New Spain, France and Portugal warning as 'mistake' costs Brits 'thousands'

New Spain, France and Portugal warning as 'mistake' costs Brits 'thousands'He said it could be easily avoidedCommentsMoneySteven Smith Content Editor13:14, 17 Apr 2026Updated 13:20, 17 Apr 2026View 3 ImagesBrits could get caught out to the tune of thousands(Image: Jose A. Bernat Bacete via Getty Images)Brits keen on Spain, Portugal and other countries are making an avoidable mistake that's costing thousands. An expert said those buying property overseas were repeatedly making the same mistake, whether they’re buying a small bolthole in Spain or a flashy rental flat in Florida.‌It’s a mistake, the financial expert said, that is costing people thousands, or even tens of thousands of pounds on just the one simple transaction – and the worst bit is that it’s easily avoided. He said the mistake was proving especially expensive at present, as currency markets were more volatile than usual due to the war in the Middle East. He also said more Brits than ever are falling foul of it, as UK landlords, fed up with the fiscal onslaught, were increasingly looking to buy overseas properties as holiday rentals.‌“I’ve been helping people with their currency transfers for years and I’ve not been this busy for a long time,” said Tony Redondo, founder at Newquay-based Cosmos Currency Exchange. “It’s fairly well-known that many UK landlords are exiting the sector en masse, as the numbers just don’t stack up any more and the legislation being introduced by the Renters Reform Act is piling on even more financial and administrative pressure.‌View 3 ImagesTony Redondo(Image: Tony Redondo/Newspage)“But what’s less well-known is the sheer number of landlords who are selling up and then reinvesting their cash in rental properties overseas, where they feel they can get better returns. And while Spain, France and Portugal always prove popular, a growing number of Brits are being even bolder and looking to the US, with Florida becoming a hotspot for UK investors over the...