For a relatively short time now a large proportion of British/US expats have been considered at some point in their lives, particularly in retirement, starting a new, quiet life in Spain.
With the arrival of Brexit and, consequently, the UK’s exit from the European Union, visa requirements have changed and can be somewhat complicated if you want to retire in Spain. For this reason, My Spain Visa has all the information you need to get a Spain retirement visa.
My Spain Visa is a digital progressive visa boutique with a visa expert team totally dedicated to assuring the people, who pretend to receive the best and personalized guidance, prompt feedback and professional services to achieve all the objectives with a successful resolution. If you have any questions or need information that you cannot find easily, with a few clicks, you can send your questions and receive an answer in less than 24 hours and therefore receive advice that is fully targeted to your needs.
My Spain Visa’s team will choose or advise you on the best area to live in Spain, according to what you and your loved ones would like. You can also receive advice if you want to buy a house and, in general, if you need to know a little more about the Spanish way of life, its customs, economy, laws, etc.
Tax in Spain
In relation to the last mentioned, it is important to note that residents in Spain as well as non-residents must pay capital gains tax at least once in their lifetime. But what does this mean? Once you make a profit from an economic transaction, such as when you sell property, real estate, shares, and precious metals, one of the main taxes you will be obliged to pay is the capital gains tax. My Spain Visa highly recommends you seek tax advice from a tax expert because taxation in Spain tends to be complex at times and you could end up with fines or penalties if you are not careful.
Luckily, the capital gains tax for non-residents is simpler and easier to calculate compared to that of residents. The capital gains flat rate for non-residents in Spain is a rate of 19% charged on the profits gained from the auction of a home. You can easily find on the website linked in the previous link to calculate exactly the tax payable in your case.
Who has to pay the Spanish tax rates for pensioners? You are obliged to pay the tax if you are a resident or non-resident residing or working in Spain. However, it should be borne in mind that you have to be very careful when dealing with these matters and know exactly when and how much to pay. For example, you are considered a resident in Spain if you have been living in Spain for 183 days or more. Therefore, if your interest in the country is to retire and live with your family or to set up a business, you are considered a resident in Spain for tax purposes.