its not that new but you obviously didn’t need that. It’s spend 500k on a property or put 1 mil into shares or a bank account.
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It's new for the British but that's because we have only recently become a third country. Most countries allow residence if it's possible to support oneself
financially. Many members have mentioned it in posts over the last few years. If prices do continue to rise, the threshold might well rise.
To be quite honest, these days anyone who has completed their mortgage then selling a house in London or the surrounding areas should be able to qualify.
I don't remember the tax being that high. I think it was about 5,000 Euros including the agency and solicitors' fees. Not really much different to the stamp duty that the couple who bought our house had to pay, especially when you consider it was about 1.60 Euros to the pound back then.
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One complication is that the 500K must be for each owner, so if the property is in joint names, you need 500k each. The main advantage is that you get residency, but do not need to spend the usual 6 months in Spain, so you can be a resident, but not tax resident. Also, it must be cash - no mortgages.
We looked into it for moving to Florida. USA had one don’t know if they still do. Really it was the increasing cost of health care when getting older that put me off. Some of the Caribbean Islands do that too. St Kitts is one.
I don’t agree with them but still many contributed to the economy. Some were employing Gardeners cleaners. Etc. made a big difference in some areas. Also everything they bought had IVA added and lots spent more than the average person.peteroldracer wrote: ↑Sat Nov 12, 2022 2:41 pm Pamela - when we came in the 2000s there were lots of people living “under the radar” whose only contribution to the economy was what they paid for food and drink: no IBI, no income tax, no road tax/ITV/insurance.. they simply seemed to have moved from a benefits economy to a scrounging one.
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