Talk Quesada forum

Hii folks. I have had my home in Spain for 14 years and was wondering due to Brexit is it worth taking up resident or not?

I am retired and so is my wife but as I have also a home in the UK the Spanish will take a tax from us.
Cheers Pete.

Pete31 wrote:Hii folks. I have had my home in Spain for 14 years and was wondering due to Brexit is it worth taking up resident or not?

I am retired and so is my wife but as I have also a home in the UK the Spanish will take a tax from us.
Cheers Pete.

If you live in Spain now choice! !!you can't do both

polop wrote:

Pete31 wrote:Hii folks. I have had my home in Spain for 14 years and was wondering due to Brexit is it worth taking up resident or not?x

I am retired and so is my wife but as I have also a home in the UK the Spanish will take a tax from us.
Cheers Pete.

If you live in Spain now choice! !!you can't do both

Not sure what you mean Polop, I don't want to do the both as if I move to Spain full time will sell up at the UK. Been Here now been here for the last 4 months nothing but rain lol.

Pete.

If you intend to move to Spain for more than 6 months on a permanent basis then you do need to become resident in Spain. You will then be taxed in Spain on worldwide income with any taxes paid in UK being taken into account.
However, might I advise you not to sell up in UK. House prices in Spain are rising but nowhere near the amount they are in UK and it will take some time to get to even the levels they were before the banking crisis in 2008. If you ever need to go back to UK you may find you can no longer afford it with prices in UK going up.
For example, we sold our house in UK in 2010 (just as the crisis was still ongoing) and it is now going for more than £50,000 than we sold it for. Conversely, our house in Spain which we bought in 2008 is now worth at least a third less than it was when we bought it.
Renting in UK would mean you pay the UK tax man on the income and would then have to declare the income in Spain as well but any tax paid in UK would be taken off what you pay here.*
*Caveat. At the present time. Lord only knows what the situation will be after we actually leave the EU.

mmmm, yea thanks Marcliff.

As far as we are aware if you have a home in Spain plus assets in excess of 50000 euros outside of Spain you should declare this annually here in Spain irrespective.

nigelandkath wrote:As far as we are aware if you have a home in Spain plus assets in excess of 50000 euros outside of Spain you should declare this annually here in Spain irrespective.

Only if you're a resident.

Or if you spend more than 6 months in Spain

marcliff wrote:

nigelandkath wrote:As far as we are aware if you have a home in Spain plus assets in excess of 50000 euros outside of Spain you should declare this annually here in Spain irrespective.

Only if you're a resident.[/quote

you can have as much money as you want unless you go over the 6 month rule it will not matter.

Ok so if say I had over the amount specified will I get taxed? And is this tax a large amount? Just finding out if it will be worth it or not. Cheers folks.