The transition period for Brits living in Spain has come to an end and we are getting many questions about what this means for Brits wanting to buy and live full time in Spain.
The good news is that there is nothing stopping Brits to travel or buy property in Spain but of course some rules have changed, mainly to do with the rights British people have to stay here and the length of time they´re allowed to be here during a year.
Unfortunately, a lot of legislation that should have passed to give British citizens rights in Spain did not happen last year, so there is still a fair amount of uncertainty and things that need to be clarified.
As it stands right now, as non-European citizens, Brits can spend 90 days every six months in Spain without an issue but keep in mind that there will be changes in the future to apply the same rights as Swiss and Norwegian (Not EU countries) visitors, who are free to stay for an unlimited amount of time without restrictions.
If you want to move to Spain you must obtain residency and for that, there are several ways you can go about it.
One way is to apply for a non-lucrative residency if you are coming over to retire and just enjoy the Spanish lifestyle without requiring anything from the state for example. In this case, all you need to do is prove that you can support yourself in Spain, have a bank account with ideally €35.000 – €50.000 in it, ideally own your own property here, have a clean criminal record, take some health checks and have private health insurance.
Another option is to take advantage of the golden visa system to secure residency. This was launched in September 2013 as a residency for investors and allows anyone who invests €500,000 or more into Spain via shares of Spanish companies, government bonds, or property to qualify for permanent residence.
The property must be registered, so it doesn´t apply to a deposit for an off-plan property for example, and it needs to be cash, rather than a mortgage, it does not include investment in fees or taxes, only for the price of the property. You can, of course, buy a property for 1 million and you invest €500,000, and borough €500,000 via a mortgage
We will be watching this situation closely and hope for a more flexible and bespoke agreement between the UK and Spain.