If you've ever dreamed of leaving behind the hustle and bustle of American life and immersing yourself in the rich culture and breathtaking landscapes of Spain, read on!
Where do Americans want to move to?
It would appear that an increasing number of people in the United States are thinking about moving to Europe in the hopes of finding a higher quality of life, improved safety, better healthcare and more favorable weather.
According to the findings of a recent study, people living in North America have shown an unexpectedly increased interest in our part of the world. This holds true for both tourists and people who are considering purchasing a home.
The interest extends to Benahavis and Estepona, and it is not unique to Marbella; estate agents all over the Guadalhorce Valley have mentioned an increase in inquiries from people living on the other side of the Atlantic who are looking for properties in the interior of the Guadalhorce Valley.
This comes at a time when there has been a moderate increase of 15% in the number of American purchasers and residents in the region over the course of the previous year, and continues to rise.
The growing trend of American citizens leaving the United States and taking up residence in countries abroad like Spain is on the rise. With its beautiful weather, warm culture, and diverse history, Spain has become a top destination for American ex-pats seeking a change of scenery.
Many Americans are not only looking to Spain for vacations but also considering purchasing real estate as an investment property or a permanent residence. The allure of owning property in such a captivating country is undeniable. Spain offers a wide range of properties, from charming apartments in bustling cities to luxurious villas by the coast. The potential for both financial gain and an enhanced quality of life makes investing in Spanish real estate an attractive option for Americans looking to expand their horizons and create a new chapter in their lives. Whether it's a dream vacation home or a long-term investment, buying real estate in Spain has become a popular choice for many Americans looking to experience the vibrant Spanish culture firsthand.
Golden Visas for Americans Relocating to Spain
If you would like to read more information about gaining a Spanish "Golden Visa", read our article: "Spanish Golden Visas".
The recent study clearly indicates that Americans have shown a significant interest in buying real estate in Spain, whether it be for vacation or to live in on a permanent basis. The fact that American citizens now rank as the second largest foreign buyers of real estate in Spain, just behind Britain, speaks volumes about their attraction to the country. With relaxed property buying laws and regulations that allow for quick and easy transactions, it is no wonder that Americans find Spain an appealing destination to invest in.
This trend is especially notable among retirees who seek a peaceful and vibrant lifestyle, as Spain offers the perfect balance of natural beauty, culture, and relaxation. As more Americans look for a place to not only escape their daily routines but also spend their retirement years, Spain's real estate market is likely to continue attracting their attention and investment. So, grab a coffee or a glass of Sangria as we do our best to cover some of the topics clients have asked us about in the past.
Useful Information for Americans Buying Property in Spain
So, let’s try to answer some of the most popular questions that we are asked as estate agents in Spain. One of the first questions is, are there any restrictions on Americans buying property in Spain?
And the answer in short is no, in Spain, purchasing land, residential or commercial property, or any combination of the two, is entirely unrestricted. Spain welcomes and even encourages investment from non- and resident foreigners alike.
Additionally, the introduction of the Golden Visa program has further fuelled their interest. This initiative offers foreign real estate investors the chance to obtain residency permits by investing a certain amount in Spanish properties. For Americans seeking to establish themselves in Spain, whether temporarily or permanently, this program provides a gateway to embrace all that this captivating country has to offer.
Keep in mind that to apply for a Golden Visa, you will need to make an investment of €500,000 or more. This can be one single investment in a property, several properties, a business investment or a mix of the above.
Thus, the stories and testimonies of American property owners who have purchased real estate in Spain for vacation or permanent living reveal a consistent theme: an overwhelmingly positive and rewarding experience!
From the initial search for the perfect property to navigating the complex legal and financial processes involved in the purchase, Americans have found that their dreams of owning a piece of Spanish paradise have become a reality. Furthermore, they have not only discovered the joy of immersing themselves in the rich local culture but have also enjoyed sharing these experiences with friends and family.
Why are Americans buying homes in Spain?
There could be several reasons why Americans are buying homes in Spain:
Vacation Homes
Spain is a popular tourist destination among Americans, with its beautiful beaches, vibrant cities, and rich culture. Owning a vacation home in Spain allows Americans to have a convenient and familiar place to stay during their trips.
Lifestyle
Spain offers a different lifestyle compared to the United States, with a focus on leisure, relaxation, and enjoying the outdoors. Many Americans are attracted to the slower pace of life, sunny weather, and cultural experiences that Spain has to offer.
Retirement
Spain is a popular retirement destination for Americans due to its lower cost of living, high-quality healthcare system, and favorable tax environment. American retirees can stretch their retirement savings further in Spain and enjoy a comfortable lifestyle.
Investment Opportunities
The Spanish real estate market experienced a significant decline during the financial crisis in the late 2000s, resulting in a surplus of properties and lower prices. Many Americans saw this as an opportunity to invest in properties at relatively low prices with the potential for future appreciation. This exposed American investors to the region and appetite continues to grow amongst American investors.
Residency Options for American Expats
Spain offers several visa and residency options for non-EU citizens, including the Golden Visa program, which grants residency to individuals who invest a certain amount in Spanish real estate. This has attracted Americans who are seeking to obtain European residency or spend extended periods in Europe.
Digital Nomad Visa
It will be possible for remote workers and freelancers to live and work in Spain for a year (renewable for up to five years) if they meet the minimum income requirement, which is currently set at just €2,160 per month for an individual (correct as of July 2023). Spain began offering this digital nomad visa program in June 2023. For up-to-date information please visit Spain Digital Nomad Visa Requirements.
