those affected are not only hopeful, but also hope that this new “can do” spirit will spread, not only to the other political parties, but also to other branches of the Administration and the State. I believe that enough is enough with the demolition of houses, putting ordinary families into the street, and enough is enough of people not having basic services and legal certainty. In fact, enough is enough of damaging the environment because there is an unwillingness to regularise these houses, as enough is enough of trying to resolve a problem through planning, sometimes as an excuse for building more houses.

Therefore, we thank the Junta de Andalucía for their promise to deliver and I am sure that they will start to take steps rapidly. We hope that they can count on social and political support. Certainly, I will campaign for this resolution both personally and as President of AUAN. I will campaign in a constructive and conciliatory way, because people deserve politicians that concentrate on resolving their problems instead of wasting time fighting among themselves. Whilst I still have the energy you will find me campaigning to advance on the path of sensible planning, a path that I am happy to see is beginning to become clearer.

Maura Hillen, President of AUAN

Abusos Urbanisticos Almanzora No (Spanish: No Urban Abuses Almanzora; Almanzora, Spain)

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Madrid adopts rules that will shut down over 10,000 holiday apartments

The Madrid city council has approved a special plan regulating holiday rentals that will foreseeably shut down over 10,000 apartments currently used for short-term tourist stays.

The new regulations stipulate, among other things, that apartments used as holiday rentals inside residential buildings in the city center must have a separate access area from the one used by regular residents. Guests will not be able to use the same building entrance or elevators.

The three rings affected by the new rules.

In practice, this means that 95% of these apartments will be unable to obtain the required license for this kind of activity, according to city officials.

Opposition groups in the council said the plan will have an economic and legal impact on an entire sector, and will likely lead to challenges in court. Manuel, the owner of a tourist apartment and member of an association named Madrid Aloja, was present at the council vote, and says that he and other owners like himself will take legal action to defend their activities.

The popular platform Airbnb has described the new regulations as “not very clear,” “unfair” and containing “disproportionate restrictions.”

The 90-day rule

The new rules target properties that are used as holiday rentals for more than 90 days out of the year, at which point they are considered to be engaging in commercial activities that require a license.

The restrictions affect an area that has been divided into three rings covering the historical city center as well districts such as Moncloa-Aravaca, Arganzuela, Latina, Usera and Carabanchel.

The city councilor for sustainable urban development, José Manuel Calvo, said that these rules are necessary because “massive tourism does not bring added value to cities, rather on the contrary, “it degrades them”

Mayor Manuela Carmena at the council session.KIKE PARA

“In the neighborhood of Sol, there are two tourists for every resident. In the Cortes neighborhood, the ratio is 1.3 tourists for every resident. This is what’s known “as touristification,” he added.

The Socialist Party (PSOE), which voted in favor of the initiative, said there are over 15,000 properties operating as tourist accommodation in Madrid, and that more than 10% of them are located in the downtown Centro district.

The Popular Party (PP), which voted against, placed that figure at 10,467 based on existing regional registers of licensed holiday rentals. But city officials refuse to give out any numbers because this activity is not regulated, noted Calvo.

At the very least, 9,944 registered properties would be unable to adapt to the regulations, leaving 524 in operation. But the PSOE notes that the real figure is higher if the unregistered properties are taken into account.

Mercedes González, a PSOE councilor, said there is an urgent need for regulation to prevent the city center from becoming “a tourist theme park” ruled by “the law of the jungle.”

“This is a first step, necessary to start walking towards a different kind of city where residents can live in peace,” she said, adding that the boom in holiday rentals has “a clear impact” on the real estate market, where the price of rent has been rising at an annual rate of 8%. González also cited friction between residents, gentrification and a change in the commercial fabric of neighborhoods.

Meanwhile, the PP and Ciudadanos (Citizens), both of whom voted against the plan, said that they want to regulate the sector but in a different way.

