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Expats snap up a home back home as UK house prices rise
A revitalised UK housing market is attracting attention from international buyers – many of them British, according to new research. Lloyds Bank found that the UK was the favoured property purchase location for expats, with those based in the UAE, France and Switzerland being the most likely to buy a home back home.
Their poll found that 38 per cent of more than 1,000 expats surveyed plan to buy a new property in the coming two years for buy-to-let purposes, to secure a regular income while they live abroad. More than a quarter, 25.8 per cent, said they were looking at property in the UK. This was the most popular location, followed by Australia (24.7 per cent), the US (15.1 per cent) and Canada (8.2 per cent).
While the Spanish property market is showing signs of recovery, this was only the fifth most popular destination for expats looking to buy, with just 6.8 per cent of the expats surveyed looking for a eurozone bolthole.
So Spain was No.5 after UK, US, Australia and Canada, all English-speaking countries.
People always feel safer buying in a rising market, but prices fall after rising and rise after falling….
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I wish them luck. Maybe they should consider being No Residente in Spain to avoid the fiscal problems ? Maybe they should consider it being in a name other than their own -wife or relative for example to avoid the new law to declare it to Hacienda ? If you die owning it Hacienda could take a big chunk of the capital.Remember it is not owning a property in Spain that makes you fiscally resfdent. Its the number of days in a fiscal year 1.1 to 31.12 that you your- self are physically there including days arriving and leaving Being No Residente limits you to 182 days year in Spain -you need to make the annual return- a gestoria will do it for as little as 20 euros and pay the minimal tax to Hacienda. Then register to pay UK tax in UK with HMRC-you need to be in UK at least 90 days to qualify as UK resident. If you exceed the 182 days remember that when you fly in and out the airline gives your details to Spanish Immigration in advance – you might not get caught but don’t take chances with your English house. If you don’t declare your English house while fiscally resident in Spain the penalties are now SEVERE
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@LittleDuceCoupe wrote:
What about if you drive to Spain. How do the authorities know that you are using-up your 182 days? There are no border checks are there?
The onus isn’t on the Hacienda to prove you’ve been in the country for more than 183 days. If they come after you for taxes they believe you owe them—the onus is on you to prove that you have not been in the country for more than 183 days and thus not a Spanish fiscal resident for tax purposes.
You can always try and fight them through the legal system—I hope you’ve got deep pockets and plenty of time on your hands to do so.
Spain’s system doesn’t operate like normal developed economies—they make half of it up as they go along.
Do yourself a favour—make sure you have verifiable documentation to prove that you have not been resident in the country for more than 183 cumulative days in a calendar year. Do yourself a double favour—make sure you have no close relatives or family living there so they can’t make Spain your ‘centre of economic interest’ either.
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