# Is my income large enough for Spain?



## Maximus62 (Dec 26, 2020)

Hello Everyone,

I have a long standing desire to retire to Spain and very disappointed by Brexit and it's implications.

I now have doubts about retiring to Spain and would like some opinions.

1. I have pensions in payment of about £1200 / month after tax
2. I own a property worth about £400,000
3. I am 62 years of age
4.I will receive my State Pension at 66


My dilemma is this:

Do I liquidate my property and buy in Spain in 2021? If so, what are the tax liabilities?
Is £1200 / month sufficient income to live reasonably well in Spain?
What is the likely Health Insurance costs / month for living in Spain?
If I follow the non-lucrative visa route, would I be entitled to Spanish Health Care at 66...It's a bit unclear reading the rules.

My frustration is that due to Brexit we have to make a more permanent decision now, and cannot use the NHS resources (for which I have paid for since the age of 16) and I'm worried that poor health could leave me trapped.

Thank you


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## Megsmum (Sep 9, 2012)

Whilst 1200£ is doable depending on where and how you live it will not meet third country residency requirements. You are probably best looking at the requirements for third country nationals


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## smifffymoto (Dec 4, 2020)

I was told by a lawyer that anybody is entitled to state healthcare after 1 year of living in Spain(legally).


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## xabiaxica (Jun 23, 2009)

smifffymoto said:


> I was told by a lawyer that anybody is entitled to state healthcare after 1 year of living in Spain(legally).


No. After a year of legal, registered residence, one can sign up to the convenio especial. That IS state healthcare, but you have to pay for it.


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## xabiaxica (Jun 23, 2009)

Maximus62 said:


> Hello Everyone,
> 
> I have a long standing desire to retire to Spain and very disappointed by Brexit and it's implications.
> 
> ...


As said, living on that income & actually meeting the income requirements for a resident visa are two different things.

The usual visa for retirees is the non-lucrative one. Here's a link to the relevant section from the Spanish Consuñlate in London. It states the income requirement as 400% of IPREM, the same as for other third country citizens. Currently that means a monthly income of 2.151,36€ for a single person. 





http://www.exteriores.gob.es/Consulados/LONDRES/en/Consulado/Documents/RES%20ES-EN.pdf


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## Mark427 (Dec 22, 2020)

One option is to have a monthly income of 2151.36 as already mentioned, or to have at least *25,816.12€ in the bank.* (the 400% mentioned)This is, however, the minimum and a higher amount may be required. For each dependent travelling with you, will require that you have an additional amount equal to the IPREM (*6.454,03€ annually).* 
So if you sell your current property you will have more than enough funds to meet this requirement.Even buying property would leave enough left ,but it would be more prudent to rent for at least the first year as if you buy and decide you dont like the area then it will be very difficult to then resell compared to if you are just renting.
You wil also need to purchase private healthcover (with no copayments) for at least the first year,which would prob be in the region of 100-200 euros a month depending on current health status,age,and what you want covered (ie including dental),after which you would be eligible to join the state health care system which is 157euros a month for over 65s...so may be cheaper,or only slightly more to be private with all the added benifits of private over state care.


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## kaipa (Aug 3, 2013)

Mark427 said:


> One option is to have a monthly income of 2151.36 as already mentioned, or to have at least *25,816.12€ in the bank.* (the 400% mentioned)This is, however, the minimum and a higher amount may be required. For each dependent travelling with you, will require that you have an additional amount equal to the IPREM (*6.454,03€ annually).*
> So if you sell your current property you will have more than enough funds to meet this requirement.Even buying property would leave enough left ,but it would be more prudent to rent for at least the first year as if you buy and decide you dont like the area then it will be very difficult to then resell compared to if you are just renting.
> You wil also need to purchase private healthcover (with no copayments) for at least the first year,which would prob be in the region of 100-200 euros a month depending on current health status,age,and what you want covered (ie including dental),after which you would be eligible to join the state health care system which is 157euros a month for over 65s...so may be cheaper,or only slightly more to be private with all the added benifits of private over state care.


