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Buying property in Spain after Brexit is a hot topic. For those considering it, it is important to understand whether you will still have the right to buy, what the tax implications are and whether you can visit your Spanish property as you please.

The results of Brexit have left many wondering what the future will bring.  One of the questions we have been asked most frequently in recent weeks is “what is different about buying property in Spain after Brexit?”

If you own property in Spain or in the UK, or both, it is advisable that you make a Spanish will and a UK will.  One of our most frequently asked questions is “do I need to make a Spanish will?” and we are frequently surprised by the number of people we meet who have not made a will in Spain or in the UK.

To clarify matters, here we set out what happens to your assets if you die without a will in Spain and in the UK.  

Surprisingly there are still a great number of people who have not made a will in relation to their estate.  According to research carried out by the Law Society of England & Wales, published in October 2014, 73% of 16-54 year olds had not made a will, while 36% of people over the age of 54 had not made their final wishes clear in a will.  

We are finding increasingly that those who own property in Spain have made a Spanish will.  This is because practically all of the literature on the subject of Spanish property points people very firmly in the direction of doing so.  Clients often ask us whether it is necessary to make a Spanish will if one owns assets in Spain.  

Spanish law recognises a will made lawfully in any jurisdiction.  That means that if you make an English will relating to all of your worldly assets, it will include your Spanish property.  The beneficiaries of your residuary estate, so that is everything other than those who will receive specific legacies, will receive your Spanish property.  So, “why do I need a Spanish will?” we hear you ask. There are two principal reasons which are set out below. 

Please note that this article was written shortly following the referendum. For more up-to-date information, you may find our video on the effect of Brexit for UK nationals throughout the transition period and beyond helpful. We also have more recent articles on living, working and owning property in Spain, as well as an update.

Since 24th June 2016 one of the most frequently asked questions we are asked is “How will Brexit affect British property owners in Spain?”  Clearly, many of those who are considering buying property in Spain are concerned about the impact that the vote to leave the EU will have upon their ownership of a property in Spain.  

This is by no means an exhaustive list of the questions we are frequently asked about buying property in Spain, but it is a start.  We hope that we have provided the answers to your questions below.  If you have any further queries, please contact us and we will be pleased to discuss your query.  

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