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LIFE IN SPAIN

Are we Living The Dream in Spain? What’s the truth behind ‘expat’ life

Anyone who has made the move to Spain will have heard the refrains from those back home; how we are so lucky to be living abroad, enjoying what is perceived to be a carefree life of sun, sea and sangria.

Are we Living The Dream in Spain? What’s the truth behind 'expat' life
A new collection of essays #LivingTheDream reveals the reality of life abroad

But the truth, of course, is more complex. Building a life and career abroad isn’t the same as an extended holiday. It isn’t always easy to be away from family and old friends and to navigate the challenges of moving to and settling in a new country.

In a new anthology of personal and powerful stories, ten women share the emotional and practical realities of life away from ‘home’.

These brutally honest essays cover the real experiences of women dealing with challenges away from the support structure of their place of birth. #LivingTheDream aims to bust the myth of the perception of a ‘blessed’ life under sunny skies and show the sometimes tougher reality.

Grief, loneliness, Brexit, motherhood, identity, single parenthood, rootlessness, drinking culture and integration are just some of the issues tackled in this collection of short stories.Editor Carrie Frais wanted to give a voice to women living in Spain, France, Hong Kong, Australia, Israel, Belgium, New Zealand and the UK and reveal some of the emotional upheavals and struggles that go hand-in-hand with moving away from their native ‘home’, but until now have remained largely untold. 

This project came from Carrie Frais’s increasing feelings of isolation during lockdown in Spain and her feelings of rootlessness and a lack of belonging, exacerbated by her own grief and the reality of Brexit. She felt the need to connect, reach out and encourage positive interactions and expose uncomfortable truths about the often misrepresented ‘expat’ existence.

She explains, “The women who have contributed to this collection of stories all share the (often) rollercoaster experience of moving away from the country of their birth. We are sometimes viewed as courageous, uprooting ourselves from the security blanket of having one’s extended family nearby to face new adventures and experiences in far-flung corners of the world. Yet, our lives can be emotional, confusing and challenging. When we experience anxiety, stress, insomnia, loneliness, fear or even depression caused by, amongst other things, culture shock, rootlessness, social exclusion, grief or bureaucracy, we struggle with people’s perceptions versus our own reality”

Frais wants people to re-consider the way the term ‘expat’ is used, believing that it has “now run its course, as it retains connotations of privileged, financially mobile western white men and women working abroad, or retirees relaxing on sun-soaked beaches. Nowadays, people are choosing to emigrate for a myriad of different reasons and some of us feel that being labelled an expat can set us apart from our adopted cultures when, in fact, we are trying to do exactly the opposite”.

Four stories from Spain

Four of the authors recount stories about the challenges of living Spain, each with their own unique perspective and focus.

Business owner Deborah Gray tells the story of setting up a PR agency in a new country and offers advice on how to manage business affairs.

Bremain in Spain Chair Sue Wilson, who writes a regular column for The Local Spain, discusses her Brexit legacy and how the referendum turned an aversion to politics into an obsession and why she now campaigns for the rights of British citizens living across Europe.

Journalist and Company Director Carrie Frais discusses grief and shares the emotional and practical challenges when confronted with the illness and subsequent loss of her parents in the UK whilst living in Barcelona.

Finally, entrepreneur Jane Mitchell takes a very honest look at the end of her marriage and how she has discovered her identity, realising that divorce doesnothave to be the end but in fact is the beginning of a new chapterof her life in Catalonia.

The power of honest story telling

Especially in the COVID-19 era, expat lives are being put under increased pressure, and many people are feeling isolated and disconnected. Carrie Frais hopes that the honest stories told in this book will encourage people to not feel alone and be more open about their struggles. She hopes it will inspire people to share their own stories with their friends and family to enable them to obtain the support they need.

#LivingTheDream Expat Life Stripped Bare is now available on Amazon. Find out more on www.carriefrais.co.uk/books/

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Member comments

  1. I am living my dream. Is everything perfect? Of course not. That’s not possible anywhere. But is it better for me than any place I’ve ever lived? Absolutely. Am I having the time of my life, exploring Spain and the rest of Europe (except for Covid times)? Most definitely. I have zero regrets about having moved here and zero desire to return.

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MONEY

Rampant branch closures and job cuts help Spain’s banks post huge earnings

Spain’s biggest banks this week reported huge profits in 2021 and cheered their return to recovery post-Covid, but ruthless cost-cutting in the form of thousands of layoffs, hundreds of branch closures and the removal of many ATMs have left customers in Spain suffering, in this latest example of ‘Capitalismo 2.0’. 

A man withdraws cash from a Santander branch in Madrid.
More than 3,500 Santander workers lost their jobs in Spain in 2021 and a further 2,000 more employees working for Santander across Europe were also laid off. Photo: PHILIPPE DESMAZES / AFP

Spanish banking giant Santander on Wednesday said it has bounced back from the pandemic as it returned to profit last year, beating analyst expectations and exceeding its pre-COVID earnings.

Likewise, Spain’s second-largest bank BBVA said on Thursday that it saw a strong rebound in 2021 following the Covid crisis, tripling its net profits thanks to a recovery in business activity.

It’s a similar story for Unicaja (€137 million profit in 2021), Caixabank (€5.2 billion profit thanks to merge with Bankia), Sabadell (€530 million profit last year), Abanca (€323 million profit) and all of Spain’s other main banks.

