SAVING TO BUY PROPERTY?

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04 Mar 2017 13:00 by costa67 Star rating. 5 posts Send private message

We are intending to rent in Spain for a number of years whilst saving to buy a Spanish property. We will have our income paid into a UK bank account, we will then open a Spanish bank account and transfer living expenses every month. My question is, should we put our savings into the Spanish or UK account every month bearing in mind the costs of eventually transferring that money to Spain when we eventually want to buy in Spain. 





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04 Mar 2017 13:55 by mariadecastro Star rating in Algeciras (Cadiz). 9116 posts Send private message

Legal Questions? Speak to Maria Direct

I can see no difference at present. Cannot see how costful and difficult will be when  when Brexit is finally enforced



_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



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08 Feb 2019 00:26 by Corne Star rating in Turkey. 2 posts Send private message

Why don't you consider opening a cryptocurrency wallet, changing your money e.g. to Monero and then selling it against Euros to be deposited to your Spanish bank account. You wouldn't have any transfer costs or permissions to take care of that way.





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08 Feb 2019 09:13 by acer Star rating. 1242 posts Send private message

You might want to consider a 3, 4 or 5 year year fixed rate ISA - you get 2% currently, not a lot, but more than any totally safe bank account.





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08 Feb 2019 11:02 by Jarvi Star rating in Halifax UK. 576 posts Send private message

I think they will have sorted something by now as the OP was almost 2 years ago.





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08 Feb 2019 16:36 by windtalker Star rating. 1530 posts Send private message

I know this post is two years old ...but I must say what a arse  about face way of going about your business ...firstly what would . residents of Spain be doing with a bank account in the UK .( you need to have a permanent address in the UK to get a bank account)....secondly are you referring to saving up for a deposit for a mortgage or are you going to rent and spend the next 50 years saving. …. and then buy a property out right.. You might find that you will never own a property as they tend to rise in value year after year why on earth would you want your wages paid into a UK bank and then transfer from a UK bank back into a Spanish bank.when you are living as a residents in Spain.....personally I think you are on a wind up.

 


This message was last edited by windtalker on 08/02/2019.



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