# Early Retirement



## ChrisandJane (Jun 17, 2020)

A few initial pointers required please.
We are both in our middle 50's and looking to take early retirement, hopefully in Spain.
I am aware that in France, although that you may have savings, you still have to have a minimum income each month.
I've tried searching for Spain, but as yet can't see any info, can anyone answer the question please. Can we live off savings, or do we need an income. Our proposed property will be purchased, with no mortgage.

Healthcare, I see that we would not be covered for healthcare, and would need to arrange private healthcare, presuming this would be until we reach pension age?

Thank you in anticipation 

Chris


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## Joppa (Sep 7, 2009)

The official policy is rather vague on requirements for non-working people, and exact interpretation varies between different foreigners' departments and national police stations where you lodge your application. Some only need confirmation of property ownership without mortgage, others require set amount deposited in a Spanish bank account for a set period, while others insist on minimum monthly income that exceeds the amount that triggers non-contributory social security payment (LPGE). It's usually around 800 euro/month. You need to ask at the foreigners' office or national police station for exact requirements, or speak to a local gestor.
You will need private healthcare for one year, then you can contribute to the state health scheme (convenio especial) which is around 60 euro/month and covers pre-existing conditions.


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## xabiaxica (Jun 23, 2009)

ChrisandJane said:


> A few initial pointers required please.
> We are both in our middle 50's and looking to take early retirement, hopefully in Spain.
> I am aware that in France, although that you may have savings, you still have to have a minimum income each month.
> I've tried searching for Spain, but as yet can't see any info, can anyone answer the question please. Can we live off savings, or do we need an income. Our proposed property will be purchased, with no mortgage.
> ...


:welcome:

Firstly, your nationality will make a huge difference to the answer to your question. 

Where are you from?


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## ChrisandJane (Jun 17, 2020)

Thanks for the info so far. We are from the UK.


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## Barriej (Jul 23, 2012)

ChrisandJane said:


> A few initial pointers required please.
> We are both in our middle 50's and looking to take early retirement, hopefully in Spain.
> I am aware that in France, although that you may have savings, you still have to have a minimum income each month.
> I've tried searching for Spain, but as yet can't see any info, can anyone answer the question please. Can we live off savings, or do we need an income. Our proposed property will be purchased, with no mortgage.
> ...


I can give the info we have as we are in a similar position.

All I will say is the amount you need in the bank varies. It shouldn't but does.....

Me n the wife are 57 and 56, I retire at the end of this month and we already own a place in Spain. We were due to arrive on the 6th July but its now been put back to mid august.

We also have our NIE, Bank accounts, Healthcare.

For the Alicante region you will need approx €7000 in a Spanish bank each.(and its supposed to have been there for about 3 months, but they are flexible) if applying as individuals.
I believe its about €10500 if a couple (due to paperwork issues me n wife are having to apply separately)* its a long story.

Bank accounts are easy, just visit any bank and ask to open a non resident account. Santander also offer healthcare attached to the bank account and its about €650 with no co-pay (this bit is important). Thats what we have.

Once you have been resident in Spain for a full year you can pay into the Spanish healthcare system. 

NIE can be arranged easily either separately (which is the way we went) or during the residence application. If you want to buy a property, car or intact any big thing you need the NIE. 

So far I have moved the required funds to our accounts and we will live off that. You don't have to show any regular income. Although if you have one it will save you the bank charges on the account. 

I would suggest you find a good solicitor who will assist. You can do everything yourself but it requires familiarity with the system. We have a good firm working for us and they will also do our tax returns every year as well (they are not that expensive either)


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## ChrisandJane (Jun 17, 2020)

Thanks for that, straight from the horses mouth so to speak. I'm aware it will be slightly different for us as I doubt very much our proposed move won't be until after 31st Dec 2020. Cheers Chris


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## Roy C (Sep 29, 2012)

My friend got his recidecia recently in Malaga, for his finances all he had to do was produce his pension P60 they weren't interested in any fundx, he also had his property deeds. As said, it does vary.


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## Barriej (Jul 23, 2012)

ChrisandJane said:


> Thanks for that, straight from the horses mouth so to speak. I'm aware it will be slightly different for us as I doubt very much our proposed move won't be until after 31st Dec 2020. Cheers Chris


If you are planning to move after 31st Dec then you will be treated as any other 3rd country would be.

So if you search for the requirements for a US, Canadian or intact any other than an EU citizen you will get the figures.

From memory I think you will need at least €24000 in the account against the €7000 We were planning to leave our move till 2022 and I would have just moved more of my pension lump sum into the spanish accounts.

Other thing to think about is taking a spanish driving test if moving after the end of 2020. If you get residence this year you can just swap you uk driving licence for a spanish one...


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## xabiaxica (Jun 23, 2009)

Roy C said:


> My friend got his recidecia recently in Malaga, for his finances all he had to do was produce his pension P60 they weren't interested in any fundx, he also had his property deeds. As said, it does vary.


Yes, for those in receipt of a state pension from an EU country, all that is needed is proof of the pension.


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## ChrisandJane (Jun 17, 2020)

Thank you for the feedback so far, very useful


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## Roy C (Sep 29, 2012)

xabiaxica said:


> Yes, for those in receipt of a state pension from an EU country, all that is needed is proof of the pension.


Thanks it must be the same for an occupational pension as well, that's what he has as he is 54 I think.


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## Joppa (Sep 7, 2009)

Roy C said:


> Thanks it must be the same for an occupational pension as well, that's what he has as he is 54 I think.


Documentary requirement for sufficient financial resources varies widely between different offices and police stations, so you need to check out, perhaps through a local gestor, about the exact rule where you register.


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## ChrisandJane (Jun 17, 2020)

Thanks again


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