Gecko Towers:
We are being told that Spain generally is a great choice for US citizens seeking to relocate, particularly as pensioners. A study by Global Intelligence Unit, compared variables including the weather and taxes. Spain came out top ahead of Portugal.
Spain’s comparatively low cost of living, excellent quality of life, good public and private healthcare systems and available visas all contributed to this positive result .
We are happy to express a preference and would wholeheartedly encourage those choosing, for whatever compelling reason, to leave the US to see the Marbella region with it’s combination of metropolitan and country living and exceptional climate, environment and breadth of housing offer, as being a great choice.
In relocating to the Marbella region, what should US nationals be most concerned about? Here are some key issues to consider:
Residency and Visa Requirements
Visa requirements : Determine if you need a visa to enter Spain and understand the requirements for obtaining a residence visa. There seem to be a couple of standard choices. For those with job mobility a so-called “Digital Nomad” visa may be preferred. While those with a decent pension pot may prefer to obtain a “Non-Lucrative Visa”. Both will require demonstrable financial positions and an acceptable level of health cover.
Residency application: Familiarize yourself with the residency application process and required documents.
Tax Implications
US tax obligations: Understand your US tax obligations as a resident abroad, including filing requirements and potential tax implications.
Spanish tax obligations: Familiarize yourself with Spanish tax laws – and the concept of “tax resident”, including income tax, wealth tax, and property tax.
Establish whether you can benefit from the so-called “Beckham Law” tax regime. A very attractive residency structure named after the England and Real Madrid footballer, David Beckham, which was used when he joined Los Blancos.
Healthcare and Insurance
Spanish healthcare: Understand the Spanish healthcare system and how to access medical care as a resident.
Health insurance: Consider purchasing private health insurance to supplement the public healthcare system.
Financial Planning
Banking and finance: Understand the Spanish banking system and how to manage your finances as a resident.
Currency exchange: Consider the implications of currency exchange and potential fluctuations. It may well be that you will need the comprehensive assistance of a Currency Brokerage whose role is to convert reasonable sums of Dollars into Euros at the best available rate of exchange.
Integration and Daily Life
Language: Unless you hail from an Hispanic family with an already reasonable grasp of Castellano Spanish the best advice is to learn Spanish to improve your integration and daily life.
Cultural differences: Understand the local culture and customs to navigate everyday situations. Here you will encounter a myriad of both challenges and prospects. It requires your own enterprise to determine whether or not such issues, particularly with Spanish banking and general administration, are sufficient to spoil your overall experience. Frustration will be experienced but conquering such matters will enrich your Spanish life – I know as I have done it!
Additional Tips
Research and planning: Research the local market, housing, and cost of living to ensure a smooth transition.
Professional advice: Consider consulting with professionals, such as experienced qualified and bi-lingual Spanish Abogados (Lawyers), accountants, and financial advisors, to ensure you’re well-prepared for your relocation.
By understanding these key concerns, US nationals can better prepare themselves for a successful relocation to the Marbella region.
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Should you be interested in discussing the process involved in buying a property in the Marbella region, we would be delighted to assist you. We have an experience-qualified and best of breed Associates Network comprising professionals focused on the Marbella region’s property market. Their services include property search, mortgages, legal and tax services, visas, surveying, insurance and currency brokerage. We have done the leg work, testing the quality of our Associates Network and now feel confident in recommending their services to you.
Please note that our posts are for general interest. There is no substitute for proper advice tailored to your specific circumstances as provided by a qualified Abogado who is experienced in the application of the Spanish Law. Nothing contained in this article should be seen or taken as legal, tax or financial advice and cannot be relied upon as such. Neither the writer nor the publisher accepts any responsibility for liabilities arising as a result of reliance upon the information given. All details have been reasonably fact-checked and all efforts have been taken to ensure that facts are accurate as at the date of publication.
Interested to own a property in the Marbella region? Then why not grab a copy of my recently published E-book titled “Buying a Property in Marbella? Please, read this first!” To get your own copy please follow this link https://amzn.eu/d/7uVvXFD
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My details: Mark FR Wilkins, during usual business hours on +34 600 343 917 or e-mail me at mark@therightsgroup.com
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