Question about the non lucrative Spain visa
If you have been successful in your non lucrative Spain visa application and have sold your home in the UK. You rent in Spain to start with, so what did you do with the money from the sale of your UK property? Place it on one Spanish account a number of different accounts or something else.
Answers
These are the answers of some Facebook group members:
”You can leave it in your UK account and transfer amounts to your Spanish account when needed. It’s always good to keep a UK bank account”
”You can normally retain whatever accounts you have – the limitation is that you will not be able to take out any additional accounts or services once you have moved”
”Whack as much as you can into a savings account, the rates are so good right now, just make sure it has access without penalty in case you need some quickly”
”Ultimately it’s the exchange rate where you will lose or gain the most
Even this week £/€ has been as low as 1.1570 and as high as 1.1740 so even on £100,000 that’s a €1,700 difference”
”Interest means not much. The exchange rate is where you make the most money”
”My concern is paying capital gains tax on my UK house sale! Do I need to rent in England for a While so as not to pay this? I have no property in Spain but want to rent for a while when I can”
”Selling your home any day the rest of the year 2023 would be fine. You could apply for the visa now or when you sell your home. But if you sell say January 1 2024 you would need to wait until a date in July 2024 to move to avoid being a Spanish tax resident and hence paying capital gains”
”Most banks guarantee safety of sums up to 80k so split it up if necessary”
”Some people leave the majority in UK savings accounts which they opened before leaving. Some make Spanish-compliant investments which can have some important tax benefits. Some bring some money to Spain but there’s not much interest to be got in savings accounts here. Happy to chat with you about this if it would help, it’s my business”
Find the best money transfer services from the UK to Spain here
Conclusion
In conclusion, according to Spainguru Facebook group members, after being successful in a non lucrative spain visa application and renting in Spain to start with, there are a few options for what to do with the money from the sale of a UK property. You can keep it in your UK account, transfer it to a Spanish account, invest it, or use it to cover your living expenses in Spain.
The best option for you will depend on your individual circumstances and financial goals. When making your decision, you should consider the exchange rate between the British pound and euro, the interest rates on savings accounts in the UK and Spain, the tax implications of moving money between the UK and Spain, your investment goals, and your risk tolerance.
It is important to speak to a financial advisor to get personalized advice on the best way to manage your money after moving to Spain.