This may be promising news for Spain’s banking sector, but their profits have come at a cost for many of their employees and customers. 

In 2021, 19,000 bank employees lost their jobs, almost all through state-approved ERE layoffs, meant for companies struggling financially.

BBVA employees protest against layoffs in May 2021 in Madrid. Spain’s second-largest bank BBVA is looking to shed 3,800 jobs, affecting 16 percent of its staff, in a move denounced by unions as “scandalous”. (Photo by GABRIEL BOUYS / AFP)

Around 11 percent of bank branches in Spain have also been closed down in 2021 as part of Spanish banks’ attempts to cut costs, even though they’ve agreed to pay just under €5 billion in compensation.

Rampant branch closures have in turn resulted in 2,200 ATMs being removed since the Covid-19 pandemic began, even though the use of cajeros automáticos went up by 20 percent in 2021.

There are now 48,300 ATMs in Spain, levels not seen since 2001.

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Apart from losses caused by the coronavirus crisis, Spain’s financial institutions have justified the lay-offs, branch closures and ATM removals under the premise that there was already a shift to online banking taking place among customers. 

But the problem has been around for longer in a country with stark population differences between the cities and so-called ‘Empty Spain’, with rural communities and elderly people bearing the brunt of it. 

 

Caixabank laid off almost 6,500 workers in the first sixth months of 2021. Photo: ANDER GILLENEA/AFP

Just this month, a 78-year-old Valencian man has than collected 400,000+ signatures in an online petition calling for Spanish banks to offer face-to-face customer service that’s “humane” to elderly people, spurring the Bank of Spain and even Spain’s Prime Minister Pedro Sánchez to publicly say they would address the problem.

READ MORE: ‘I’m old, not stupid’ – How one Spanish senior is demanding face-to-face bank service

It’s worth noting that between 2008 and 2019, Spain had the highest number of branch closures and bank job cuts in Europe, with 48 percent of its branches shuttered compared with a bloc-wide average of 31 percent.

Below is more detailed information on how Santander and BBVA, Spain’s two biggest banks, have reported their huge profits in 2021.

Santander

Driven by a strong performance in the United States and Britain, the bank booked a net profit of €8.1 billion in 2021, close to a 12-year high. 

It was a huge improvement from 2020 when the pandemic hit and the bank suffered a net loss of €8.7 billion after it was forced to write down the value of several of its branches, particularly in the UK. It was also higher than 2019, when the bank posted a net profit of €6.5 billion.

Analysts from FactSet were expecting profits of €7.9 billion. 

“Our 2021 results demonstrate once again the value of our scale and presence across both developed and developing markets, with attributable profit 25 per cent higher than pre-COVID levels in 2019,” said chief executive Ana Botin in a statement.

Net banking income, the equivalent to turnover, also increased, reaching €33.4 billion, compared to €31.9 billion in 2020. This dynamic was made possible by a strong increase in customer numbers, with the group now counting almost 153 million customers worldwide. 

“We have added five million new customers in the last 12 months alone,” said Botin.

Santander performed particularly well in Europe and North America, with profits doubling in constant euros compared to 2020. In the UK, where Santander has a strong presence, current profit even “quadrupled” over the same period to €1.6 billion.

Last year’s net loss was the first in Banco Santander’s history, after having to revise downwards the value of several of its subsidiaries, notably in the UK, because of COVID.

The banking giant, which cut nearly 3,500 jobs at the end of 2020, in September announced an interim shareholder payout of €1.7 billion for its 2021 results. “In the coming weeks, we will announce additional compensation linked to the 2021 results,” it said.

BBVA

The group, which mainly operates in Spain but also in Latin America, Mexico and Turkey, posted profits of €4.65 billion ($5.25 billion), up from €1.3 billion a year earlier.

The result, which followed a solid fourth quarter with profits of €1.34 billion, was higher than expected, with FactSet analysts expecting a figure of €4.32 billion .

Excluding non-recurring items, such as the outcome of a restructuring plan launched last year, it generated profits of 5.07 billion euros in what was the highest figure “in 10 years”, the bank said in a statement.

In 2020, the Spanish bank saw its net profit tumble 63 percent as a result of asset depreciation and provisions taken against an increase in bad loans due to the economic fallout of the virus crisis.

“The economic recovery over the past year has brought with it a marked upturn in banking activity, mainly in the loan portfolio,” the bank explained, pointing to a reduction of the provisions put in place because of Covid.

In 2021, BBVA added a “record” 8.7 million new customers, largely due to the growth of its online activities. It now has 81.7 million customers worldwide.

The group’s net interest margins also rose 6.1 percent year-on-year to €14.7 billion, said the bank, which is undergoing a cost-cutting drive.

So far, it has axed 2,935 jobs and closed down 480 branches as the banking sector undergoes increasing digitalisation and fewer and fewer transactions are carried out over the counter.

At the end of 2020, BBVA sold its US unit to PNC Financial Services for nearly 10 billion euros and decided to reinvest some of the funds in the Turkish market.

In November, it launched a bid to take full control of its Turkish lending subsidiary Garanti, offering €2.25 billion ($2.6 billion) to buy the 50.15 percent stake it does not yet own.

The deal should be finalised in the first quarter of 2022.

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