Question
“I am in the process of selling my house in the UK to retire to Spain this year under a Spain non lucrative visa, any advice gratefully accepted”
Answers
These are the answers of Spainguru’s Facebook group members:
Related reads:
- Managing the sale of your UK property when moving to Spain on a non lucrative Spain visa
- What proof is needed for the money from selling my UK house when applying for Spain non lucrative visa?
- Will we owe capital gains tax on our UK house sale when moving to Spain for the Non Lucrative Spain Visa?
- Non lucrative Spain visa: do you sell your house before or after the visa application?
- What are the tax implications if someone wants to sell a house they own in the UK and moves to the US?
“Be prepared. It will take longer and cost more than you plan.”
“As long as you keep GBP100,000 on your account (for a couple) for the next 5 years you’ll be good to go for the Spain Non lucrative visa process. Living budget yourself between 1,000-1,500 euros monthly if you have your own property. (Normal life not extravagant). When it comes to driving most people buy their cars here but I love my RHD and cheaper to bring over. Then enjoy the sunshine.”
“You may owe taxes in Spain if you move there within the first year after selling your house!”
“You will pay CGT to Spain on your house in the UK if you spend more than 183 days in that financial year.”
“No, if she sells it after 4th July (183 days rule) no, she can sell it now, she just can’t MOVE there until after July 4th. If she sells the property in UK before 4 July 2024, she can not move to Spain permanently until 1 January 2025. Otherwise, she has to pay Spanish CGT.”
“No only owe taxes if you spend more than 183 days in Spain as a resident… that’s official. It depends on your age, if you are over 65 no capital gains tax to pay, according to the government website?”
“Make sure you complete the UK sale in a different calendar year, to when you become a Spanish tax resident, or you’ll have to pay Spanish tax on the house sale.”
“Be very careful about tax liability in Spain. Learn Spanish fast. Be prepared for lots of bureaucracy and expenses. But at least it will be mostly sunny! Oh and never forgive the Conservative Party for stupid, pointless Brexit!”
Conclusion:
The journey from selling a home in the UK to retiring in Spain with a Spain non lucrative visa (NLV) is filled with anticipation and requires careful planning. Key takeaways include the importance of budgeting for the NLV process, considering the timing of the house sale in relation to Spanish tax residency, and the potential tax implications in both the UK and Spain.
