Looking to Make a Living in Spain?
If you are planning to make a permanent move to Spain, it could be a good idea to transfer your pension policy to an overseas company. The options include self-invested personal plans and Qualified Overseas Pension Schemes (QROPS). There are many different kinds of policies available, and many have the potential to lower your tax requirements and give you greater control over your money.
Note the UK government only allows citizens to transfer their pension in this manner if they can demonstrate that they do not expect to return to the UK. Plus, it takes around a decade to start enjoying the benefits of the schemes outlined above, which makes it even more important for migrants to think about their options now rather than later when time to build up gains has been lost.
If you are not of retirement age, you will probably have to earn a living in Spain. You can do this by finding work or opening a business. If you are planning on looking for work, be aware although unemployment rates in Spain vary across different regions of the country, they tend to be high compared to other Western European countries.
If you are an EU citizen, there are no limitations on establishing a company in Spain as long as you adhere to local laws, planning regulations and corporate guidelines. Currently, we do not know how Brexit will affect UK citizens who wish to start a business in Spain, but it is safe to say there will be plans in place which allow for post-Brexit businesses run by British expats.
Just like in any other country, business possibilities in Spain are diverse. You can build a new company from scratch, invest in a franchise, buy out a running company, or set yourself up offering virtual services.
Know Your Market
As with buying or starting a business in the UK, in Spain, it is essential that you know your market competition, your target customers, and if levels of interest will be interchangeable throughout the year. Plus, you want to decide how many hours you are willing to put into the business on a daily basis.
Once you are clear on the answers to these questions, it may be time for you to take the next step - whether you have plans to run a bar, become a shop owner, or turn a property into a B&B, you must consider all the details.
No matter what you choose to do, it is necessary to think about whether you can feasibly compete with the local market. In order to do this, conduct research on the level of demand in the area - get to know who the local residents are, how much commercial premises cost, and where there might be gaps in the market within the local community.
Creating An Online Company
You can start a successful online company, from Spain if you can identify a product or service to offer, or you have a talent that allows you to operate a business from home. One of the biggest advantages of online professions is that they give you the chance to control how much you work, which can be important for older people or those with a family to care for.
If you are planning to start a business in Spain, you need to manage your taxes and revenue sources. This is essential if your new venture is going to be financially viable.
The best possible way to do this is getting in touch with a local “Gestoria”, financial adviser, or lawyer and seek their professional advice.
Read more of our 8 part Moving To Spain Guide:
- Where to Begin
- Research Is Key
- Property Financing
- Financial Planning
- Making a Living (this page)
- Finding a Dream Property
- Hiring a Solicitor
- Making the Move