“Mayor Manuela Carmena [of the leftist Ahora Madrid party] wants to evict an economic sector, the holiday rental sector,” said the PP’s municipal spokesman, José Luis Martínez Almeida. He said that demanding an independent entrance area is just another way of banning this activity from downtown Madrid, and also noted that in any case, “there is a for-profit use from day one, not from day 91.”

The city has a team of 22 inspectors who have examined 11,936 homes in 502 buildings. Of these, 1,729 (14,48%) were being used as holiday rentals. While municipal authorities do not have the power to issue fines, they can initiate individual proceedings that could end in the closure of the unlicensed business activity.

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Spain / Valencia – The clock is ticking

The clock’s ticking on Brexit, but is it really ‘time up’ for British property buyers looking to move to Spain?

We’ve cut through the media hype on Brexit and gone straight to Spain emigration lawyers on the ground. Our findings? You can move to Spain after Brexit – even if there’s no deal.

Think about it: despite Brexit, the number of British buyers in Spain has risen again this year.They know something that others don’t, and that is how to ‘Brexit-proof’ their plans.

There are two key points to know here.

Firstly, buying a home is not one of the EU’s four freedoms. Anyone can buy in Spain, as many Australians, Americans, Canadians and more do every year.

Secondly, the government is extremely keen to attract foreign investment. Movement is one of the EU’s four freedoms, but all it will mean is a little bit more paperwork for a visa. We’ve put together a document covering all the key visas you could apply for, whether you’re moving permanently, buying a holiday home, finding employment or setting up your own business.

And if you do have any further questions, don’t hesitate to contact us …

Good luck with your move!…..to the Valencia region…..

 

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British Expats get to vote in Spain – 2019

In May British expats are allowed to vote in municipal elections in Spain according a Treaty between Madrid and London signed. This treaty was signed by Mr Walker and Mr Aguiriano, meaning that British citizens living in Spain and Spanish Citizens in the UK can continue to participate in local elections, in the future. However, in the future, UK nationals will need to have resided in Spain for 3 Years to excercise their rights under this treaty; for Spanish nationals to vote in local elections in the UK will remain the same.

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Guidance

Important EU Exit information for UK nationals if there’s no deal

European Union (EU) exit information for UK nationals in the absence of a withdrawal agreement.

Until 29 March 2019, the UK remains a full member of the EU and UK nationals retain their legal status as EU citizens. There will be no change to the rights and status of UK nationals living in the EU while the UK remains in the EU.

The UK continues to call on the EU and Member States to protect the rights of UK nationals in the EU in the event of a no deal. We want UK nationals to be able to stay in the Member States that they live in when we leave the EU, and for their rights to employment, healthcare, education, benefits and services to be protected.

The UK cannot act unilaterally to protect all of the rights of UK nationals in the EU. However, where it is in our control, we will support UK nationals. The citizens’ rights in the event of no deal policy paper provides some details of how we will do this and further information will be set out in due course.

Technical Notices are also available for detailed sector-by-sector information on the actions citizens and businesses should take to prepare for an exit from the EU with no deal.

We will continue to provide updates to UK nationals in the EU on GOV.UK and through our network of Embassies, Consulates and High Commissions as it becomes available. We advise that you subscribe to updates from the relevant Living in country guide for the EU country you’re living in.

Below we have provided information across a number of areas in the event of a no deal EU exit.

Living in an EU country after the UK leaves the EU

Continuing to live in an EU country after the UK has left the EU depends on the EU and its Member States, and whether they reciprocate our offer in this policy paper on Citizens’ rights in the event of a no deal Brexit. Our offer guarantees the right of EU citizens in the UK to continue their lives broadly as now. A number of Member States have already given political assurances to UK Nationals about their residency rights. The European Commission has also published a No Deal Contingency Action Plan which calls upon EU Member States to take a generous approach to UK nationals who are already resident in their territory. This includes a call for Member States to take measures so that all UK nationals legally residing in a Member States on 29 March 2019 will continue to be considered as legal residents of that Member State without interruption. We will continue to work with the EU and all of the Member States to make sure UK nationals are given firm reassurances as soon as possible.

