British expats who have holiday homes in Spain are only allowed to spend 90 days there and are now “selling up” following post-Brexit EU restrictions.
British expats are only allowed to stay in Spain for a maximum of 90 days within 180 day period as they are now subjected to rules on visa free visits.
There is around 1m Brits who own property in Spain, but since Brexit and the tight restrictions expats now face people buying holiday homes there is now falling as they are also hit with a higher tax rate by 5% totalling 24%.
British councillor Bill Anderson, who has lived in Spain for almost 20 years ago, told Express.co.uk that expats are now “selling up”
He said, “There’s a lot of people who are very unhappy about the 90 days and 180 rules.
“These are people that were generally not resident here but spent a large part of the year here.
“And I think that some Brits have been selling up being, you know, ‘I don’t want this kind of restriction.
“‘I normally spend November to March in Spain to get away from the British winter’ and we’re not allowed to do that anymore.
“I think that some Brits have just decided to sell up and if they want to come here for 90 days, they’ll just rent for 90 days.”
He added, “People who maybe let out their apartments when they weren’t here, they’ve lost a lot of rights in terms of tax breaks for that.
“Previously, as EU members, when they did their tax returns, they could deduct all of the costs against the property against any income.
“That’s been lost to them.
“So, they’ve got an apartment, it’s empty for six months, they can’t use it the way they want to, and they’re getting taxed at a higher rate with no deductions.
“So, I think a lot of Brits have decided just to sell up, and forget Spain in that sense, but maybe just rent if they want to come out here for the 90 days.”