About to take the leap!

Hi guys,

I read several great threads and did some general research as my wife and I retired a year ago this month and decided in March that we would opt for an NLV and move to Mallorca where we rent (year-round) an apartment from the Majorcan family that we have known for many years.

So it’s exciting but also quite intimidating!

I’ve read the NLV process and feel I have the basic visa process and probably won’t spend on one of the many advisors who offer help for a fee. Much to prepare on this front. I guess the main question I have is:

-is it true that I should already have an NIE to “officially rent” my apartment in the first place? I have rented it annually on a rolling basis for the past 14 years but maybe Brexit means I shouldn’t be without the NIE already secured?

My questions mainly relate to Spanish tax laws. I have read a lot and understand that because I am not buying property, my wife and I will have an allowance of €700,000. Although this sounds like a lot we are in the process of selling our house so we will have this money and all pensions are in personal SIPPS so will be treated as savings and hit with wealth tax accordingly.

Most of the advice is to withdraw my 25% tax-free before exiting for good. Am I correct in assuming that this money (or similar available savings) will only be subject to Spanish wealth tax (although any interest will be treated as additional income)?

I’m reluctant to commit to taking all my SIPP money at once as the markets crashed so obviously completely at the wrong time but recognize the benefit of such money being virtually tax free, tax free on wealth.

Thanks for listening to my anxious ramblings guys!