British ex-pats looking to escape Spain’s 100% tax for non-EU residents by buying a property are heading to this “up and coming” European country with white sandy beaches and rolling green hills.
Those with a dream to buy property in Spain may have their plans shattered if a new law is introduced. There are currently over half a million Brits living in Spain but those with plans to buy a property in future may want to consider the stunning mountain ranges and Adriatic coast of Montenegro.
One travel and finance expert said that with relocating to Spain “becoming very hard for Brits”, Montenegro is a tempting alternative.
Laura Evans-Fisk, at eurochange commented: “Montenegro is an up and coming destination with a stunning coastline, boasting bright blue waters, white sandy beaches and breathtaking mountain ranges on the Adriatic coast.
“With a very similar climate to southern Spain, it’s a great option for expats looking for a more secluded but equally beautiful place to live.”
If dreams of Spain’s cheap evenings on a beachfront with a Temperanillo linger, Montenegro offers a similar deal. Laura continued: “Montenegro offers a very affordable cost of living, with total bills equating to around €107.00 for a city centre apartment.
“For those who might even consider starting up a business as an expat, there are plenty of investment opportunities due to its growing tourism sector too.”
Spain’s latest move is one of many laws and financial regulations introduced by the authorities in order to reduce over-tourism in the country, and make it easier for local residents to buy properties.
Announcing the move, Prime Minister Pedro Sánchez said the “unprecedented” measure was necessary to meet the country’s housing emergency.
“The West faces a decisive challenge: To not become a society divided into two classes, the rich landlords and poor tenants,” he said.
Whilst travel experts don’t think the law will impact tourism figures drastically, they are advising Brits to consider buying a property in alternative destinations.
Laura said: “The introduction of a large tax for properties in Spain bought by non-EU residents is not surprising, given the current housing crisis in Spain. Whilst this is unlikely to impact tourism numbers significantly, it is going to make relocating to Spain very difficult for Brits.
“For anyone who has a dream of living in Spain one day, it might be time to start researching alternative destinations which have much lower tax restrictions and, in many cases, fewer tourists.”
Laura also said Malta, already flooded with British ex-pats, is a wise alternative. She said: “Malta is a fantastic destination for any Brits looking to relocate to a warmer climate.
“English is an official language in Malta, making the logistics of moving a whole lot easier. There are also favourable tax regimes for expats, and a well-established expat community – with 13,000 Brits currently living there.
“Malta’s relaxed, Mediterranean island lifestyle makes it a mean contender for those who love to visit Spain.”
Although it is now widely known as a party location for British teens, Croatia has many quiet corners for retirees to put up their feet and enjoy the sunshine.
Laura said: “Croatia is another emerging country when it comes to tourism. With a beautiful coastline along the Adriatic, a rich cultural heritage and an excellent food scene, this country has a lot to offer expats.
“There is also a growing expat community in its major cities including Zagreb, Split and Dubrovnik. Though there are less than 15,000 British expats living in Croatia at the moment4, this number is likely to increase as many look for alternatives to Spain.”
