How Brexit May Affect British Buyers?

The Voting in UK to leave EU, named now Brexit may or may not go through as you may know by now, in any case here at South Spain Properties we decided to answer your questions in regards with that.

Am I leaglly allowed to buy a property in Spain if I am from UK?

Yes you can. Britain is still a member of the EU and British citizens enjoy the same rights today that they did before. You can buy a property in Spain regardless of where you are from.

What does a fall in Pound mean?

Lower exchange rates for British compared to the previously high rates they enjoyed means that Spanish property has just become more expensive for them however for the following reasons it will work out fine!

• The shock to the UK economy and market will recover eventually.
• with use of clever exchange companies you can enjoy a better rate.
• with a small negotiation on the final price you may not feel any difference at all in what you would have paid before.
• and lets not forget Spanish properties still remain largely afordable around 32% cheaper than their peak at 2007.

What will happen to my spanish home if the UK leaves?

Spain is generally very interested in foreign investments and already non-EU buyers benefit more or less from same rights as EU buyers.  UK is very likely to negotiate great deals for their expats.

Will I still get a mortgage from Bank?

Yes. in terms of finacing your holiday home, mortgage conditions are likely to stay the same, deposit of 40% and interest rates of variable depending on many factors.

Will the Spanish property market get affected?

Short answer is NO. A couple of factors to consider: Brits form 4% of the Market. Todays spanish foreign buyers are from a lot of countries including France, Germany, Holland, Denmark, Belgium, Sweden, Canadians, Saudi, Dubai , Kuwait, and many more which have great economies - they remain in Love with spanish climate and properties and market are unlikely to be affected. With uncertainty and instabilty in the markets competing in the past with Spain including Turkey, Egypt and many more , popularity of Spain is only bound to grow. Last but not least a dream home in the sun in spain is fairly irrelevant to that of Brexit, its like that sports car you always wanted, if you can afford it the answer is likely to be YES.

Is my EHIC card still valid in spain?

Yes. It will be at least valid for 2 more years while negotiations happen. With european countries being keen to ensure that their citizens wellbeing while travelling, it is likely the use of EHIC will be valid even after 2 years. Don´t also forget the private health care in spain is superb and affordable, in any case for British who wanted to stay all year they were always advised to take out private health cover that includes everything.

Will I get full healthcare if I move to Spain?

The situation remains very similar to the past, check the last paragraph.

How will inheritance work if Brexit goes through?

Brexit will have no effect on the existing tax agreements between the UK and Spain. British citizens and all EEA residents currently get very good tax treatment in Spain, paying the same inheritance tax as locals.

What happens next in Spain or more specifically in Marbella?

In short, not much will change. Exchange rate may fluctuate more making Hotel stays a bit more pricy for British, for EEA residents likely to stay the same. Britain remains in doubt as to leave or not as false promises became more apparent by pro-leave parties.  The betrayed Leave voters, some regretting it already and uproar amongst the rest of society, having a second refrendum seems to be pretty much on the table and likely to have a different outcome. The British buyers and lovers of Marbella already know that Marbella is a different place, and it´s not your average spanish town, like benidorm.  Here,  Marbella will not be affected!

• Micro climate , unique in Spain, best in Europe, best in Spain, Mild winter, Mild Summer.
• Micro economy, presence of wealthy landlords, businessmen from all over the world.
• Superb range of services geared towards rich and celebrities who generally remain unaffected by events like the latter.
• Marbella is one of the safest places in Europe and the world.
• Marbella is a lifestyle.
• In the light of recent findings, linking Lack of Sun (lack of Vitamin D) with Depression, Arthritis, gaining weight and many more, having a home in the sun becomes more like a necessity than a luxury.

I hope you liked this post and be sure to keep up to date with our blog for all the latest news. To book an appointment or for more information on our properties contact us now.