Widespread Appeal for Costa del Sol Property
In recent months our “Good News” coverage of the Spanish real estate market has drawn on expert advice and official figures to confirm what has become a universally accepted truth within and outside the industry. The crisis years are now well and truly behind us – especially in property hotspots such as the Costa del Sol – and the panorama is positive for both buyers and vendors.
In short, now is an excellent time to contemplate buying a bargain property on the Costa del Sol; and the market is also hugely encouraging for vendors (taking into account both gradually increasing prices and rising sales volumes).
Even concerns about Brexit have failed to dampen people’s optimism. In fact, the risk of serious repercussions as a result of the UK referendum vote seems to be diminishing! As we reported last week, Spain remains the most popular retirement destination for Britons, in Europe and elsewhere around the world. According to Retirement Advantage, the Brexit poll has made it less likely some people will move abroad but, for those who do take the plunge, the advantages of year-round sunshine, cheaper living costs and potentially less expensive property remain a tantalising lure.
Of course, there are other issues to take into account, as the financial services company also notes. “Without the right planning and financial advice, you can quickly find yourself caught out by local tax laws, currency exchange rates and other financial arrangements,” warns Retirement Advantage pension technical director Andrew Tully.
“Currently if you retire to live in the EU your UK state pension is protected by what is called a ‘reciprocal arrangement’. What this basically means is any increases to your state pension are protected and paid in line with retirees living in the UK. When we exit the EU these arrangements will form part of the negotiations, and although we don’t know how they will be treated, it’s worth considering how your retirement finances will keep up with the cost of living.
“To help navigate the complexities of retiring abroad, it is vital people seek professional financial advice. There are a number of firms who specialise in providing advice to budding expats, which could make the world of difference between the retirement of your dreams or an altogether more challenging experience.”
Advice on Moving to Spain
In the meantime, Retirement Village’s “Top tips for retiring abroad” are:
- Get an estimate of your state pension here from the UK government.
- Seek independent financial advice before you move.
- Tell HM Revenue and Customs that you are moving overseas. This allows them to let you know of any UK tax liability you may have, even though you are living overseas. And more importantly it can allow any UK pension you have to be paid gross (no tax deducted) and taxed in your country of residence (only applies if the country you live in has a double taxation agreement with the UK).
- Check what reciprocal agreements are in place with the destination country regarding your UK state pension and other social security benefits.
- Find out about your welfare rights while abroad.
- Keep an eye on exchange rates.
- Check the cost of health care in the country you are thinking of moving to, and consider some form of medical insurance.
- If you decide to keep your property in the UK you will need to let your mortgage provider and insurance company know if it will be rented or remain empty.
- Do your homework on the cost of living in the country you want to move to.
- Notify utility companies, financial institutions and your local council when you are leaving.
- Contact the electoral register, and arrange for mail forwarding via the Post Office.
Obviously, before reaching this point, a decision needs to be made about the best and most suitable area – and property – to prepare for a golden retirement in the southern Spanish sun, and Villa Marbella Now’s extensive portfolio is an excellent starting point. The properties featured here, for example (two villa and apartment options, priced at an excellent €2,150,000 and €845,000, respectively), are ideally located in the popular Elviria area towards the eastern end of Marbella municipality.
Exceptional Homes
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