Applying for permanent residency in an EU country

We can’t confirm that registering as a permanent resident will protect your status and rights in the country you are living in: this will depend on the approach that the EU and each EU Member State takes. You should keep in touch with your local authorities and be ready to cooperate with them once they confirm any action UK nationals may be required to take.

Third country family members joining you in an EU country

EU Member States determine their own immigration policies. You should consult your host country’s immigration authorities. We have set out our position on family reunion and we will be asking the EU and its Member States to do the same as soon as possible.

Staying in an EU country with an EU spouse

EU citizens with non-EU spouses, long-term partners or other family members are usually entitled to register them in their EU country of nationality. The right to register non-EU family members should include registering UK nationals as family members once they are no longer EU citizens. For further details see the EU’s guidance on registering EU family members in another EU country.

Working in an EU country without a visa and residency status

If you are working in the EU as an employed or self-employed person and you have a UK-issued A1/E101 form, you will remain subject to UK legislation for the duration of the period shown on the form. However, after 29 March 2019 the form may no longer be recognised by the EU country/or countries you work in. You should contact the relevant EU country’s authority to see if you need to start paying any social security charges. We are in contact with Member States on changes for UK nationals in a no deal and will provide updates as and when information becomes available.

Entering and working in the UK

The right of UK nationals to enter and return to work in the UK is not affected by the UK’s exit from the EU. You will be able to continue working in the UK after our exit.

Travel around the EU with a British passport

The rules for travel to most countries in Europe will change if the UK leaves the EU with no deal. After 29 March 2019:

  • You should have at least 6 months left on your passport from your date of arrival. This applies to adult and child passports.
  • If you renewed a 10 year adult passport before it expired, extra months may have been added to your new passport’s expiry date, making it valid for more than 10 years. Any extra months on your passport over 10 years may not count towards the 6 months that should be remaining for travel to most countries in Europe.

The new rules will apply to passports issued by the UK, Gibraltar, Guernsey, the Isle of Man and Jersey. You can use this tool to check a passport for travel to Europe.

Travelling with pets to and from the UK

UK nationals will still be able to bring pets to and from the UK after the UK leaves the EU. Information on how to bring your pet to the UK can be found on Pet Travel to Europe after Brexit. You should contact your vet at least 4 months before you plan on travelling to any EU country with your pet. More information on the documents that would be required to enter or re-enter the UK will be made available for pet owners on GOV.UK. For more information on travel back to the EU visit Taking your pet abroad if there’s no Brexit deal.

Continuing education in the EU

Continuing education in the EU and any required fees will depend on the immigration requirements of your host Member State and/or the requirements of the educational institution you are studying at. You should contact your host country government or your institution for advice.

UK students may have entered into arrangements to enrol on courses with universities in EU countries. You should check with the relevant institution whether these arrangements will hold after the UK leaves the EU.

We believe that it is strongly in both the UK and the EU’s interests to continue Erasmus+ projects. The Government underwrite guarantee means funding is available to UK organisations to support their students to continue their placement in their host EU country. We are seeking to agree arrangements with the European Commission to ensure UK students can complete their exchange.

Recognising professional qualifications

The European Commission has published guidance on professional qualifications. Where UK nationals have already been recognised by an EU country as holding valid professional qualifications this will remain valid after the UK leaves the EU. The Commission has advised holders of qualifications obtained in the UK before the UK leaves the EU to obtain recognition in a EU27 Member State before 29 March 2019.

Paying for healthcare in EU countries

UK nationals living in, working in, or visiting the EU may find that their access to healthcare in EU Member States will change after 29 March 2019. This will depend on decisions by each country. However, the UK is seeking bilateral agreements to maintain healthcare rights as a top priority. You can find out more about healthcare abroad.

For people visiting the EU, we recommend buying travel insurance to ensure you can travel safely. You should make sure you understand the terms and conditions of your travel insurance policy, and that the policy is sufficient to cover possible disruption. The FCO has guidance on what your travel insurance policy should cover.

