Residency visa/permit options post Brexit – buying property

This topic contains 4 replies, has 4 voices, and was last updated by Profile photo of JMG JMG 2 months, 1 week ago.

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  • #200798
    Profile photo of bc1050
    bc1050
    Participant

    Hi,

     

    I am a UK citizen looking to move to Spain and buy a property this year to take up residency there.  Right now I can move as an EU citizen and go through the usual process to take up a residency there.  However, with BREXIT, we don’t know whether this will still be an option in the future or not so to mitigate the risk of getting kicked out post Brexit would it make sense for me to go another route – perhaps the Golden visa given my property will be above 500k?  Any suggestions as to the best way to proceed or alternative options?

    I would like to be in Spain this year but don’t want to buy property only to find out in two years time I cant live in it as a full time resident.  Or perhaps the risk is exaggerated and there will be options for me going forward?

    Thanks

  • #200827
    Profile photo of Mark Stücklin
    Mark Stücklin
    Keymaster

    I’m assuming there will be a deal. I simply can’t imagine they UK will force millions of EU citizens to leave (the country would grind to a halt), and that the EU will send home millions of Brits. It would be insane.

    If that happened I would have to take out Spanish citizenship.

    But don’t worry about having to anything special now about getting a Golden Visa. You can apply retrospectively, so if you buy now and investment €500k or more of your own cash in a house in Spain, and the British were to lose their residency rights post Brexit, then you can simply apply for a Golden Visa at that point based on your purchase today, assuming the Golden Visa scheme is still active in a few years time.

  • #201348
    Profile photo of bc1050
    bc1050
    Participant

    Thanks Mark for the comment.  I didnt know about the retrospective of the golden visa and will look into that

  • #201749
    Profile photo of rpsoroban
    rpsoroban
    Participant

    Hello Mark

    I am in a similar position to bc1050. I do agree with your position on the likelihood of EU citizens currently resident  being told to leave the UK is extremely unlikely and vice versa with UK citizens living in the EU at the time Brexit occurs. There are however  phrases in both your comments which make any “risk management” strategist raise an eyebrow.

    bc1050 says: so to mitigate the risk of getting kicked out post Brexit would it make sense for me to go another route – perhaps the Golden visa given my property will be above 500k?

    Mark says: assuming the Golden Visa scheme is still active in a few years time.

    It’s the word assume which make the “old alarm bells” jangle. If you are going to Spain and qualify for a Golden visa why not take it? The Golden visa might be available post brexit but not for UK citizens maybe, or even might not be available at all. Spain having it’s quota of rich Chinese, Russians Arabs etc?

    I think I would go for the GV and then know I can sleep and not play roulette with my 500K +. I know Wayne Rooney can blow that at the tables  but Mr.Sensible probably does not want to do that.

  • #201756
    Profile photo of JMG
    JMG
    Participant

    My advice to anyone wanting to move to Spain is to do it sooner rather than later. The Golden Visa scheme is an attractive option for those who are spending over €500,000 and it is good that it can be obtained retrospectively because it is not open to citizens of EU member states.

    For those who are spending less than €500,000 and will not qualify for the GV post Brexit or if the GV scheme comes to an end, work on the worst case scenario which is the proverbial cliff edge and crashing out of the EU with no deal. This would make the UK a third country meaning your rights will be similar to those of US and Canadian citizens for example. You could then obtain a non-lucrative visa which eventually leads to permanent residence in Spain. As long as you can support yourself and pay for private health insurance, you won’t get kicked out of Spain post Brexit.

    Private health insurance in Spain is excellent and might not be as expensive as you think so it is worth looking into. We pay about €70.00 per month per person (just increased) and it includes everything (except dentistry) but if you have a pre-existing condition, you could have a problem. The earlier you take out the policy, the less the premium increases with age. There is also a low useage rebate which helps with the premium.

    I agree with Mark, it would be insane for the UK not to have some sort of deal post Brexit but then again, it is insane to leave the single market and the customs union.

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