Lanzarote
PL309087
Lanzarote, one of the magical Canary Islands, has been captivating tourists and property buyers alike with its stunning volcanic landscapes, gorgeous beaches, and year-round warm climate. But before you dive into this seemingly perfect paradise, there are critical questions that need answers.
Can you live in Lanzarote permanently? What are the legal ramifications of buying property? Is Lanzarote the retirement heaven it seems to be? In this guide, we'll explore these questions and more.
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The Cost of Living: Is Lanzarote Really Affordable?
For many Western Europeans and other global citizens, Lanzarote presents a relatively affordable option. The island offers a less expensive lifestyle compared to mainland Spain and many other Western countries. However, the cost can vary depending on your lifestyle and the area in which you choose to live. Groceries might be slightly more expensive due to importation costs, but other services like healthcare and entertainment can be less pricey.
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Living Permanently: Your Ticket to an Endless Vacation?
For EU citizens, permanent residency is less complicated due to the freedom of movement within the EU. You can live, work, and retire in Lanzarote without many legal hurdles. For non-EU citizens, such UK passport holders, the process is more complex. You'll usually need to demonstrate stable income and healthcare coverage to qualify for long-term residency. Otherwise, you can stay in the EU for a maximum of 90 days in any 180-day period.
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Can I move to Spain without a job?
It's possible, especially for EU citizens. For non-EU citizens, you will need to prove you have sufficient funds and healthcare coverage.
Pitfalls of Buying Property
Buying property in a foreign country comes with its own set of challenges. Lanzarote is no exception. Legal complexities, market instability, and hidden costs are among the potential pitfalls.
Legal Complexities: Ensure the property you're interested in has all the necessary permits and is not subject to any legal disputes.
Market Instability: While Lanzarote’s property market has generally been stable, it's essential to be cautious. Always research and consult experts.
Hidden Costs: These might include administrative fees, notary costs, and taxes. You should always budget for up to 10% additional costs on top of the property price to avoid disappointment.
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Crime: Paradise or Peril?
Lanzarote is generally considered a safe destination, but like any place, it's not entirely free of crime. Petty crimes like pickpocketing can occur, particularly in touristy areas. Always stay vigilant and take the usual safety precautions.
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Taxation: Is Lanzarote a Tax Haven?
No, Lanzarote is not a tax-free zone. Spain has a range of taxes, including income tax, VAT, and property taxes. However, some incentives are designed to attract foreign investment and retirees, but it's essential to consult a tax advisor familiar with Spanish law for accurate information.
The general IGIC (a form of VAT in the Canary Islands) rate is only 7%. However, different rates may apply to different goods and services. Most restaurants and cafés will either show prices including or excluding IGIC, and you should be able to find this info on the menu card.
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Retirement: The Golden Years in Golden Sands?
Lanzarote has been an increasingly popular destination for retirees, mainly due to its climate and lifestyle. However, consider healthcare facilities and the potential isolation from family before making the big move.
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Water Quality: Can You Drink from the Tap?
While tap water is generally safe for consumption, many residents prefer bottled water due to the slightly different taste, often attributed to the desalination process.
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What is Lanzarote like in winter?
Winter in Lanzarote is generally mild with temperatures ranging from 14°C to 24°C (57°F to 75°F).
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Additional Points
Air Quality: Lanzarote's air quality can be affected by Saharan dust storms, called "Calima".
Climate: While warm year-round, Lanzarote can be windy, affecting the perceived temperature.
Sea Cleanliness: The sea around Lanzarote is generally clean and clear, a haven for snorkelers and divers.
Seasonal Living: Yes, you can live in Lanzarote year-round. The climate is one of its biggest selling points.
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### Conclusion
Lanzarote offers a unique blend of natural beauty, warm climate, and relative affordability, making it an attractive destination for property buyers and those looking to relocate. However, it's crucial to do your due diligence and be aware of the potential pitfalls and practicalities.
Do your research, consult experts, and consider your long-term plans before making the leap. If all the pieces fit, Lanzarote could very well be your dream destination.
*Disclaimer: This article is intended for informational purposes only and should not replace professional financial or legal advice.*
