Living in Spain: How a British Expat is Saving Thousands!
POPPING out for a pint or ordering her favorite coffee, Holly Cope knows she won’t be breaking the bank. That’s because the British expat is living in the capital of Spain – and says the cost of living is far cheaper than in the UK.
Rent less than half UK
Digital nomad Holly, 31, currently pays £770-a-month (€900) for her two-bed apartment in Madrid. Her spacious flat is in a “nice part” of the city and has a balcony. It’s also just a 10-minute drive to the city center. Unlike the UK, Holly doesn’t have to pay council tax and she rarely uses the heating thanks to Spain’s warm climate. While household bills have soared in the UK, Holly only pays £42-a-month (€50) for electricity, water, and internet.
40p commute
The lawyer, who moved to the Spanish capital from Sheffield last May, says she pays more tax than she would in the UK, but feels far better off. “A two-bed apartment in Zone 1 in London would cost you £3,500, and that’s without bills,” she said. “Add council tax, heating, water, electric, and things like the internet and you’re looking at well over £4,000-a-month. “In Spain, I’m paying a quarter of that. The rent on my apartment is half what my friend is paying for a one-bed flat without a terrace in Sheffield.”
Higher tax
Holly only pays £74 a month (€87) in social security payments, the UK’s equivalent of National Insurance. After two years, this will rise to around £260 (€300). This aside, despite spending over £2,000 getting a Digital Nomad Visa – which is supposed to leave people paying 15 per cent income tax – Holly said that she actually pays 21 per cent income tax which is higher than she did in the UK. On top of this, in Spain the tax-free amount is £4,700 (€5,500) – less than half the £12,500 figure in the UK.
All in all, Holly Cope has found a way to save thousands of pounds living in Spain while still enjoying a high quality of life. Whether she stays in Spain forever or explores other options in the future, she has certainly embraced the expat life with all its financial perks and challenges.
Everything you need to know about visiting Spain
- Brits must have at least three months left on their passport from the day they plan to leave the country.
- Tourists do not need a visa if visiting for up to 90 days in an 180-day period.
- Make sure your passport is stamped on entry and exit.
- Travelers may be asked to show hotel booking confirmations and that they have enough money for their stay at the border.
- Spain is one hour ahead of the UK.
- The country uses the euro with around €10 working out to £8.55.
- Flights to Spain from the UK take between 2-4 hours depending on the destination.