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Hi, has anyone moved to Spain and rented out property as their main source of income? Is it viable? We were thinking of moving across full time but reluctant to give up our jobs incase it doesn’t work out. It’s a big decision and scary. Just wondered if anyone was brave enough to take the leap.
Thankyou
Liz
It depends how much rent you will be getting and I'm assuming you are talking about renting out your house in the UK.
For everything you need to know about moving to Spain read Jim's Guides which are in a tab at the top of the page but please don't private message Jim as he gets inundated and your questions could help others on the open forum.
Hi Liz ,
We are making the move in 9 days , it is scary as I don’t get my state pension for 5 1/2 years and hubby 11 years. We’re renting out our house in the UK & drip feeding our private pensions into our bank account.
We know we can have a much better quality of life in Spain for less money and the great weather is a huge attraction. Once we know we have settled & got over the possible home sickness we might consider selling our house in the UK . It’s good to know our family in the UK are only a few hours away, & when we see them it will be quality time spent together rather than the odd hour or so that is the usual at the moment.
I’m sure there’ll be many on this lovely forum that made this leap of faith over the years who can give you some great advice and encouragement, we’re excited to be taking that leap on 3rd September.
Regards,
Maggie.
Posted: Tue Aug 25, 2020 6:41pm
Super helpful member
My partner and I both retired in April 2018 and moved out here from the UK a week later. I sold my house in the UK to buy our villa here, she kept hers because she has grown up children living in it.
We absolutely love living here and don't regret the move at all. You will obviously have to do the sums to see how it'll work out financially for you. I am still a year away from UK state pension, she is seven years away. We live on our occupational pensions and a few investments.
We have a three bedroom villa with maintained private pool. We bought a car when we arrived. Our experience has been that the two of us can live comfortably on 1200€ a month not including holidays and big ticket items. That includes income tax and PHI.
If you really want to do it, you've just got to summon up the courage and go for it. Life is not a rehearsal!
One word of caution - check out the tax implications of becoming tax resident here, then selling your UK property at a later date. I'm not sure what they are, but better to have the facts.
Herefordjack wrote on Tue Aug 25, 2020 6:41pm:
My partner and I both retired in April 2018 and moved out here from the UK a week later. I sold my house in the UK to buy our villa here, she kept hers because she has grown up children living in it.
We absolutely love living here and don't regret the move at all. You will obviously have to do the sums to see how it'll work out financially for you. I am still a year away from UK state pension, she is seven years away. We live on our occupational pensions and a few investments....
Read more...
...
We have a three bedroom villa with maintained private pool. We bought a car when we arrived. Our experience has been that the two of us can live comfortably on 1200€ a month not including holidays and big ticket items. That includes income tax and PHI.
If you really want to do it, you've just got to summon up the courage and go for it. Life is not a rehearsal!
One word of caution - check out the tax implications of becoming tax resident here, then selling your UK property at a later date. I'm not sure what they are, but better to have the facts.
Good advice on the Capital Gains Tax issue
LeckyLes
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Posted: Tue Aug 25, 2020 9:17pm
Mags03169 wrote on Tue Aug 25, 2020 6:19pm:
Hi Liz ,
We are making the move in 9 days , it is scary as I don’t get my state pension for 5 1/2 years and hubby 11 years. We’re renting out our house in the UK & drip feeding our private pensions into our bank account.
Read more...
We know we can have a much better quality of life in Spain for less money and the great weather is a huge attraction. Once we know we have settled & got over the possible home sickness we might consider selling our house in the UK . It’s good to know our family in the UK are only a few hours away, & when we see them it will be quality time spent together rather than the odd hour or so that is the usual at the moment.
I’m sure there’ll be many on this lovely forum that made this leap of faith over the years who can give you some great advice and encouragement, we’re excited to be taking that leap on 3rd September.
Regards,
Maggie.
All the best for that Maggie! Are you renting out property in Spain as a business? In order to make an income. That’s what we were thinking of doing. We were going to sell everything in uk to buy property in Spain as a business.
Keep in touch and let me know how you get on. So exciting! All the very best!
Posted: Tue Aug 25, 2020 9:21pm
Herefordjack wrote on Tue Aug 25, 2020 6:41pm:
My partner and I both retired in April 2018 and moved out here from the UK a week later. I sold my house in the UK to buy our villa here, she kept hers because she has grown up children living in it.
We absolutely love living here and don't regret the move at all. You will obviously have to do the sums to see how it'll work out financially for you. I am still a year away from UK state pension, she is seven years away. We live on our occupational pensions and a few investments....
Read more...
...
We have a three bedroom villa with maintained private pool. We bought a car when we arrived. Our experience has been that the two of us can live comfortably on 1200€ a month not including holidays and big ticket items. That includes income tax and PHI.
If you really want to do it, you've just got to summon up the courage and go for it. Life is not a rehearsal!
One word of caution - check out the tax implications of becoming tax resident here, then selling your UK property at a later date. I'm not sure what they are, but better to have the facts.
Wow that’s great! Thx for the info. Very useful. All the best!
Sophielucy wrote on Tue Aug 25, 2020 9:17pm:
All the best for that Maggie! Are you renting out property in Spain as a business? In order to make an income. That’s what we were thinking of doing. We were going to sell everything in uk to buy property in Spain as a business.
Keep in touch and let me know how you get on. So exciting! All the very best!...
Read more...
...
Hi ,
No we’re just renting our house out in the UK & want to just chill out in Spain & hopefully take up a few hobbies . I’ve been working night shifts for almost 10 years and I think it really takes a toll on your health and well-being, so now it’s time to to relax and show my mind and body some respect, lol !
I do hope you get to realise your dream too , we’re in Algorfa so not a great distance I don’t think from where you’ll be living.
Davebev1's guides: Renting out your property as a holiday let in Spain
If you are thinking of buying property here for an investment, please read the above.
Depending where you buy you need to factor in a year to get the licence, if not more.
Posted: Wed Aug 26, 2020 11:23am
Mags03169 wrote on Tue Aug 25, 2020 6:19pm:
Hi Liz ,
We are making the move in 9 days , it is scary as I don’t get my state pension for 5 1/2 years and hubby 11 years. We’re renting out our house in the UK & drip feeding our private pensions into our bank account.
Read more...
We know we can have a much better quality of life in Spain for less money and the great weather is a huge attraction. Once we know we have settled & got over the possible home sickness we might consider selling our house in the UK . It’s good to know our family in the UK are only a few hours away, & when we see them it will be quality time spent together rather than the odd hour or so that is the usual at the moment.
I’m sure there’ll be many on this lovely forum that made this leap of faith over the years who can give you some great advice and encouragement, we’re excited to be taking that leap on 3rd September.
Regards,
Maggie.
Hi
We were thinking of doing the same thing but after looking into it with spanish tax lawyers we are now not sure as we will become liable for capital gains tax on are property in uk as it will be no longer are main resident after we take up residency so would have this as worldwide income and also tax on rental income which means doing tax returns in both uk/spain at a cost again
Good look with it all
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