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  • Hey everyone!

    Bit of background: My husband and I are British Citizens currently living and working in Dubai for the last 4 years. We're just in the process of buying our first BTL in the UK.

    Our goal is to build a property portfolio and move to live and work in Ibiza within 5 years. Now, obviously we're completely unsure about the Brexit implications for us at this stage, but I'm just reaching out here to see if anyone has bought property either to live in or to rent out in Ibiza (as I am sure it will be a little different than mainland Spain)

    Thanks!

    Tiff

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    Hi Tiff
    That sounds like an exciting plan. I have helped buyers in mainland Spain rather than Ibiza specifically, but I do know that in the Balearics they have tended to be hotter on the rental laws and licensing than in some areas of mainland Spain. Particularly Mallorca. I say this because I am not sure if you are looking to stay in rented accommodation or invest and let out to others in Ibiza.

    There tends to be a big difference between the letter of the law and what some landlords do in practice, but it is better to know what the legal framework is and operate within it, as there can be periods of enforcement (and have been). There is also a difference between letting out as a 'Company' vs an Individual in terms of what expenses can be passed onto tenants or not.

    Just as an aside, what are your main concerns regarding Brexit for your situation?

    Kind regards

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    Hi Louise

    Thanks for your response.

    Yes, we've done quite a bit of research regarding rental laws etc in Ibiza, and at the moment we are only looking at buying a place for ourselves so that would not come in to play. Maybe down the line, but nothing in the pipeline as yet.

    With regards to Brexit, and after a little bit of research this morning as well, we're just trying to figure out whether we need at least one of us to be residing there before Brexit actually happens to be able to live there in the future. I have seen the 'agreements' in place between Spain and the UK with regards to expats who are already living there, but nothing for those who will want to live there post-brexit. Do you have any advise on this?

    Tiff


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    Hi Tiff

    I don't know what the final upshot on Brexit will be, but you might want to consider applying for and getting a NIE number ahead of time, which you will need to buy there anyway. This might help. But you will need a property address there. I have a lawyer connection and it might be a service they offer or know of, if you are serious about it.

    Or more drastically you could become a Spanish tax resident before 31 October, however you would become potentially liable to pay tax in Spain on worldwide assets and income.

    Any help to you?

    Kind regards



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    Hi Tiffany, Im a British Expat and I would recommend that you rent in Ibiza before committing to buying that way you’re free to try a few different locations before you commit.

    We live in Bali and we’ve now built the home we want in the location we love, lots of people are trapped in overcrowded/overdeveloped places because they rushed in.

    Good luck it sounds like a great plan

    Kind Regards David
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    Hi David,

    Our plan is to rent in Ibiza first before buying, but we are pretty sure of where we want to live as I worked there for 2 years and have been there multiple times as well Smile

    Bali is beautiful! Very jealous - where abouts are you?

    Tiff

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    Hi Tiff,

    Thanks for the reply, We live in Sanur you can sea some of my pictures on instagram daydreamingwelder nothing about property there, thats what pays for it though:-)

    Kind Regards

    David

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    Thanks for this Louise

    I actually have an NIE number from years back, and I believe I’m right in saying that I will just need to get the certificate renewed once over there. 
    My husband however does not have one yet, so I think it would be worth pursuing that quite quickly. So if you’re happy to introduce us I’d be very grateful.
    Funny you should mention the more ‘drastic’ option. It is something that I have toyed with - at least one of us getting over there and getting things started before the brexit cut off in October.
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    Hi Tiff,

    If you want to email me on info@property-venture.com then I can give you details, or introduce you, as you wish


    Kindest

    Louise

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    Hi Tiffany,

    I'm 22 years resident in the Balearics (Mallorca). NIE is no more than a tax ID Nº which is for resident and non-resident alike.

    To avoid post-Brexit residency issues you will need permanent residency, which as a UK citizen you can still get.

    Rental laws are changing rapidly and the Balearic government are at loggerheads with the likes of AirBnB. It's not just a question of the law. Many communities are now banning holiday renting any many more will do so in the future.

    Even if you buy an apartment in a community that allows renting today, doesn't mean they can't/won't ban it tomorrow. The fines for illegal renting are eye-watering and enforcement is being taken very seriously. If you need any specific advice get in touch.

    Good luck.

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    Hi

    Thanks so much for the info Smile

    At the moment, we are just looking to live in Spain and have our property portfolio in the UK to rent out. If the opportunity eventually arises where we are able to buy a holiday let, then we would make sure that it has a tourist license and everything in place - but that will be a long time down the line (if at all).

    Tiff

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