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Will I be able to take out of Spain the proceeds of the sale of my property if I ever decide so?
Property Law
Antonio Flores Vila
1st of July 2002
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Q. I have got 2 properties in the UK. We are thinking of selling one and moving out to spain and buying a house without a mortgage, would you recommend this? Also I have been told by a number of people that I should not take my money over there as I will not be able to get it back out of Spain if I wish to leave, is this true?
Mrs Diane Bolt
Northampton UK
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A. As far as the first question is concerned, you can either buy a property in Spain without borrowing money, or alternatively take out a mortgage for part of the purchase price, keeping the proceeds of the sale of the UK property and investing them. A mortgage in Spain will cost you around 5.25%, which means that if you can obtain returns of over 5.25% on your money investment, the mortgage loan decision will be wise. Please visit http://www.easy2loan.com/Information/Reasons.html, where
you will be able to see other good reasons for taking out mortgage
loans.
In respect to the second query, it is totally untrue that you will not be able to transfer your funds back to the UK if you ever decide to. There are no restrictions on exporting or importing funds through the banking system, other than a Court order ruling the contrary. The only warning here is that you need to get a low cost bank to handle your funds on arrival, as they like to take a good bite on non-resident money transfer operations. Where you are introduced by a lawyer, you more likely to obtain cheaper rates, for money transfers and indeed any other banking transactions.
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