If you already have travel insurance to cover your trip, your insurer should let you know if there will be any changes to the way your policy is serviced that will affect you after the UK leaves the EU. If you have questions about what your travel insurance policy covers, or whether the policy is sufficient to cover possible disruption, you may wish to contact your insurer.

UK state pension and benefits

The UK Government will continue to pay state pension, child benefits, and disability benefits to eligible UK nationals in the EU. Find guidance on benefits and pensions in a no deal scenario.

Personal pensions and annuities

If you live in the EU or European Economic Area (EEA) and have a personal pension or annuity with a UK-based provider, your provider should have made plans to make sure you can still get payments from your personal pension or annuity, even if the UK leaves the EU without a deal. If your provider needs to make any changes to your personal pension or annuity, or the way it provides it, they should contact you. If you have any concerns about whether you might be affected, you should contact your provider. If you are unsure whether you have an occupation pension or personal pension, you should contact your provider to check.

Occupational pensions

There is nothing in UK pensions legislation which prevents occupational pension schemes from making pension payments overseas. We do not expect that this will change as a result of the UK’s exit from the EU. If your pension is paid into a UK bank account, your bank should contact you if they expect any changes as a result of the UK’s exit from the EU. If you are unsure whether you have an occupation pension or personal pension, you should contact your provider to check.

Banking, insurance and other financial services

Many UK providers are planning to continue providing services to EU and EEA residents. If your provider needs to make any changes to your product or the way it provides it, they should contact you in a timely manner. If you have any concerns about whether you might be affected, you should contact your provider.

Inheritance tax and wills

Any valid will made under UK law before the UK’s exit from the EU, including wills that apply to property situated in the EU, will remain valid under UK law. However the effect of the will in relation to property abroad continues to be subject to the law of the country in which the property is situated.

The UK’s exit from the EU will not change any existing UK rules for inheritance tax. Inheritance tax is levied on transfers of worldwide assets by individuals domiciled in the UK, and transfers of UK assets by non-domiciled individuals.

Tax payments

The UK’s exit from the EU will not change existing double taxation arrangements. These ensure that everyone (not just British citizens) living in a country that has a treaty with the UK will not pay tax in two countries on the same income/gain, and determines which country has primary taxing rights. The UK has double taxation agreements with all EU countries which will continue to apply after our exit from the EU.

Driving licences

Holders of UK driving licences who are resident in an EU country should exchange their UK licences for a driving licence from the EU country you are living in before 29 March 2019. If you haven’t exchanged your UK licence after our exit from the EU, you will be subject to the domestic laws of that country and how they treat non-EU licence holders, which could mean needing to retake your driving test. Many EU Member States only recognise third country licences for up to 6 months. EU issued driving licences will continue to be recognised in the UK after our exit from the EU. You can find more information on driving licences.

Motor insurance validity

If you are driving a UK-registered and insured vehicle, all UK motor insurance providers will continue to provide third party motor insurance cover for travel to EU or EEA countries. You will not need to purchase additional third party motor insurance policy cover if driving in these countries with a UK-registered vehicle.

From 29 March 2019, if there is no deal with the EU, the UK will not be part of the Green Card-free circulation area. Drivers of UK registered vehicles will need to carry a Green Card when driving in the EU, EEA and all other countries that recognise Green Cards. If you are driving a vehicle that is registered and insured in your host country, you will not be affected. You can find more information on vehicle insurance.

Owning or renting property in the EU

Some EU countries have laws which govern property ownership and differentiate between their own citizens, EU citizens and non-EU citizens. You should check with local authorities about how these might apply to you.

Voting in local elections in EU countries

The UK is seeking bilateral arrangements with individual Member States to preserve reciprocal voting rights for both UK nationals living in the EU and EU citizens in the UK.

