Fuerteventura permenant move
Feb 5th 2019, 8:00 am
#1
Just Joined
Thread Starter
Joined: Nov 2018
Posts: 3
Fuerteventura permenant move
Good morning
my wife and I are seriously considering a move to the island and would appreciate any advice on if our plans are realistic. Brexit obviously is a concern so guess we need to look at worse case scenarios.
about us,
im approaching 55 and will have access to my pension circa £800 per month
we will be in a position to buy a property outright
my wife is younger than me so will need to work
we should also have personal savings of around 80k
i guess the important question is getting the correct legal status either working visa/permit or ultimately residency.
i understand that a work permit is required to buy a property but on the condition of confirmed contractual work ?
we seem to meet all the other criteria including no health issues and would be prepared to obtain our own health insurance. Can anybody see any problems with our current position ?
i have been trying to get specialist advice from lawyers on the island but no particular business stands out as being reputable and are difficult to pin down.
thanks in advance
my wife and I are seriously considering a move to the island and would appreciate any advice on if our plans are realistic. Brexit obviously is a concern so guess we need to look at worse case scenarios.
about us,
im approaching 55 and will have access to my pension circa £800 per month
we will be in a position to buy a property outright
my wife is younger than me so will need to work
we should also have personal savings of around 80k
i guess the important question is getting the correct legal status either working visa/permit or ultimately residency.
i understand that a work permit is required to buy a property but on the condition of confirmed contractual work ?
we seem to meet all the other criteria including no health issues and would be prepared to obtain our own health insurance. Can anybody see any problems with our current position ?
i have been trying to get specialist advice from lawyers on the island but no particular business stands out as being reputable and are difficult to pin down.
thanks in advance
Feb 5th 2019, 8:57 am
#3
Concierge
Joined: May 2006
Location: ex ex-pat, in Taunton
Posts: 27,249
Re: Fuerteventura permenant move
At the moment no work permit or visa is required. I would strongly suggest you rent for several months first to make sure it's the right place for you.
Feb 5th 2019, 9:06 am
#4
Just Joined
Thread Starter
Joined: Nov 2018
Posts: 3
Re: Fuerteventura permenant move
Thanks for the reply, been coming to the island for the last 25 years so know it’s the right place for us � ����
Feb 5th 2019, 3:49 pm
#5
Started off with nothing
Joined: Feb 2009
Posts: 4,949
Re: Fuerteventura permenant move
Good luck, do it :-)
Feb 7th 2019, 9:20 am
#6
Just Joined
Thread Starter
Joined: Nov 2018
Posts: 3
Re: Fuerteventura permenant move
So am I right in saying an NIE number is all we need to live on the island if we purchase a property but don’t work on the island ?
we can afford our own health care and would like to keep some banking back in the uk,
i guess ultimately residency has its pros and cons, taxation etc
we can afford our own health care and would like to keep some banking back in the uk,
i guess ultimately residency has its pros and cons, taxation etc
Feb 7th 2019, 9:41 am
#7
BE Enthusiast
Joined: Aug 2018
Posts: 318
Re: Fuerteventura permenant move
Well to live permanently ( more than 90 days) you will need to apply for residency. Your NIE is nothing. It is just a number for identifying you fiscally. To get residency as a EU citizen you will perhaps need to do this before end of March in case there is no deal. If there is a deal you will have nearly another two years. If no deal it will be much harder and maybe impossible unless you have a very high income. Unlike UK you are required to provide proof of a supportable income and have a private health insurance to gain EU residency.
Feb 7th 2019, 9:46 am
#8
BE Enthusiast
Joined: Aug 2018
Posts: 318
Re: Fuerteventura permenant move
Forgot to say . If resident you will be tax under Spanish law on all income both in UK and Spain. You will also need to declare all your assets abroad over 50,000 Euros. This means bank accounts, property, savings, shares etc. Many people don't like doing this as it means that any sales conducted abroad will be checked and taxed by the Spanish government.
Feb 7th 2019, 1:54 pm
#9
Started off with nothing
Joined: Feb 2009
Posts: 4,949
Re: Fuerteventura permenant move
So am I right in saying an NIE number is all we need to live on the island if we purchase a property but don’t work on the island ?
we can afford our own health care and would like to keep some banking back in the uk,
i guess ultimately residency has its pros and cons, taxation etc
we can afford our own health care and would like to keep some banking back in the uk,
i guess ultimately residency has its pros and cons, taxation etc
