What they DON’T tell you! BUYING PROPERTY ABROAD- Canary Islands, Tenerife & Spain! ☀️
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- Опубликовано: 21 мар 2023
- Is it really a dream come true owning property abroad? We discuss what the TV shows don't tell you about buying and owning a property abroad, in particular Canary Islands Spain. Pro’s and Con’s!
Other Property Vlog: • WHAT THEY DON’T TELL Y...
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Brilliant, informative vlog. I find myself shouting at the TV when ‘Place in the Sun’ is on, what they don’t tell you. We had a place there for 11yrs. If you’re thinking of buying, DON’T. Just RENT, RENT! Stride On!
As an investment I think I will stick with my shares ISA, For example Aviva currently 7.36 % no tax to pay and nothing to declare on my tax form, Then I can rent a place or stay in a nice hotel, No rental hassles or break ins etc
A great informative vlog. You've convinced me that buying abroad is not for me. When I consider my age, health, wealth etc. I think I can go on many holidays for 225K and not have the hassle and the hidden cost and stress of buying. Once again, it's appreciated what you guys are doing.
If you don't mind me asking Stephen, without me rudely asking your age lol, how old do you think would be the right time to buy? i am 61 now, retired, although my wife still works, and we have been looking to buy for the last couple of years, but every year we wait, the prices seem to get just out of our reach for what we want, in the area that we want.
@@Chunkster61 I'm 61 Mark, my wife will be finishing work later on this year. At our time of life now buying property anywhere abroad I don't think would be a very smart move ( in either the short or long term). It would be neither an investment even something that you would probably break even on financially. Add into that the 90 day rule, health insurance etc etc and for me it just isn't feasible. Think about it this way, at present interest rates, put your 225K into a 4% bank account, after tax your going to end up with interest somewhere around 8K. You can get a good few nice holidays on that, hassle and hidden expenses free, and at the end you've still got your 225K. For me it's a no.
I've owned on the mainland for over 20 years and would definitely avoid opening an account with a Spanish bank. Open a Euro account with Wise (Formerly Transferwise) and have all direct debits routed to that account. It has a Belgian (EU) IBAN, so no excuses from any service provider not to accept it. No rip off charges, no embargoes, no freezing the account for stupid reasons. Best thing I ever did was to close my account with Santander! Not just them, all of the banks are as bad as each other.
When the time came to make this decision for our dog Barney, it was the hardest thing ever-but the right & most kindest thing to do for him. But barney created an empty space in our home, and we found a rescue dog who needed that space. Stanley has been with us for 7 years now & is the best thing to ever happen to us. So as hard as that decision is, the key thing is to create a legacy that rescues another animal in need. Please pass this message on with your vlog-there are so many rescue centres with dogs, cats etc that need a home-let the sad situation create a positive one for a needy animal
The estate agent that my parents have gone with have helped us above and beyond even when my dad had been rushed to hospital back in February
We owned a lovely house in Calahonda, Costa del Sol. Due to increased taxes and costs we sold it in 2018. We owned the house for 15 years and lost money. We paid 10% fees to buy the house and 12% fees to sell the house. The Spanish authorities will also take thousands of Euros from your sale which you have to claim back, (if you can). Be very careful when buying in Spain. They don't tell you this on "Place in the sun".
Brilliant information as always Andrew and Paul. Thank you 😀
Thank you - very useful, even though my family has had properties elsewhere in Europe, and looked into all the similar things you mentioned.
Great vlog lads.😊
Great update and chat from both of you!!
Brilliant info! So nice of you both to take the time to explain for people interested in buying. Was really interesting Andrew. 🥰🌞🥰Xxx
It was a very good travel blog today of you chilling out and sitting down talking about buying property Aboard overseas in tenerife , congratulations on reaching 57k subscribers andrew and Laura / mick Garvey aswell
Very good vlog guys. highlighted a lot of stuff I didn't know about and it's not something to do without a lot of research.
Congrats on 57 k Andrew well done
Good Advice Lads 👍🏻
We bought in Golf del Sur!! You’re so right about the place. In the end we stopped going in the winter the weather was so bad! Stride On!
I would echo the importance of paying for a regular property check when you are leaving your apartment unoccupied for any period. In addition to the squatter risk, it’s nice to have the windows opened and the place aired, the toilets flushed etc and someone to let you know if there are any issues (peace of mind) worth noting too that most insurance companies require you to switch off the water if property will be unoccupied for a period
You two are cool. Good to be conservative and realistic, ofcourse any upside will be welcome but expectations grounded in reality will be good for everyone's sanity.
Very interesting. Thank you
Great Vlog as ever gents 👌🏻. Would question electricity at €600 per annum? Think that’s what you said, but would say it’s probably double that at least. 😉
Another great informative vlog with both pros and cons so people can ake uptheir own mind,I was surprised to hear but in a good way that garvey owns the apartment that Andrew lives in so that's good,doesn't matter which country you are in the tax will get you everywhere unfortunately,look forward to part 3🙂👍
Very interesting and a great insight….I won’t be buying a place in the sun…but good to hear you thoughts on the subject 😀
Great vlog 😊
Great video 👍
great vid
Great video
Watching this again!
