Expat
Lifestyle
Most people have their own reasons
for choosing Tenerife rather than one of the other Canary Islands,
but some of these might include: Tenerife is the largest, most
advanced of the Canary Islands and has the best climate; people
have taken holidays here for years and have finally decided
to ‘make
the break’ and either
retire, or use an early retirement package at home to fund the
purchase of a small business here (or buy a second property to
let (which would generate an income on which to live); or a combination
of the above to take advantage of the excellent climate, low cost
of living, proximity to the UK and outdoor lifestyle on the ‘island
of eternal spring’!
Why do people become ‘expats’ in
Tenerife?
Buying a Business
Many people who decide to
come to live in Tenerife also decide to buy a business here.
As elsewhere, the buying of a business needs to be carefully
considered, thought out, and planned, as there are many potential
pitfalls along the way! These range from the legality of the
business (ie does it have an ‘Opening Licence’ the
formal OK from the Local Authority); to what sort of experience
(and therefore expectations) the purchaser has; the financing
of the purchase; the capital the purchaser needs to have to ensure
that, in the event of cash flow expectations not being met, you
can afford to meet your outgoings (wages, Social Security costs,
rent, utility bills and so on) for several months until the business
is properly established. Here again, our opinion is that people
should take advice from the many reputable firms operating in
the business market in Tenerife – check The Tenerife Property
Guide’s Business Section for Agencies that sell businesses.
View
our article on purchasing a business in Tenerife.
Buying a Property
Our basic advice to prospective
buyers would be to choose your Estate Agent carefully! Overseas
purchases fall into four main categories: Properties bought off-plan
for capital gain, either for the contract to be sold on prior
to completion, or to be sold immediately after completing Those
bought off-plan for capital gain and then to be let out and/or
used by the purchaser. Re-sale properties to be held for capital
gain and to be used principally by the purchaser as a holiday
homeRe- sale properties bought principally to be let out.
Buying
a Property in Tenerife.
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