|
Re: Thinking of semi retirement to Spain
Originally Posted by Horlics
(Post 11540003)
And the problem with letting the kids stay in the UK home is that the Spanish tax authorities will assume that you are making a profit from rent whether you are or not.
|
Re: Thinking of semi retirement to Spain
Originally Posted by bolton wanderer
(Post 11539957)
Hi chipsandsausages,
We're part way through a similar plan. We've now taken early retirement and are looking for a home in Spain. One thing to be aware of is that your children may not leave home at 18 :o....I know our's hasn't :( He's now 23 and although he's working he can't afford a deposit, or even the rental on anything half decent. For the time being we rent when we're in Spain and our son looks after our house, pays the bills and a small peppercorn rent while we're away. I would also advise looking into the Spanish tax for your situation. Depending on your income & investments you might not want to be classed as tax resident. If you do, it may be worthwhile looking into a way of signing your UK house over to your children and collecting some form of rent from them while you're in Spain. good luck :cool: If you stay here more than 183 days you WILL be tax resident like it or not. Many people are surprised that: a) if you sell your UK house while tax resident in Spain , you will pay tax on it in Spain b)if you rent your house out in UK, even to your children, you will pay tax on it in Spain. If you don't rent it out you have to pay " imputed rent" ie the rent you would get if you rented it out, based on the tax office calculations. Wonder how many abide by this? |
Re: Thinking of semi retirement to Spain
Originally Posted by Neptuno
(Post 11540180)
If you stay here more than 183 days you WILL be tax resident like it or not.
|
Re: Thinking of semi retirement to Spain
Or if your spouse and/or family are tax resident in Spain, even if you do not meet the 183 day rule personally.
|
Re: Thinking of semi retirement to Spain
Out of interest say you lived on Spain for a year or two then moved back home to UK...how long would you have to live back in UK to no longer be classified as a Spanish resident?
|
Re: Thinking of semi retirement to Spain
You'd have to deregister from the foreign citizens list, and get a tax certificate from the tax office. You'd be liable for UK tax from the moment you touched down.
If, in the year you moved back you had spent more than 183 days in Spain, the following year you would have to send a tax declaration to Spain Obviously there could be an overlap, so you'd have to show the Spanish taxman you been paying tax in UK , and it will be deducted from the amount you owe in Spain. You may have to also send a 720 assets declaration if during the past year your assets increased by more than 20 k, from eg a property sale in Spain, with proceeds transferred to your UK account. |
Re: Thinking of semi retirement to Spain
Originally Posted by Neptuno
(Post 11540180)
It's not a case ofWANTING to be classed as tax resident.
If you stay here more than 183 days you WILL be tax resident like it or not. Many people are surprised that: a) if you sell your UK house while tax resident in Spain , you will pay tax on it in Spain b)if you rent your house out in UK, even to your children, you will pay tax on it in Spain. If you don't rent it out you have to pay " imputed rent" ie the rent you would get if you rented it out, based on the tax office calculations. Wonder how many abide by this? Good advice though... Make sure that the UK house is not in your name if renting to your children whilst you are tax resident in Spain. Just to clarify : In our situation, we rent for 3 months (90 days) at a time, alternating between the UK and Spain. We use our street legal UK registered car while in Spain and have appropriate travel insurance (annual, max stay 90 days per trip), car breakdown cover and have an EHIC card. |
Re: Thinking of semi retirement to Spain
Hi me and my husband are thinking of moving to spain were not going to jump straight into it,were going to rent for at least a year,,is it hard to find work in villa martine were not looking for fortunes and are prepared to do or try anything,im a hse nurse,and my husbands a pipefitter,i hope someone can give us so info on this.
|
Re: Thinking of semi retirement to Spain
Thanks for that. it sounds complicated. How do those of you who are there permanently get around this?
|
Re: Thinking of semi retirement to Spain
We don't get around it- we do it!
|
Re: Thinking of semi retirement to Spain
Originally Posted by Yvettefowler
(Post 11540691)
Hi me and my husband are thinking of moving to spain were not going to jump straight into it,were going to rent for at least a year,,is it hard to find work in villa martine were not looking for fortunes and are prepared to do or try anything,im a hse nurse,and my husbands a pipefitter,i hope someone can give us so info on this.
|
Re: Thinking of semi retirement to Spain
Originally Posted by chipsandsausages
(Post 11538504)
Well, far from doing nothing, we are currently looking at projection figures for our pensions and just wondered how everyone started the ball rolling. Thanks for your input.
Apart from that go for it and good luck! |
Re: Thinking of semi retirement to Spain
Originally Posted by bolton wanderer
(Post 11540610)
...
and have an EHIC card. The EHIC card is not enough - you NEED travel insurance as well - there have been threads on this Davexf |
Re: Thinking of semi retirement to Spain
Wow, thanks so much for all those points raised! We certainly have a lot of digging to do. This year is mostly looking at finances so we will likely speak to a financial advisor and a solicitor about implications of renting.
Oh... and when I said "get around it" - I was unclear... I meant how do you "deal with it?" lol. Really appreciate your advice everyone x |
Re: Thinking of semi retirement to Spain
Originally Posted by Dxf
(Post 11541649)
Hola
The EHIC card is not enough - you NEED travel insurance as well - there have been threads on this Davexf As per post ...... " and have appropriate travel insurance (annual, max stay 90 days per trip) " :thumbup: |
| All times are GMT -12. The time now is 9:45 am. |
Powered by vBulletin: ©2000 - 2026, Jelsoft Enterprises Ltd.
Copyright © 2026 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.