Gecko Towers
Update 09.04.24: An announcement has been made by the leader of the Socialist Government in Spain, that his government plans to amend or repeal the “Golden Visa” legislation. Currently no timetable for these changes has been suggested and there is opposition to any revision. That said, this discourse, that started in May 2023, may result in some material changes. We will endeavour to keep you up to date with these as we are made aware of them and their precise impact.
There is, of course, an ocean of difference between being a holiday maker and choosing to relocate. The very idea of a holiday is to take you away from your everyday life to enjoy quality time with family and friends and to recharge your batteries.
Many of you will be very familiar with the “resort” of Marbella – and its Costa del Sol neighbours – with your favourite beach clubs, bars and restaurants but less may have a more detailed experience that includes locally schooling your children, pool and garden maintenance services and those building companies who can transform your living environment. This picture of daily reality sits alongside the contentment that comes from an appreciation of a hugely privileged lifestyle, in a majestic environment while soaking up the cool, almost bohemian, vibe.
The picture postcard dream of waking up to the Spanish sunshine is high on the wish-lists of many but enjoying all of the seasons of the year, which are less defined, is a constant joy.
The prevailing themes that we hear from clients seeking to enjoy their version of a Life in the Sun, is as a direct result of two unconnected issues. The first is a new reality that has arrived post Covid and is summed up in the expression “life is too short”. Putting off to tomorrow – or the day after – is now no longer an option, grasping at the chance of enjoying life to the full is no longer limited by procrastination. There is a new positivity that the worst is behind us and the success of the vaccine programme has meant that if you do contract the virus your likely experience will, hopefully, be no more severe than a bad case of the the flu. So why not go for it and live the life that you have always dreamt of!
The second is that for many the prospect of retirement is not something they perhaps ever want to consider but why would they when their work makes them happy and fulfilled as part of an active lifestyle. Their only limitation is that they may not live in their chosen environment. Teleworking and wide-band fiber optic cables have liberated many from the tiresome drudgery of being desk bound. Choosing a property with a home office – as so many now have – releases you from the need to be present, in the physical sense, for five days a week or more. Combined with perhaps the best infrastructure of toll roads and airports in Europe returning to attend a meeting in the UK in the morning and returning to Marbella in the evening is now entirely feasible.
The one limiting factor that is now just an issue that requires dealing with, is the post-Brexit legacy that holding a UK passport makes you a resident of a non-European Union (EU) country. It is therefore necessary to consider your options and to consider whether there is interest in applying for a visa that can turn a limited number of days stay into a more attractive lifestyle solution. Without the requisite visa your ability to stay in the EU is limited to 90 days in any 180 day period. By successfully applying for say, a Spanish issued so-called “Golden Visas”, you are permitted to live in Spain for any period you chose. As a result, if you live in Spain for less than 183 days there is no consequential obligation, in Spain, to file a tax return of your world wide income. Any longer than 183 days and you will become a Spanish tax resident with all that entails.
There are criteria that you need to fulfill to apply and be successful in the Golden Visa process and one of the best ways of satisfying this is with the correct purchase of a qualifying property. Care needs to be taken when making your purchase and your advisors need to have a thorough understanding of the legislation.
In my experience of over twenty years of living in this region you will never regret your decision and many kick themselves for not doing it sooner. The profile of new settlers in Marbella is changing with many now being in their thirties and forties.
The Spanish state has decided that it wants to be in the forefront of the tech revolution and has a slate of new legislation designed at making it easier to open new companies and to attract people to Spain to work in the entrepreneurial economy.
In Malaga, the provincial capital about half an hour by car from Marbella, the Andalusia Technology Park (Parque Tecnologico) is a massive success. It has become the hub for both international businesses who’s staff have been presented with a lifestyle choice to be based in the Southern Spain but also an epicenter for new and innovative start-up businesses taking on the challenges of the new economy. The region has been known for years as the California of Europe but more recently Malaga is now being referred to as “New Silicon Valley”.
Of course, it depends through who’s eyes you see it, but many have a fixed view of what Marbella was but then again many are looking with great optimism to a future in the Marbella region. Is it perhaps something you’d like to consider? Come and see us, even for a few days vacation, my suspicion is that you may chose to stay longer!
Should you be interested in discussing the process involved in buying a property in the Marbella region, we would be delighted to assist you. As and when you are ready to progress with your search please contact me to discuss your precise requirements.
We are not estate agents, but we know some hard-working and reputable ones, as needed.
We have a multi-disciplinary team of bi-lingual, highly experienced and wholly independent Abogados (Spanish Lawyers) and Asesores Fiscales (Tax Accountants) ready to help 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 the writer or the publisher providing legal, tax or financial advice. 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.
My details: Mark FR Wilkins, during usual business hours on +34 600 343 917 or e-mail me at mark@biznagapartners.com
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© Mark FR Wilkins 2024. All rights reserved.