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House Buying - Page 2

BRADDERS

Posted: Sun Feb 6, 2022 7:58pm

Posts: 27

10 helpful points

Location: Mijas

Joined: 25 Sep 2021

Posted: Sun Feb 6, 2022 7:58pm

Holaitsdavid wrote on Sun Feb 6, 2022 5:15pm:

That might be good advise to rent first, also property here not a great investment, much over priced & little or no appreciation.  Some things cheaper than UK to include eating out and alcohol. Private health insurance is very cheap compared to the UK & lower rates. The killer people...

... should be warned about the 'Tax rates' and low personal allowance, on top of basic income tax there is about 34% social security, income from UK including pensions are taxed with no limit age social security, if people hit 30% tax band add the social security and you are paying 64% which is ridiculous, people need to research everything very carefully. Also note right now UK driving licence only valid for 6 months. The best Spain has to offer is the weather and the atmosphere.   

Health insurance is no cheaper than uk ..we have to have Spanish private cover as part of our long term visa we had it in uk and at aged 55 there is hardly any difference…..


with regard to UK driving licence I have Spanish car insurance and it’s valid….. absolutely no way. I am taking a Spanish driving test anytime soon .. with an interpreter !! In addition uk is looking to reciprocate the fact the Spanish can change it uk licence no test required…

Spanish have terrible driving skills .. vast majority have not got a clue… leave that with anyone who thinks the Spanish are good drivers!!!! -absolute joke asking me to take a Spanish test in addition Morocco can just exchange as well really!!!!


Asking brits to take Spanish driving test is a money making scam..

Chatsworth25

Posted: Sun Feb 6, 2022 8:30pm

Chatsworth25

Helpful member

Posts: 176

143 helpful points

Location: Torre del Mar

Joined: 14 Oct 2020

Posted: Sun Feb 6, 2022 8:30pm

https://www.dfa.ie/irish-embassy/spain/our-services/new-to-spain/residency-and-entry-requirements/#main-content

Irish passport holders will need to know their rights re Eu

For Uk citzens there is the issue of where ou become a tax resident in Spain but be aware of the tax agreement and that you will be taxed on income from Uk and what happens if you sell assets incl property etc 

Plus death duties etc 

Yes like the Uk Spain has clogged up with administration due to covid and the number of people who left it late to appply and of course there’s the language issue 

But all told go in with your eyes wide open and renting is a good option till you fully decide o go permanent and where you decide to move to

Holaitsdavid

Posted: Mon Feb 7, 2022 5:15am

Holaitsdavid

Very helpful member

Posts: 1447

542 helpful points

Location: Mijas Costa

Joined: 30 Mar 2021

Posted: Mon Feb 7, 2022 5:15am

BRADDERS wrote on Sun Feb 6, 2022 7:58pm:

Health insurance is no cheaper than uk ..we have to have Spanish private cover as part of our long term visa we had it in uk and at aged 55 there is hardly any difference…..


with regard to UK driving licence I have Spanish car insurance and it’s valid….. absolutely no way. I am taking a Spanish driving test anytime soon .. with an interpreter !! In addition uk is looking to reciprocate the fact the Spanish can change it uk licence no test required…...

...

Spanish have terrible driving skills .. vast majority have not got a clue… leave that with anyone who thinks the Spanish are good drivers!!!! -absolute joke asking me to take a Spanish test in addition Morocco can just exchange as well really!!!!


Asking brits to take Spanish driving test is a money making scam..

Health insurance is no cheaper than up ? Mine a one third less, than UK & better cover,  BUPA 

 "I have Spanish car insurance and it’s valid" if  licence valid yes, it lasts 6 month only, and then a new test, unless changed while still EU citizen, you said moved November, still valid.

You can change if from Algeria, Argentina, Brazil, Bolivia, Chile, Colombia, Dominical Republic, Ecuador, Japan (In trade deal) Guatemala, Macedonia, Morocco, Nicaragua, Peru, Panama, Paraguay, Philippines, Serbia, Turkey, Tunisia, Ukraine, Uruguay, and Venezuela. Not UK so far. Plus EU/EEA/EFTA 

 , 

.

Keith75

Posted: Mon Feb 7, 2022 1:56pm

Posts: 7

Location: Mollina

Joined: 9 Nov 2021

Posted: Mon Feb 7, 2022 1:56pm

Holaitsdavid wrote on Sun Feb 6, 2022 5:15pm:

That might be good advise to rent first, also property here not a great investment, much over priced & little or no appreciation.  Some things cheaper than UK to include eating out and alcohol. Private health insurance is very cheap compared to the UK & lower rates. The killer people...

... should be warned about the 'Tax rates' and low personal allowance, on top of basic income tax there is about 34% social security, income from UK including pensions are taxed with no limit age social security, if people hit 30% tax band add the social security and you are paying 64% which is ridiculous, people need to research everything very carefully. Also note right now UK driving licence only valid for 6 months. The best Spain has to offer is the weather and the atmosphere.   

You saying could pay 64% on income in Spain,? Why are people living there then.