Family members in prison in an EU country

The impact on UK nationals in prison will depend on the approach the EU country takes. A range of mechanisms exist which enable offenders to be returned to their home countries. If there is a no deal EU exit, the EU Prisoner Transfer Framework Decision will cease to apply, and in that event we will use the Council of Europe Convention on the Transfer of Sentenced Persons and its Additional Protocol after we leave the EU.

First Published 21 December 2018

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Brexit latest: An open letter from the British Ambassador to Spain

I wanted to update you on the recent developments on our exit from the European Union. As many of you are no doubt aware, on Sunday November 25, there was a special European Council on Brexit. EU leaders agreed the Withdrawal Agreement and Political Declaration on the future relationship between the United Kingdom and the EU.

Citizens’ rights is a key part of the agreement, so this represents a big step forward in providing certainty for UK nationals living in Spain. As the British prime minister said following the European Council: “If you are one of the over three  million EU citizens who has come and built your life in the UK – come to be our colleagues, our neighbors and our friends – you need a deal that guarantees your rights. If you are one of the almost one million UK nationals living elsewhere in the EU, you need the same. This deal delivers for you all.”

I and the team strongly recommend you ensure you are correctly registered as a resident, as is your current obligation

The next stage is for the UK Parliament to vote on the deal the government has negotiated, which is expected on December 11. The European Parliament will also vote on the agreement.

If approved, the Withdrawal Agreement will secure the rights of one million UK nationals living in the EU. It means that the 300,000 British people who have chosen to make Spain their home have a legal guarantee that they will be allowed to stay here after the UK leaves the EU on March 29, 2019.

The Agreement also defines the Implementation Period as running from March 30, 2019 and until December 31, 2020. All UK nationals lawfully residing in Spain on December 31, 2020 will be covered by the Withdrawal Agreement. Under the current rules, UK nationals living in Spain must register with the Spanish authorities (at the Oficina de Extranjeros or at a designated local police station) to be legally resident here. Therefore, I and the team strongly recommend you ensure you are correctly registered as a resident, as is your current obligation. For detailed advice on registering, please see gov.uk/living-in-spain. We will, of course, update our advice if the Spanish authorities announce any changes to the registration requirements linked to Brexit.

UK nationals and their families covered by the Agreement will continue to have broadly the same access to healthcare, pensions and other benefits as they currently do

During the Implementation Period, you will be able to visit, live and work in the EU broadly as you do now. If you want to move to a different Member State, you will be able to do so during the Implementation Period.

UK nationals and their families covered by the Agreement will continue to have broadly the same access to healthcare, pensions and other benefits as they currently do. And you will be able to leave Spain for up to five years without losing your right to return if you have acquired the relevant residency status. If you have any questions about who is covered by the Withdrawal Agreement, please see the UK nationals living in the EU pages on gov.uk.

Next steps

  • Make sure you are correctly registered with Extranjería here in Spain (please see gov.uk/living-in-spain)
  • Sign up for email alerts to stay up to date and find out about our outreach events, by visiting the Living in Spain guide on gov.uk.
  • Follow our “Brits in Spain” social media channels, including on Facebook.

Category : Uncategorized

New legislation to declare income and assets abroad

On 1 October 2018 the British HM Revenue and Customs (HMRC) department  introduced a new legislation called “Requirement to Correct (RTC)”.  This will require UK taxpayers declare their foreign income and assets to the HMRC .

Therefore, from the 1st of October 2018, for those who fail to pay the relevant tax by this date, there will be higher penalties on their foreign income and assets.

About offshore income and assets

As the HMRC defines:

“Income is considered to be an offshore income as it comes from a territory outside the United Kingdom, which includes:

  • Interest from overseas bank and building society accounts
  • Dividends and interest from overseas companies
  • Rent from overseas properties or if you rent out your UK property whilst living in another country
  • Wages, benefits or royalties earned outside of the UK”.

Included taxes

The RTC legislation would apply to:

  • Income tax
  • Capital gains tax
  • Inheritance tax

Some offshore activities that may involve paying tax

These activities must be declared to HMRC:

  1. Renting property abroad
  2. Transferring income or assets from one country to another (including Channel Islands, Isle of Man, the EU or any other

What should you do?

