Retiral

Hi, I am hoping to take early retirement in the next few years, move to Spain and live off my savings until my state pension kicks in. Is there a minimum annual income required to relocate to Spain?

Thanks

Janamac

This message was last edited by Janamac on 29/04/2019.

Are you from an EU country (eg, Britain at the moment).

If so then the amount required is around the average pension or 600 euro per person per month, Some of the places you apply for residency quote different amounts but that is what you should aim for. Some also require 3 months payments of that amount before you can apply for residency and it seems (for some unfathomable reason) each office has its own level. It's almost as if they don't want people to become residents.

If not an EU citizen then the amount is considerably higher at around 30,000 a year plus extra for each family member. Of course, as we are about to leave the EU the figures might (or might not) change.

You will also require private health insurance to cover at least the first year. This can be very expensive especially if you have any pre-existing conditions.

Saying all that, loads of people do move here on a permanent basis and get over all the hurdles.

Good luck and welcome to EOS.

To be precise for this year the amounts are:-

369.69€ p.m. 5,175.60€ p.a. for a single person
628.83€ p.m. 8,803.62€ p.a. for a couple

NB The annual amounts are 14 X the monthly amounts as it usual in Spain to receive 14 wage payments etc. per year.

The amounts are those which Spain has ruled are the amounts below which one can claim supplementary income benefits. Thus if they are sufficient for Spaniards to live on they cannot by EU law discriminate against other EU nationals.

As Mariedav says ‘’It's almost as if they don't want people to become residents.’’ So loads of people do move here on a permanent basis and never bother becoming resident.

Once the UK leaves the EU; which could actually happen on 31st October this year, without the two year transition period Britain becomes a third nation-state. It might be helpful if you do some research on the conditions for residency in Spain for such countries. See link below.

Since Britain has made it clear EU nations will not be given preferential treatment for migration post-Brexit. So unless that policy changes reciprocal arrangements will apply for British people seeking residency in the EU. An income figure of £30K has been fixed by the British government in their Brexit policies for EU nationals moving to Britain after withdrawal. There are currently also other bureaucratic hoops to jump through such as submitting documents and your fingerprints to enable criminal record checks.

https://www.citizensadvice.org.es/third-country-nationals-in-spain-stay-visit-or-residency/

For non EU nationals around 27,000€ per year income is required 

For EU nationals I am informed “that the income required  has gone up for 2019 to:-

457€  for a single person and

846€ for a couple

(I cannot at the moment confirm that)

John. That figure of €27k is for an individual. Each additional family member requires around €7k each. Post Brexit legal retirements for the average Brit. in Spain effectively will end the option. Or many will simply not apply for residency. However, state healthcare requires residency so it is not going to be such an easy option.

€27k seems a realistic figure and I do not see why any Brit would object. Why would any Brit leave benefits paradise and give up free NHS to live somewhere they cannot afford unless they are intending a life of crime?

€34k for a couple is a realistic income to live in another country assuming no receipt of state benefits. That begs the question of why as an EU citizen it's acceptable to have substantially less? 

Oh come on Mickyfinn you know the EU citizens figure is Micky Mouse based on state benefits entitlement and imposed by EU law. You surprise me making such a statement.

This thread is not BREXIT.

I can't deny it was a rhetorical question, Kavanagh. Brexit is relevant to all residency issues at the moment. British people as EU citizens intent on retiring to Spain or other EU destinations had some advantages likely to be lost. That's essentially my point.

Fair enough Mickyfinn, I accept that some benefits and privileges’ maybe lost if the UK ever leaves the EU, but wherever a person freely chooses to emigrate to they should ensure they have the financial resources to do so. The current financial requirements for EU citizens to gain residency in Spain are no more than a joke and reflect what some parts of EU laws and rulings are little more than a laugh, and that maybe why some British want out.

Regarding the minimum income required by an EU national to obtain EU Citizen Registration 

i quoted figures which I took from another post which I believed would have been correct, however, I have just spoken to the Officer in charge of an Extranjeria:  These are the current amounts:-

A single person 370 € per month or 5,170 per year

A couple 627 per month or 8,800 per year

They are from the government’s instructions to all Extranjerias, and apply everywhere.  Thus if you should have any problems with any Extranjeria suggesting you need more, quote the official figures and if necessary ask for (demand) the complaints forms 

We recently got residencia in Murcia province and had to have €9,000 in bank, that was for the two of us and was never asked about health cover. We are EU citizens still until UK can get their act together!

Spain is one country but has autonomous regional governments who often interpret national and EU laws independently. You also find some civil servants who process the paper sometimes act inconsistently. The best thing to do in my experience is to understand the procedures yourself then stand your ground if they argue something else. However, that requires good language skills, tact and diplomacy. Remember for functionaries face-saving is everything.

But Micky what could there possibly be to argue about?

Magic  

The money you needed was just about what I said

As for the medical cover either you misunderstood something, the person who processed your papers made a mistake, or as it appears you may have a U.K. government benefit allowance that was sufficient to prove you have medical cover from U.K.   

“A couple  627 per month or 8,800 per year  OR SAVINGS OF THAT AMOUNT 

These are from the government’s instructions to all Extranjerias, and apply everywhere.  Thus if you should have any problems with any Extranjeria suggesting you need more, quote the official figures and if necessary ask for (demand) the complaints forms”

This message was last edited by johnzx on 05/05/2019.