20 Jun, 2023 @ 11:38
1 min read

Answering your questions: Victoria Wright of Alba Consultas shares her knowledge with our readers

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WE receive many varied enquiries from our clients and we thought we would share a few answers in the hopes they may help Olive Press readers too. 

Q. My wife and I are separating and I don’t want to sell the House but I don’t have enough savings or income in my pension to buy her out. What do you suggest?

A. Equity release, whilst relatively new in Spain, is a popular and established way, certainly in the UK, of releasing some of the capital in your home whilst still allowing the owners to live in the propertVictoriay.

Victoria Wrightalba Consultants
Victoria Wright. Image the Olive Press

The money released can be used for anything, such as a fund to supplement a pension or to provide funds to gift to children, say for a deposit on a house or even a round the world cruise! The process in Spain is called a ‘hipoteca inversa’ or in English a reverse mortgage. As well as the benefit of releasing cash, the equity release in many cases can reduce the amount of inheritance tax payable on the property when the inheritors inherit.

Q. I have been living in Spain and acquired residency under the Brexit Agreement but did not get round to exchanging my UK driving licence.  Is it too late to swap now and will I have to take a written driving test?

A. In this situation, since March 16 of this year, you are able and will continue to be able to swap your UK licence to a Spanish licence without the need for a driving test, provided you meet the right criteria.

The traffic headquarters allows a six-month period from that date for people in such a situation to continue to drive in Spain using their existing driving permit whilst they are undergoing the exchange process.  

Q. We bought our villa in Spain and we want to come and go without worrying about the 90 day rule. Is there a visa that would suit my needs? 

A.   Yes, there are various visa options for Non-EU nationals wishing to remain in Spain and not be confined to the 90 day rule.

There are also visas which allow people to reside in Spain and become permanent residents after a qualifying period. which type of visa we would recommend.

Which type of visa we would recommend depends upon your individual requirements – i.e. whether you simply wish to ‘come and go’ or if you wish to settle.

Brexit has changed the process for UK nationals wishing to spend time or live in Spain, but do not worry….. it has not made it impossible.

For any help and advice on legal issues, you can contact me at: ALBA Consultas – Legal Advisers
(+34) 96 561 5061 / +34 692 386 293
C.C. Europeo, Local 168, Ctra Teulada – Moraira. 03724

info@albaconsultas.com
www.albaconsultas.com

Victoria Wright

For any help and advice on legal issues, you can contact legal eagle, Victoria Wright at ALBA Consultas. Email: info@albaconsultas.com. Call (+34) 96 561 5061 / +34 692 386 293 or drop into the office at C.C. Europeo, Local 168, Ctra Teulada - Moraira. 03724

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