5 year plan

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5 year plan


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Old 30th September 2020, 12:57 PM
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Default 5 year plan

Hi everybody,

Myself and my wife hope to purchase a second home in Spain - probably either Costa Del Sol or Costa Brava in the next 5 years.

We like the look of Estepona and will be looking for areas similar to it.

We are both from Northern Ireland and have recently applied for Irish passports in the hope that this will make things a bit easier for us.

Does anybody know (or has it been confirmed yet) whether when it comes to the normal things we need to think about in relation to purchasing in Spain that our Irish passport will enable us to be treated as EU citizens or will the fact we are residents in UK (NI) take precedence?

Longer term we hope to retire to Spain but initially this will be a holiday home.

We hope to take a few weeks out in Spain to look around and decide exactly what we are looking for and the areas we find most appealing.

Are people expecting the property market to be impacted by COVID?

Many thanks for any advice you can send our way. We are just in the 'thinking about and planning' stage rather than being ready to make a move but I like to plan ahead and try to ensure we are doing everything the right way.

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Old 30th September 2020, 01:06 PM
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Originally Posted by balaks View Post
Hi everybody,

Myself and my wife hope to purchase a second home in Spain - probably either Costa Del Sol or Costa Brava in the next 5 years.

We like the look of Estepona and will be looking for areas similar to it.

We are both from Northern Ireland and have recently applied for Irish passports in the hope that this will make things a bit easier for us.

Does anybody know (or has it been confirmed yet) whether when it comes to the normal things we need to think about in relation to purchasing in Spain that our Irish passport will enable us to be treated as EU citizens or will the fact we are residents in UK (NI) take precedence?

Longer term we hope to retire to Spain but initially this will be a holiday home.

We hope to take a few weeks out in Spain to look around and decide exactly what we are looking for and the areas we find most appealing.

Are people expecting the property market to be impacted by COVID?

Many thanks for any advice you can send our way. We are just in the 'thinking about and planning' stage rather than being ready to make a move but I like to plan ahead and try to ensure we are doing everything the right way.
It's your nationality that counts for immigration purposes, not where you live.

An Irish passport is an EU passport, so you can take advantage of those benefits.

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Old 30th September 2020, 01:17 PM
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Many thanks for the swift reply. That is potentially great news for us then.

Will BREXIT cause some ex-pats to return to the UK do you think or will it have more of an impact on those looking to move to Spain after BREXIT happens?

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Old 30th September 2020, 01:45 PM
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Yes. Your Irish passports will do fine. Makes you both EU citizens.

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Old 30th September 2020, 01:49 PM
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Many thanks for the swift reply. That is potentially great news for us then.

Will BREXIT cause some ex-pats to return to the UK do you think or will it have more of an impact on those looking to move to Spain after BREXIT happens?
If you mean British immigrants to Spain, then yes, many have returned to the UK already.

Definitely the biggest impact will be for British citizens wishing to move to Spain after 31/12/2020.

They lose the right to do so & have to apply for a visa.

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Old 30th September 2020, 02:03 PM
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Will BREXIT cause some ex-pats to return to the UK do you think or will it have more of an impact on those looking to move to Spain after BREXIT happens?
Brexit will have an effect on both groups, for different reasons. Some expats who have been living under the radar, not registering and not paying taxes in Spain, will in many cases be heading to the Blighty if they don't want to become residents and pay taxes. There are those who are heading to Spain now to establish residency before the year's end to benefit from the withdrawal agreement, but in many cases they will be renting first before finally deciding where and what to buy. Spain will continue to be an attractive destination for many EU citizens from Northern Europe with the combination of great weather, lower cost of living, many established expat communities (if you don't speak Spanish) and general welcome from locals.

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Old 30th September 2020, 02:41 PM
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Brexit will have an effect on both groups, for different reasons. Some expats who have been living under the radar, not registering and not paying taxes in Spain, will in many cases be heading to the Blighty if they don't want to become residents and pay taxes. There are those who are heading to Spain now to establish residency before the year's end to benefit from the withdrawal agreement, but in many cases they will be renting first before finally deciding where and what to buy. Spain will continue to be an attractive destination for many EU citizens from Northern Europe with the combination of great weather, lower cost of living, many established expat communities (if you don't speak Spanish) and general welcome from locals.

It's the sun and sea we are hoping for really. We both are trying to learn a bit of Spanish and like the Spanish culture but obviously being able to quickly integrate into English speaking groups would make things much easier initially.

For this property it would be all about getting a place for holidaying so all the normal stuff you would expect will be on our radar. Longer term when we are actually thinking about retiring we will likely want something a bit more 'relaxed' and out of the way.

I'd thought that with people possibly leaving Spain this could mean there would be a lot of properties that people are looking sold over the coming year or two so if we can find a bargain then obviously that is what we would hope to do. 2 bed apartment within 15 mins walking distance from the sea bars/restaurants and with a decent sized terrace is basically all we are looking for at the moment.

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Old 30th September 2020, 03:01 PM
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It's the sun and sea we are hoping for really. We both are trying to learn a bit of Spanish and like the Spanish culture but obviously being able to quickly integrate into English speaking groups would make things much easier initially.

For this property it would be all about getting a place for holidaying so all the normal stuff you would expect will be on our radar. Longer term when we are actually thinking about retiring we will likely want something a bit more 'relaxed' and out of the way.

I'd thought that with people possibly leaving Spain this could mean there would be a lot of properties that people are looking sold over the coming year or two so if we can find a bargain then obviously that is what we would hope to do. 2 bed apartment within 15 mins walking distance from the sea bars/restaurants and with a decent sized terrace is basically all we are looking for at the moment.
It's difficult to predict because some areas are actually more popular because of Corona virus considerations. Now that companies in Spain have been pushed into accepting working from home as something acceptable and doable people are seeing they don't have to live near where they work if they don't want to. Some people are moving out of the cities after living through lockdown and this in turn may make some city centre properties more accessible to people who couldn't afford them before. Others are looking for a bolthole where they can escape to when restrictions are introduced and a second home by the sea has always been popular with the Spanish. Some British might leave, and some already have, but it's difficult to say whether this will make a difference to property prices in the area you are interested in.

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Old 30th September 2020, 03:09 PM
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In my opinion it would be the exchange rate which would be the main influence which might cause some UK citizens to return to the UK, just as it did during the global financial crisis. If it did drop significantly it would make any property purchase in sterling look less of a bargain.
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Old 30th September 2020, 06:27 PM
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What I see is that the property market has taken a big hit from the pandemic and subsequent economic damage and a lot of properties have come on the market. While the asking price may still be high, many sellers are no doubt open to offers. The same can be said about the rental market, with a lot more properties on offer and rents are being reduced to generate interest. In coastal communities, many holiday properties on short-term rentals have become long-term, year-round rentals at keen prices. This summer, many holiday properties remained empty and with diminishing interest in winter lets, landlords are keen to secure long-term lets to guarantee some income.


Last edited by Joppa; 30th September 2020 at 06:29 PM.
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