In case there is UK tax due on foreign income or gains, or tax on UK income transferred abroad, you should tell the HMRC .

To get 90 additional days you can use the  HMRC’S Worldwide Disclosure Facility.

To read more about the new legislation you can take a look at the  official guidance or for a more in-depth explanation you can download the official brochure.

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Valencia – House Hunting and the Market Overview…………………..

The coastal province of Valencia is cheaper and more manageable than Spain’s major metropolises, making it an appealing alternative for many home buyers.

Spain’s residential market has been on a gradual rebound since around 2012, when luxury properties began to recover following the global recession.

During the financial crisis that began in 2008, home prices fell 30 to 35 percent across the country, she said, noting that they have since risen by about 8 percent overall, although prices in Madrid and Barcelona have recovered more rapidly.

The recovery is expected to continue, with the International Monetary Fund predicting that Spain’s economy will outperform those of Germany and France in 2018. In Valencia, third-quarter sale prices averaged about 1,900 euros a square meter (or about $200 a square foot) this year.

Old Town, a historic neighborhood known for its winding streets, Central Market and medieval cathedral, is one of the most popular areas with tourists and foreign buyers. A typical two-bedroom apartment there sells for around 300,000 euros (or about $340,000), while a two-bedroom penthouse in a fully restored building can go for around 500,000 euros ($565,000).

Foreign buyers are also interested in seaside properties,  although they often prefer the beach areas just outside city limits, where more property is available and there is more new construction. While prices vary depending on location, a two-bedroom apartment in these areas generally goes for 250,000 to 500,000 euros ($280,000 to $565,000).

For foreign buyers, the appeal of Valencia — Spain’s third largest city, with a population of roughly 790,000 — lies in its affordability and manageable size relative to Madrid and Barcelona, as well as the access to a historic city center and Mediterranean beaches.

“You can get from one side of the city to the other in 15 minutes, and for people who don’t want the typical holiday resort, this has more of a cultural and elegant feel.”

Foreign buyers account for roughly 10 percent of all sales in Valencia, according to the Registrars in Spain.

The country’s Golden Visa program grants non-Europeans “the fast-track right to residency” if they invest at least 500,000 euros ($565,000) in real estate.

There are no restrictions on foreign buyers in Spain. But buyers from outside the country are strongly advised to work closely with a real estate agent and a lawyer who will perform the necessary due diligence.

Taxes and fees, including legal fees and the 10 percent transfer tax, typically amount to around 15 percent of the sale price. The real estate agent’s commission in Valencia is usually 4 to 5 percent, and is split between buyer and seller. There are also other combinations….

Mortgages are available to foreigners, although typically not for more than 70 percent of the sale price, and less than that for investment properties. – Villas Valencia can assist. Just let us know what you are looking for as we only charge 3 %.

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About Us

Villas Valencia offers properties in Valencia at Spanish prices. What`s more, we don`t charge the buyer (as most other agencies do). We are an English locally run estate agent company dealing with properties in a picturesque area around the city of Valencia.

Testimonials

You are the only agent we dealt with your knowledge of the area and the buying process left us at ease that everything would be taken care of. - Mr & Mrs P, in Naquera

Your advice was clear and brilliant. You completely understood our requirements and objectives, facilitating our new purchase. Thank You! - Mr L, Now living in Lliria

You offered a great service from start to finish, clearly explaining all our options and helping speed everything through. You translated everything we needed quickly.

- Mr T, Second home in Montroy

Villas Valencia was fantastic and exceeded my expectations. I will and have recommended you to others. Thank you for all your referrals for building work. We love our new pool! - Sean, house in Rocafort

Thank you for all the help buying our property in Valencia. With so much to think about, you explained everything well and made it all very easy. Cant wait to move out there fully and enjoy a G & T on our balcony with you.

- Ben, house in Naquera

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