Holaitsdavid

Posted: Mon Feb 7, 2022 2:53pm

Holaitsdavid

Very helpful member

Posts: 1447

542 helpful points

Location: Mijas Costa

Joined: 30 Mar 2021

Posted: Mon Feb 7, 2022 2:53pm

Keith75 wrote on Mon Feb 7, 2022 1:56pm:

You saying could pay 64% on income in Spain,? Why are people living there then.

I said 64% with social security, which applies on income over the tax allowances, (people on a medium income & pensions), up until Brexit I think many Brits were paying their tax in the the UK, but now with a TIE they are clearly Spanish Tax residents. https://n26.com/en-es/blog/filing-tax-return  For those with assets and money outside Spain they have to complete a Mondelo 720 https://www.idealista.com/en/news/financial-advice-spain/2019/03/07/2406-form-720-modelo-720-spain

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Dcm123

Posted: Mon Feb 7, 2022 3:32pm

Posts: 9

3 helpful points

Location: Marbella

Joined: 14 Oct 2020

Posted: Mon Feb 7, 2022 3:32pm

You should consider the NHR regime in Portugal.  Much more tax efficient !

Holaitsdavid

Posted: Mon Feb 7, 2022 5:55pm

Holaitsdavid

Very helpful member

Posts: 1447

542 helpful points

Location: Mijas Costa

Joined: 30 Mar 2021

Posted: Mon Feb 7, 2022 5:55pm

Dcm123 wrote on Mon Feb 7, 2022 3:32pm:

You should consider the NHR regime in Portugal.  Much more tax efficient !

I don't think Portugal helps if people already live in Spain, however, for people moving here now they should consider the 'Golden Visa' scheme. I fear for many who rushed to get their TIE in the transition period who might be disappointed when examine the full implications of being a Tax resident in Spain. Further, unlike UK there is no age cap on social security, meaning those with the benefit of a UK S1 or paying for private health care might well find themselves paying Spanish social security anyway, many will be paying contributions for no benefits whatsoever. If people working for a Spanish firm another ball game, the employer pays 90% S.S. but for those with foreign income and pensions the taxes can be painful, as liable for both income tax and S.S.    

https://www.lisbob.net/en/blog/nhr-status-portugal-non-habitual-resident-tax-guide

Dcm123

Posted: Mon Feb 7, 2022 6:12pm

Posts: 9

3 helpful points

Location: Marbella

Joined: 14 Oct 2020

Posted: Mon Feb 7, 2022 6:12pm

Holaitsdavid wrote on Mon Feb 7, 2022 5:55pm:

I don't think Portugal helps if people already live in Spain, however, for people moving here now they should consider the 'Golden Visa' scheme. I fear for many who rushed to get their TIE in the transition period who might be disappointed when examine the full implications of being a Tax residen...

...t in Spain. Further, unlike UK there is no age cap on social security, meaning those with the benefit of a UK S1 or paying for private health care might well find themselves paying Spanish social security anyway, many will be paying contributions for no benefits whatsoever. If people working for a Spanish firm another ball game, the employer pays 90% S.S. but for those with foreign income and pensions the taxes can be painful, as liable for both income tax and S.S.    

https://www.lisbob.net/en/blog/nhr-status-portugal-non-habitual-resident-tax-guide

I was referring to the original couple from Northern Ireland who started this thread.


from a tax point of view, cost of living, cost of property, and climate, Portugal offers a much better deal.


we have lived in Barcelona for 8 years, and now Marbella for 7, and it’s pretty certain that we will move to Cascais later in the year under NHR scheme

By the way, not much input from the NI folk, what do you make of all this discussion?

Holaitsdavid

Posted: Mon Feb 7, 2022 6:25pm

Holaitsdavid

Very helpful member

Posts: 1447

542 helpful points

Location: Mijas Costa

Joined: 30 Mar 2021

Posted: Mon Feb 7, 2022 6:25pm

Dcm123 wrote on Mon Feb 7, 2022 6:12pm:

I was referring to the original couple from Northern Ireland who started this thread.


from a tax point of view, cost of living, cost of property, and climate, Portugal offers a much better deal.


we have lived in Barcelona for 8 years, and now Marbella for 7, and it’s pretty certain that we will move to Cascais later in the year under NHR scheme

By the way, not much input from the NI folk, what do you make of all this discussion?

No they input very little! Mind you said had Irish passport. so could dodge a lot of the problems. 

Keith75

Posted: Mon Feb 7, 2022 7:44pm

Posts: 7

Location: Mollina

Joined: 9 Nov 2021

Posted: Mon Feb 7, 2022 7:44pm

Holaitsdavid wrote on Mon Feb 7, 2022 2:53pm:

I said 64% with social security, which applies on income over the tax allowances, (people on a medium income & pensions), up until Brexit I think many Brits were paying their tax in the the UK, but now with a TIE they are clearly Spanish Tax residents. Read more...

Understand tax allowance is lower, but presume tax social security is only charged on your annual income AND NOT ON SAVINGS. Am I correct there please.

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