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Fuerteventura permenant move

Fuerteventura permenant move

Old Feb 4th 2019, 8:00 pm
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Thumbs up 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
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Old Feb 4th 2019, 8:51 pm
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Default Re: Fuerteventura permenant move

Originally Posted by Baymaster
...
i understand that a work permit is required to buy a property but on the condition of confirmed contractual work ?
You do not need a work permit to purchase property.

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Old Feb 4th 2019, 8:57 pm
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Default 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.
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Old Feb 4th 2019, 9:06 pm
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Default 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 � ����
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Old Feb 5th 2019, 3:49 am
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Default Re: Fuerteventura permenant move

Good luck, do it :-)
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Old Feb 6th 2019, 9:20 pm
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Default 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

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Old Feb 6th 2019, 9:41 pm
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Default 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.
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Old Feb 6th 2019, 9:46 pm
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Default 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.
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Old Feb 7th 2019, 1:54 am
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Default Re: Fuerteventura permenant move

Originally Posted by Baymaster
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
Not quite all you need. You do not "choose" if you wish to be resident or not. There are rules which you should follow. There are many posts on the subject. I suggest you read them.
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