# Moving to Galicia/ Northern Spain - Current income requirements for residency?



## callofthewild (Jun 27, 2020)

Hi everyone 

New here, but have been thinking and researching possibility of moving to Galicia for some time!

I have quite a few questions and so I am wondering if its best to add them all here or start new threads?!

First question particularly relevant to the area we want to move to (Galicia) is what is the income requirements for residency at present for an EU citizen? Is it a lump sum in the bank or monthly income?

We are early retired in the UK with S1 eligibility and each have an occupational pension. OH will be eligible for state pension in 2 years.

Look forward to hearing from you and being a part of this lovely community


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## tebo53 (Sep 18, 2014)

Hi,

Each region seems to set their own income requirement which could change overnight or depending on who is behind the desk on the day. Generally the income level they look for will be around €800 per month (each) paid into a Spanish bank account for the previous 3 months.

To gain legal residency you will need to prove that you have enough income to satisfy the authorities that you won't become a burden on the state. You will need full healthcare and as you can gain that healthcare, for you and other dependants, through the S1 scheme that wont become a problem. Your NIE will be issued when you apply for residency. 

You will become tax residents after 183 days of living in Spain and then you will pay taxes to the Spanish tax office. 

You will be required to fill in Modelo 720 which is a form where you declare all your worldly income and bank account values.

Hope that's helped a little. 

Steve


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## callofthewild (Jun 27, 2020)

*Thank you*



tebo53 said:


> Hi,
> 
> Each region seems to set their own income requirement which could change overnight or depending on who is behind the desk on the day. Generally the income level they look for will be around €800 per month (each) paid into a Spanish bank account for the previous 3 months.
> 
> ...


That's very helpful thank you Steve  especially the point re declaring our income on Modelo 720, I wasn't aware of that....


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## callofthewild (Jun 27, 2020)

*Expats in Galicia*

Is there anyone here who lives in Galicia I wonder?


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## Lynn R (Feb 21, 2014)

callofthewild said:


> That's very helpful thank you Steve  especially the point re declaring our income on Modelo 720, I wasn't aware of that....


It isn't your income which has to be declared on Modelo 720, it is any overseas assets you hold in the UK or elsewhere outside Spain. If you have assets of €50k or over in any one asset class (ie savings in the bank or other financial institution, property, shares or investment bonds, Premium Bonds, etc) then they must be declared. A new declaration does not have to be submitted each year unless the value in any asset class has increased by €20k or more, or an account has been closed or an asset sold.

Any income you derive from these assets, eg interest on savings, rent from a property or share dividends, must be included on your Spanish income tax return.


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## callofthewild (Jun 27, 2020)

Lynn R said:


> It isn't your income which has to be declared on Modelo 720, it is any overseas assets you hold in the UK or elsewhere outside Spain. If you have assets of €50k or over in any one asset class (ie savings in the bank or other financial institution, property, shares or investment bonds, Premium Bonds, etc) then they must be declared. A new declaration does not have to be submitted each year unless the value in any asset class has increased by €20k or more, or an account has been closed or an asset sold.
> 
> Any income you derive from these assets, eg interest on savings, rent from a property or share dividends, must be included on your Spanish income tax return.


That's very helpful, thanks for clarifying Lynn  We will have our property in the UK which will remain empty for the time being until we decide how we want to move forward eg. buying or continuing to rent.


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## kaipa (Aug 3, 2013)

Lynn R said:


> callofthewild said:
> 
> 
> > That's very helpful thank you Steve 🙂 especially the point re declaring our income on Modelo 720, I wasn't aware of that....
> ...


You do not declare spanish assests on 720.


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## kaipa (Aug 3, 2013)

Sorry I know that you said that just point ting out that it is only non Spanish assets


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## tebo53 (Sep 18, 2014)

One thing to remember is that if your house stands empty in the UK the Spanish authorities will assume that you are gaining rent from it....even if you are not.

Steve


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## xabiaxica (Jun 23, 2009)

tebo53 said:


> One thing to remember is that if your house stands empty in the UK the Spanish authorities will assume that you are gaining rent from it....even if you are not.
> 
> Steve


Ah yes!

The imputed tax that all residents of all nationailities have to pay on any property which isn't the primary residence, anywhere in the world!


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