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Would you swap Norfolk’s green fields for Spain’s golden beaches if you had the chance?
It may come as a surprise to learn that on average in November 2022, the cost of living in the UK is 49 per cent more expensive than in Spain (expatistan.com). This could mean that a move abroad has more to offer your family than just better weather and scenery.
Helping us delve deeper and work out if a move from Norfolk to Spain is an affordable reality for younger people are international payments specialists, Clear Currency. Below, they reveal how much a move to Spain may cost and what you need to know about working and living there.
Q: Why is Spain a good place to move to?
A: Spain was voted the top country for quality of life in InterNation’s Expat Insider Report 2022. It’s a popular place to live for many British expats because of the country’s rich culture, warmer climate, high-quality healthcare and stunning coastal, countryside and mountainous landscapes.
Q: Where are the best places to live in Spain for expats?
A: As one of the most affordable capital cities, Madrid is a popular choice for UK expats (Expatra). Madrid also offers some of the most lucrative employment opportunities for those interested in living and working in Spain (Spain Made Simple).
The established British expat community in Barcelona offers familiarity for those new to living in the country. Ranking as the 11th safest city in the world (Housing Anywhere) with living costs cheaper than many UK cities, it’s easy to understand why so many people are making the move here.
For those used to Norwich’s winding lanes, Valencia can be a good choice, due to the city’s historical architecture and compact size – almost everything is within walking distance (Expatra). Rent prices in Valencia are 65 per cent lower than in London (Numbeo), which is great for those not yet on the property ladder.
Q: Is it cheaper to live in the UK or Spain?
A: Living costs will vary depending on which region of Spain you choose to settle in, though on average it’s much cheaper to live here than in many areas of the UK.
On average rent in Spain is nearly 30 per cent lower than in the UK (Numbeo) and affordable property prices can be found in Spanish towns such as Bullas in Murcia and Alcaudete de la Jara in Toledo (Spain Property Guides).
Basic monthly utility bills, including electricity, heating, gas and water, are also much lower in Spain. For an 85 by 85-metre apartment, bills on average would total £181.66 in the UK, but in Spain cost approximately £109.49 (Numbeo).
In Spain, essential items such as milk and bread are also better value for money, making it easy to save on your weekly grocery shop. It’s also not unusual for those living in Spain to enjoy eating and drinking out more regularly, due to lower prices (International Living).
In most areas, Spain is a cheaper place to live than the UK, and with rising inflation rates and the cost of living crisis, it could lead to more Brits considering relocating overseas.
Q: Is it easy to find work in Spain?
A: Like most global markets, Spain’s economy suffered during the Covid-19 pandemic, but seems to have bounced back in 2022, with a prediction from Spanish Economy Minister Nadio Calvino that the country’s GDP for 2022 will exceed rates forecasted in the government’s latest outlook (Reuters).
At the time of writing, the unemployment rate in Spain is nearly 12.7 per cent (Take Profit) which is higher than in the UK, where it’s 3.5 per cent (Reuters).
However, there are several industries in Spain where you are likely to find a job, including within the services sector, IT, pharmaceuticals, food and drink and tourism (Expactica).
Use international job boards or a Spanish recruitment company to help you apply for positions before finalising your moving plans.
Q: How much money do you need to live comfortably in Spain?
A: Average monthly net salaries in Spain are lower than in the UK (Numbeo), however, this is also because living costs in Spain are also typically lower. For an individual to live comfortably, it would take earning an estimated monthly income of around €2,700, and, for a family, approximately €4,000 a month (Housing Anywhere).
Q: What other costs are involved in moving to Spain?
A: You’ll need to factor in travel and visa costs, as well as shipping prices for moving your belongings. It’s worth deciding ahead of time if you plan to rent a property or buy one, and you’ll need to budget for the legal and admin fees involved. Speaking to a Spanish estate agent could help you decide what’s best.
Home insurance, car registration, and tax costs are all other finances that you’ll need to plan for. HMRC will need to be informed of your move abroad, and it’s best to consult a Spanish tax and legal specialist so you’re aware of any other regulations that might lead to complications.
Q: How can Clear Currency help to make your move to Spain easier?
A: When moving to another country, you’ll need to transfer sizeable sums of money overseas to purchase or rent a home, transport your belongings, cover estate agent and solicitor fees, and for groceries and new furniture.
If you’ve never made an international payment before, the process can seem daunting, and you may not be aware of the risks or costs involved. This is where working with a currency specialist could help.
Exchange rates are always changing, and can fall or rise based on economic, political and social factors. For example, the war in Ukraine, the cost of living crisis and Covid-19 have all affected exchange rates in recent years. This could impact how much money you spend or how much you have left when making an overseas transfer.
While no one can predict how much exchange rates will fluctuate, there are FX tools available to help you mitigate currency risk. Clear Currency can offer guidance on these tools, so you can make informed financial decisions.
When you sign up for a free account, you’ll be assigned a dedicated account manager - they can offer one-to-one guidance to help you manage your international payments quickly and effectively. You can use Clear Currency’s secure online payments platform to view live exchange rates, and make, receive and track payments. Sign up for a free account today.
Clear Currency is FCA regulated and has a 5* Trustpilot rating.
For more information, visit clearcurrency.co.uk.
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