How Will BREXIT Effect United Kingdom Spanish Property Buyers

24 Jun 2016

With the news that the United Kingdom Voters have voted to leave the European Union what impact will this have on Spanish property buyers from the UK and more importantly Spanish property owners that currently reside in Spain?

According to Nick Stuart Chairman of Spanish Hot Properties group the major impact will be felt by those UK citizens living in Spain with minimal impact for those UK citizens planning to buy a holiday home in Spain or Invest in Spanish property but continue to live in the UK.

The biggest impact will be felt by those who are currently Tax Residents and working in Spain as being part of the EU allowed them to work freely and set up business in Spain under the EU single market. However now the status of those people will be similar to that of Russian and USA citizens who live and work in Spain. Also it’s really how Spain intends to classify these people who contribute to the wealth and Income of Spain that will be crucial said Nick.
However for most UK Spanish property buyers nothing much will change. It’s highly unlikely Spain will ask UK Citizens for a visa to visit the country and already there are passport controls between the UK and Spain. UK Spanish property owners will just be treated like the thousands of International property owners from Countries such as United Arab Emirates, Russia, Australia and the USA. The only real problem for UK Citizens is the 8% devaluation against the Euro making property 8% more expensive than they were yesterday explained Nick.

So if you’re living in Spain you should quite rightly have concerns about how BREXIT affects you but if you’re planning in buying a Spanish property nothing really has changed.

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