Thanks for the useful info. 1 additional thing I feel people need to be mindful of is that inheritance tax can cost losts more than you've suggested. If you are UK resident for tax purposes the UK government will assess your tax liability based upon your 'worldwide assets'. So depending upon ones overall tax position it is in fact sometimes preferable to gift an asset and take the cgt hit in Spain rather than having to pay uk inheritance tax of up to 40%. Also owing a property overseas will complicate matters when it comes to dealing with UK probate.
For some people it's cleaner and cheaper to gift overseas properties despite the cgt.
Thank you for the information. Very useful!
Great in-depth video, I would love to know about rules on living out there ie retiring or just living there permanently thanks
Very useful to know the yield. If it was just for my family how much would it cost on average a year .
Very interesting thanks for the information cheers 🍻 COYB
Those who want to buy property in Spain and want to make a will watch "Michael David Spanish inheritance"
Very informative,👍 another point is if you are buying for yourself+ family and you don't want to rent it out, check out if the neighbouring properties have tourist license as you could have people coming and going all the time all hours ,noise etc
Also if it is mainly residential+ you want to apply for a tourist license, your neighbours who live there year round aren't going to be too happy as well, thanks
Sorry to say but residential complexes don't mean no rentals. I live on a residential complex in Los Cristianos, so many apartments now being put on air bnb, applying for vv licenses etc and nothing the community can do about it.
Love this channel .. brilliant again lads 👍👍
Great 👍 Video 📹
Great content and knowledge great advice guys
Can you and Garvey do a buying in Florida video Andrew! Would love to here about it!!!.
Hi guys ,how does it work with motorhomes we noticed a few parked up near the surfers beach when we were last over 😀
We just sold on the mainland and gave power of attorney to our solicitor as it was a holiday home as we live in the UK
POWER OF ATTORNEY
We are considering moving from Norway. Could you do a video on cost of living?
Well done on 57k now guys🎉🎉👍
For 2% ROI it is much safer leave it emty for your self or only for extended family.
Acctually for us it is better not to buy, but use Airbnb, because we spend on Tenerife only max 3-4 winter months. Better I invest that 250K€ here in Finland where I use to get around 15% ROI (and know language, economy, have my own accountant...eccc), and use this profit for traveling where ever we like.
Can you recommend or give any information on mortgages for Uk buyers in the canaries.
Thanks for all your hard work in compiling this guys. I would also agree about the great bus service in Tenerife. We have an apartment in Puerto de la Cruz and it's really convenient to get the bus from the South Airport to Puerto de la Cruz even on Christmas Day! Visited Los Gigantes, La Laguna, Santa Cruz and Los Cristianos all on the bus.
I have just spoke to Lisa and told her that you have put us off the one bed penthouse on El Mirador 😂
You said on average 32 weeks a year for rental income, what months are within the 32 weeks. Thanks
Allo Andrew &.mick , I knew it ain't as simple as a place I the sun suggests , but ffs it's as bad as blighty for pitfuls and tax ,especially the efin tax ,.😂😂 nice one boys love ya vids Andy 👍🇬🇧🇬🇧🇬🇧🇬🇧🇬🇧🇬🇧🏴🏴🏴
capital gains is 24% for non europa residents (EU/EEA/CH/assocstaes) .
If you buy an apartment you are a slave to neighbours on every side so thats potentialy 2 to the side ,1 above and 1 below.
Imagine if just one of these are noisy drunken alcoholics or have a loud barking dog or screaming kids or the worst case scenario starts renting out on a weekly basis , thats potentialy 4x52 =258 different neighbours in just one year who are on holiday and are not going to be going to bed early or worry about upsetting some boring old long term resident neighbour next door.
Therefore I'd rent all day long as you can just try somewhere else for your next trip if there is a persistent problem
If you want to spend a lump sum then buy a rental property in the UK ,collect rent in the UK then rent yourself in Spain ,life will be so much simpler.
Brilliant vlog guys, a lot of valuable information in this and a fantastic insight into the pros and cons for anybody looking to buy in Tenerife it really makes you think twice and weigh up if it's really worth it.👍
Not bad captial gains.its 33 percent in ireland
OMG it's not as easy as people Make out What nightmare absolutely brilliant information thanks Andrew and mick 👍 👏
nice spile
Super 👍
Surely you only pay tax on your profit, not on turnover? The 24% would be on what’s left after writing off the costs?
Not as a none resident, as a none resident you cannot put through expenses as we explain in the video
Great advice, so many pit falls I had no idea about, I don’t think buying is for us. I wonder if we could get a long lease & rent for 6 -8 or longer weeks would we get a better deal than renting for 2/3weeks. Obviously more in the winter rather than peak season. Thanks again for excellent content
Could you not just rent it out without them (tax people) knowing? Or is that to much of a risk
is this stephen french ,
Quarterly fee for non residents is charged no matter what the amount held in the account in banco sabadell, now 40 euros a quarter, may be able to cancel it out if you pay in a certain amount each month
What a socialist tax nightmare!!! Better off renting for a month or so and returning back.