After a “dramatic reduction” in house prices, an expat tells Britons that now is the perfect time to migrate to Spain.
SPAIN is a favorite retirement destination for Britons, and while post-Brexit rules and COVID-19 restrictions may be concerning, one expat told This website why now is the greatest time for Britons to relocate there.
As the United Kingdom exited the European Union, new immigration regulations for Britons relocating to Spain went into effect. Although moving to the Mediterranean country may be more difficult, one expat believes that this year is an excellent time to do it.
Nigel Ayres is a British expat who moved to the Mediterranean country many years ago and now lives peacefully on the Valencian coast in eastern Spain.
He told This website that, while the new conditions, which include confirmation of a higher household income, may make the procedure more difficult, now is the best time for Britons with the financial means to transfer to Spain.
The reason for this is that the COVID-19 pandemic has resulted in fewer Britons relocating to the country, resulting in a significant decline in house values.
“The main possible issues when applying for residence,” he continued, “are demonstrating you have adequate assets in a Spanish bank account and acquiring a private health insurance policy.”
“When people receive a Non-Lucrative Visa, which is the principal visa for non-EU citizens intending to retire to Spain, they must have an income of at least €27,115 for an individual or €33,894 for a couple,” Nigel explained.
“Another possibility is a Golden Visa, which has a lower income threshold but needs a €500,000 property investment in Spain.
“Because of the income criterion, someone on a basic UK state pension can no longer afford to retire to Spain,” he stated.
“People planning to retire to Spain from the UK will be reduced,” Nigel predicted, “because many will be unable to fulfill the more onerous financial requirements post-Brexit.”
Another post-Brexit concern, he noted, is health insurance, which “has proved troublesome for those with major pre-existing diseases who may not be able to acquire cover due to the requirement to have a private Spanish health insurance policy.”
Despite the latest setbacks, he said that the epidemic has caused a decline in property values since people have been unable to travel to Spain in recent months. “Brinkwire News in Condensed Form.”