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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)
Hi TiffThat 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?
Enriching Expat lives through European Property investment
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?
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?
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
Bali is beautiful! Very jealous - where abouts are you?
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:-)
If you want to email me on firstname.lastname@example.org then I can give you details, or introduce you, as you wish
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.
Thanks so much for the info
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).