I
I dont think having static savings of approx 25.000 euros is what it means. It needs to be an income generated annually. Many 3rd country nationals could deposit 25.000 in an account for the purpose of residency and then transfer it out of the country.


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## kaipa (Aug 3, 2013)

Mark427 said:


> One option is to have a monthly income of 2151.36 as already mentioned, or to have at least *25,816.12€ in the bank.* (the 400% mentioned)This is, however, the minimum and a higher amount may be required. For each dependent travelling with you, will require that you have an additional amount equal to the IPREM (*6.454,03€ annually).*
> So if you sell your current property you will have more than enough funds to meet this requirement.Even buying property would leave enough left ,but it would be more prudent to rent for at least the first year as if you buy and decide you dont like the area then it will be very difficult to then resell compared to if you are just renting.
> You wil also need to purchase private healthcover (with no copayments) for at least the first year,which would prob be in the region of 100-200 euros a month depending on current health status,age,and what you want covered (ie including dental),after which you would be eligible to join the state health care system which is 157euros a month for over 65s...so may be cheaper,or only slightly more to be private with all the added benifits of private over state care.


Not sure about your information about convenio etc


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## kaipa (Aug 3, 2013)

One question: If you left Spain after acquiring permanent residency under EA and lived in UK for say 3 years then I know you can return to Spain and simply take up residency automatically as there is a five year absence allowed. If you had prior to leaving made SS contributions 15 years plus, would you be entitled to free healthcare on return?


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## trotter58 (Feb 8, 2017)

kaipa said:


> I
> I dont think having static savings of approx 25.000 euros is what it means. It needs to be an income generated annually. Many 3rd country nationals could deposit 25.000 in an account for the purpose of residency and then transfer it out of the country.


Static saving would be fine, a bit like paying up front. Yes you could move the money once you have your residency, just like you could move your income.


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## trotter58 (Feb 8, 2017)

kaipa said:


> Not sure about your information about convenio etc


Convenio Especial information is correct. You can apply after being resident & on the padron for 12 months. Payments are €60 per month for under 65 and €157 per month for over 65.


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## blondebob (Aug 16, 2019)

trotter58 said:


> Static saving would be fine, a bit like paying up front. Yes you could move the money once you have your residency, just like you could move your income.


Absolutely.....good point


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## MataMata (Nov 30, 2008)

trotter58 said:


> Static saving would be fine, a bit like paying up front. Yes you could move the money once you have your residency, just like you could move your income.


It's about proving that you have the resources required so cash in the bank or guaranteed income will suffice.

Bear in mind though that during the 5 years it takes to acquire permanent residency you will have to renew your initial 1 year visa two more times for 2 years each so for each of those you will need to demonstrate 2x the amount or around €64,000.

Under Convenio Especial the medicine costs are NOT covered, for some with complex medical issues that can mean monthly bills running into 3 figures.


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## ccm47 (Oct 15, 2013)

Other points to bear in mind:
You will probably not pay tax in the UK once in Spain (some govt type pensions are always taxable in the UK), so your gross income will be greater than the £1200 a month you mentioned. Naturally you are then liable to pay taxes in Spain. 

National Insurance is not your contribution to the NHS. Whilst it may have been used for such purposes in and around 1948 it soon got put into general government funds so that care could be provided by the govt for all UK residents, some of whom never have, and never will contribute, or alternatively the pot can be used to fund anything else the government wishes to. The NI you have paid is, however, notionally used in calculating your pension entitlement. It is a legal requirement for you to continue to pay NI even if you obtain 100% entitlement but continue to work.

Will you have sufficient income, assuming you are granted a visa? Nobody can say if the pound will hold its value against the other world currencies following the Brexit debacle. I think you need to keep dreaming for a couple of years at least before taking any steps to turn it into reality.


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## Section 8 (Aug 15, 2010)

You could also consider renting out your current property to generate additional income to live off of or at least help pay rent for a place in Spain.


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## JC Joy (Dec 31, 2020)

smifffymoto said:


> I was told by a lawyer that anybody is entitled to state healthcare after 1 year of living in Spain(legally).


Thanks for the information.


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## smifffymoto (Dec 4, 2020)

By entitled I mean entitled to join,there is a cost.


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