Becoming an expat in Spain – Some facts you need to consider

Although Spain is a wonderful country with many tourist attraction facilities, there are several factors that one needs to consider before deciding to become an expat in this country.

Spain has more than 90% of its population speaking native Spanish languages. Regarding the weather it has warm and dry summers and very cold winters. It is a multi-religious society with most major religions well represented. Currently there are close to 5.8 million foreign residents in the country, and the immigration rate is still very high. Spain has the second highest immigration rate in the world.

Whether you want to move to Spain for work, leisure or to become a citizen, you first need to obtain several documents. Residency visas are needed in order to work, reside, invest or find a home in the country. Most expats moving to Spain usually reside in cities such as Madrid, Barcelona, Costa Brava and Granada. A large population of Spanish people own cars and hence personal vehicles are the most preferred mode of transport. The Spanish government is now investing in electric cars to save on fuel consumption. Buses are mainly used for intra-city and inter-city movements. Railway transport and airport transport are also well advanced in Spain with several high speed rails and 47 public transport airports. There six major highways connecting the Spanish cities which form a centralized road transport system.

Investment in mortgages from Spain is easy for both expats and citizens if they have a good financial channel. Spanish banks offer mortgages for real estate investment and are therefore a good investment haven for everyone. You can purchase holiday apartments, new homes with your Spanish mortgage, whatever you like. The interest rates normally vary from bank to bank but they are generally low due to fierce competition between several banks. Comparing several bank rates before choosing one will help you get the best financier. They only require proof that you can pay them within good time. Self-employed people are usually requested for their last three year accounts while employed people are requested for their 6-months bank statements. If you have been renting a house, some banks will require statements that prove your ability to pay.

Those who are not legal Spain residents are usually asked to produce an oval, an agreement with a Spanish resident who can pay for you in case you default. The property prices by most banks are about 60 to 80 per cent depending on your residence status, over a period of 5, 10 or 20 years.