Keeping your finances in order when you move to Spain
A great many people who start to look into the prospect of a new life in Spain find themselves more than a little confused by the financial implications of such a move. If you thought you simply bought an apartment or a villa and everything would then just fall into place, you need to think again. There are complications, of course, but Simply Costa Developments can guide you through them.
First and foremost, you’ll be pleased to know there are no specific restrictions on buying a property in Spain if you’re from the UK. In general, the Spanish authorities actively encourage investment from abroad, and of course the Costa del Sol region is already home to a thriving ex-pat community. And for more good news, the property market here is thriving.
We’ve helped so many people to move to the area in recent times, and not just in finding the right home to move into. Issues such as arranging life insurance and opening a new bank account in Spain are of the utmost importance, so it’s good to know you can have experienced specialists by your side. Clearly, these are matters that will require plenty of attention.
Make sure you have the necessary paperwork
If you plan to have any kind of financial activity in Spain, you will need to obtain a NIE number. All foreigners who wish to purchase a home in Spain will have to apply for one, but don’t worry because our friendly team can explain the process to you. Once you have your number, you’ll be able to carry out your legal affairs knowing that you’re registered to do so.
It’s a good idea to find a locally based financial advisor when you relocate. The Spanish laws aren’t overly complex, but it pays to have someone in the know on your side. Issues such as property purchasing, pension holdings and inheritance law are likely to be relevant to you at some point, and we at SCD can help you find an advisor that will be able to help you from the start.
When you relocate to Spain, you might be tempted to close your UK bank accounts right away. There’s a sense of closure for many people who move, but closing that account might not be such a good idea. If you keep at least one UK account open, you’ll find it easier to access money should you make return visits to Britain. Opening a UK account while you’re living in Spain won’t be straightforward, due to international money laundering laws.
Moving to the glorious Andalusian sunshine is a wonderful idea, and it opens up a whole new world of possibilities. Many others have already done so, and if you’d like to join them it’s important to think about the financial boxes that need to be ticked. Thankfully, one call to our team on +34 682 66 22 89 can lead to you taking that all-important first step.
We look forward to hearing from you soon.
Words from our customers
Thank you both for your efforts and we shall certainly pass on your name to anyone we know who wishes to sell in the future. My best regards
A huge THANK YOU to you and Neil for everything out have done for me, you have been BRILLIANT. Wishing you both all the joys of Christmas and may 2018 bring you Health, Wealth and Happiness.
Love Pat xx
Thank you so much for all your help in getting this completed so efficiently. Best regards