LightPanther

Hello there.

I am in the first stages of considering a move abroad, probably to Italy or Spain. I have two questions, one short and one long (LOL) and would greatly appreciate anyone with authentic knowledge or who has lived in these countries offering any advice or wisdom.

My first question, probably a dumb one is........what exactly happens to my UK citizenship when I move to (for example) Spain (or Italy)? If I were to want to come back after 5 years, after 10, would I still be able to?


My longer question concerns advice on how realistic my plan sounds to those who have done these things.
The short story: I am 40 and was recetly fortunate enough to come by appx £170k left in a will, My present property is worth appx £130k. These are my total assets. I do not have a pension. My (as yet vaguely sketched out plan is to move to Spain/Italy, get a not-too-expensive place for myself, and use the rest of the money to purchase one or two (or at a stretch 3, smaller) properties for renting out. The idea and the dieal would be to make a living from this alone and not to have to engage in other work. So, first, will this be permissible in these countries, and second, any advice you may offer on how REALISTIC it seems and pitfalls to avoid.

Many thanks in advance!
MJ

Pris

Hi
Your first question, You will not lose your citizenship if you move abroad. But it is advisable to register yourself with the birtish Embassy in that country when you arrive as you my need them when things go wrong. Also check the inland revenue for tax implications. For exaple, if you live abroad for more than one tax year (April to April) you can be considered a non resident for tax purposes. Which means you do not pay taxes in the uk. But if you cisit the UK for more 183 you will still be liable to Uk taxes on your foreign income. See the inland revenue website for more information.

I can't answer your second question from experience but i know that if you are buying porperty for renting you should really speak to estate agencies and accountants on taxes and other documents you may need to have to do this. I hear buying property in Italy is easy but like everthing else in Italy, it can be quite bureacratic to rent out accommodation and taxes maybe involved. You should also research the area quite well to make sure you are buying property in an area that will be rentable.

Good luck.

LightPanther

Pris, thank you very much for replying.
I guess at this stage I am looking more for advice on the "whole picture", although of course I will have to pursue all of the lines you suggest eventually. Estate agents have a lot of information, but there's always a worry about the independence of their advice.

I understand that you can't become a citizen of Spain for 10 years. I am assuming then that I remain a citizen of UK even if living in Spain and renting out property there?


Additional advice from anyone would be most welcome, as it is difficult to find (Pris, thanks again).

jdr

I think you are a British citizen as long as you hold a British passport no matter where you live. If you emmigrate, you get a landed immigrant status in some countries, but are still British until you nationalize.
You can be a British citizen and get a Spanish residencia.
If you become a Spanish national, i assume you would get a Spanish passport and have to give up your British one.
Best to check with Embassy.

Pris

Lightpanther


As mentioned before, you do not lose your citizenship because you live abroad. You can apply for residence and keep your british citizenship or if you want to become a spanish citizen you could either have dual nationality ( two passports) or give up your british citizenship. I know the British governement allows dual citizenship but you have to check if the Spanish governement allows this.

If I find anymore info I'll let you know.

Cheers

jdr

If you are born in Spain of non Spanish parent, you can have dual citizenship, not sure if you can just by moving here.