For UK and other EU residents, there are no restrictions to working or setting up your own business in Spain, other than ensuring you comply with the relevant local regulations and tax criteria. One of the most popular ways to do this is by renting out their property as a holiday let when they are not using it, or by turning their new home abroad into a profitable B&B business.
If that’s not for you, there is nothing to stop you from setting up your own company. You can buy a franchise, buy out an existing company or start something from scratch. This is by no means an easy or risk-free option, but if you have experience in running a successful company it could be a good way to maintain your lifestyle in Spain. It is always good to remember that economic conditions aside, it can be tough to set up business in Spain as a foreigner – tax and employment regulations might not work out financially for you, and of course there is also the language barrier.
You also need to think about the logistics involved in setting up your dream way to earn a living. Running a bar or restaurant is always popular option with expats in Spain, but you will need to approach this with commitment and adequate research. What is the competition like? Who will your clientele be? How seasonal will business be? How will you mange staffing and suppliers? If working with your partner, how will this affect your relationship? How many hours are you realistically prepared to work each day, will you be happy working weekends? When you truthfully answered questions like this, you will have a better idea as to whether life as a pub landlord or restaurateur in Spain is right for you.
Another option is to create a business online. Find a product or service to sell, or use a skill that allows you to work on projects based at home – as a writer, editor, programmer, graphic designer, project manager, accountant, telesales etc. The great thing about Internet project work is you can pick what you want to do and how much you’re happy to handle.
However you are looking to make money, it’s always important to remember that it might be difficult to compete with the local market. It’s imperative that you research the demand for employees in the area of your interest, and bear in mind that Spain currently has unemployment rates much higher than those in the UK, so the job market is already fairly saturated.
Whatever you decide to do for employment – if anything - in Spain, make sure you have sorted out your income streams and tax affairs before leaving the UK. The safest way to do this is to contact a recommended financial advisory firm.
If you need advice sorting out your income streams and tax affairs before leaving the UK to work in Spain, we can put you in touch with an authorised financial advisory firm - to request this, click here or call our Resource Centre on 0207 898 0549.