Cost of Living for Americans in Spain
It's undeniable that the cost of living for Americans is pretty cheap compared to the cost of living in America. Let's compare some key cost of living factors between Spain and the United States of America...
Table showing the cost of living comparison between America and Spain (www.expatistan.com 28th July 2023).
Housing
The cost of housing in the United States can vary significantly depending on the location. Major cities like New York, San Francisco, or Los Angeles tend to have higher housing costs compared to smaller towns or rural areas. In Spain, cities like Barcelona or Madrid also have relatively high housing costs, but they are generally lower compared to major US cities. On average, renting an apartment in Spain is about 30-40% cheaper than in the United States.
Food
The cost of food can also vary depending on the region and lifestyle. In general, groceries and dining out tend to be more affordable in Spain compared to the United States. Basic food items like fruits, vegetables, and bread are often cheaper in Spain. However, imported, or non-local food items may be more expensive due to transportation costs.
Transportation
Public transportation costs in Spain are generally cheaper compared to the United States. The cost of fuel, car insurance, and maintenance can also be lower in Spain. However, if you live in a rural area or need to commute long distances, owning a car in the United States may be more necessary and convenient.
Healthcare
The cost of healthcare in the United States is significantly higher compared to Spain. In Spain, healthcare is provided through a national public system, which is funded by taxes. While private healthcare options are available, the overall cost is still lower compared to the US. In the United States, healthcare costs can be a significant financial burden, especially for those without health insurance coverage.
To its credit, Spain is home to one of the most advanced medical care delivery systems in the entire European Union. To accomplish this goal, the healthcare system in Spain possesses several qualities that make it superior to all others. You might be curious about the structure of the healthcare system in Spain. We will discuss the cost of healthcare in Spain as well as explain why the Spanish healthcare system is one of the best in all of Europe. We found the website “My Spanish Residency” provides a far greater explanation and insight into the Spanish Health Care System.
Americans living abroad who are employed and pay taxes in Spain are eligible to participate in the universal national healthcare system of Spain.
Education
Schools from around the world can be found in Spain and as such Spain is home to 289 International Schools, which can be found in 28 different cities across the country. Higher education costs can also differ between the two countries. In general, public universities in Spain have lower tuition fees compared to public universities in the United States, especially for in-state residents. However, private universities in the United States can be more expensive, and the cost of education can vary significantly depending on the institution and program.
Discover all of Spain's International Schools and locate, in one convenient location, the most important details you need to know about each institution: Check out the list of the Best International Schools in Spain according to our users for information on tuition, whether or not teachers speak the local language, class sizes, the availability of school buses, extracurricular activities, and more, by visiting the following page. “International Schools in Spain”.
It's important to note that the above-mentioned comparisons are general and can vary depending on individual circumstances, including location and personal lifestyle choices. Additionally, exchange rates and inflation rates can affect the cost of living in both countries. We have provided a link to the comparison page Expatistan which compares prices in the US with Spanish prices, we hope you find it useful.
Flights from the USA to Spain
Here's some useful information about flights from America to Spain...
When is the best time to fly to mainland Spain to get the best deal on airfare?
If you want to get a better deal than average, make your reservation at least three weeks before your trip. The months of June and July are peak seasons. February is the month with the lowest average price for flights departing from the United States to Spain.
Which airlines fly from the USA to mainland Spain?
Because there are so many different airlines that fly to Spain from the United States, it can be difficult to decide which one to fly with. However, American Airlines offers the most convenient flight to Spain from the United States. For further details please refer to the following link. “Best Airlines To Fly To Spain From The USA”.
Find flights from America to Spain on American Airlines.
Conclusion
In conclusion, living the Spanish dream as an American expat is a thrilling adventure filled with new perspectives, vibrant cultures, and a deep appreciation for the beauty that surrounds us. From the bustling city streets to the tranquil countryside, every corner of Spain offers a unique experience that allows us to redefine our notion of home. While challenges may arise along the way, the undeniable allure of Spain's rich history, warm people, and breathtaking landscapes make it all worthwhile.
So, join us in embracing the spirit of adventure and wanderlust as we uncover the stories and experiences of these American expats who have found their own piece of paradise in Spain.
¡Vamos a vivir el sueño español juntos!
Read what husband and wife team Jos & Mary-Ann Pluijmakers from Maryland in America had to say about their experience buying a country property in Spain through Mediterranean Homes. Read their "10 Minutes with..." interview by clicking the link.
“We can honestly say that Kelly, Tyler, and David are very professional and knowledgeable as real estate agents. We were extremely pleased with all aspects of the service they provided, from the valuation of the property, superb photography, excellent website, and all the help and expertise they gave us throughout the process of selling and buying our property.
We would highly recommend Kelly and the entire team of Mediterranean Homes. - Jos & Mary-Ann Pluijmakers - 22-1-2023”
Further Reading
If you are considering moving to Spain from America, here are some links to some more useful information.
Remember, knowledge is power!
If you ever have any questions or would like to chat with us about your move to Spain, feel free to get in touch.
Our team has over 30 years of experience in selling property in Spain so we can honestly say we will know how best to guide you through the process of buying a property in Spain!
Guide to Buying a Property in Spain
Property Legal Advice in Spain
Currency Exchange from Dollars to Euros
Spanish Embassy in Washington, America
