# how much money do you need



## stmary (Dec 30, 2012)

Hi , we have been looking through the list of dos and don'ts when you move to Spain .
We understand a bit of it ,and this may have been asked many times , so sorry to go over it again ,So ,, we want to live in Costa blanca Spain , one of us will be retired with uk pension and the other is tagging along ha ha , The question is how much do you need to prove you have to be self sufficient when you apply for residency , and what's the highest amount you can have in savings and pension before you are taxed for each person . Any information regarding all this will be so helpful , thank you


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## Alcalaina (Aug 6, 2010)

Well, if one of you has a UK state pension and the other is a spouse or dependent, you don't have to worry about the healthcare aspect. Get yourselves sorted with the S1 form from the DWP in Newcastle - details here.

https://www.gov.uk/healthcare-in-spain

Regarding income, it does vary according to which _extranjeros_ office you apply to in Spain, but the average seems to be around €600 per month per person or a lump sum in savings. If you go through the FAQs thread there is more info there.

Income tax thresholds here: Spanish income tax rates 2012 to 2014

You pay tax on the interest on your savings the same as you would in the UK, but if your income is less than the threshold you can claim the tax back.


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## snikpoh (Nov 19, 2007)

> ...
> 
> and what's the highest amount you can have in savings and pension before you are taxed for each person


It's also worth pointing out that you can't decide what to declare! If your income is £x + £y, then that is what MUST be declared here in Spain - I'm a little unsure as to what you are really asking. 

The only thing you can decide is whether to do a joind tax return or to do two single returns.


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## brocher (Mar 21, 2011)

OF course, proving you have 600€ months each doesn't mean you can actually live comfortably on anything like that amount.


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## stmary (Dec 30, 2012)

thank you for your reply , sorry if you misunderstood me , Not trying to mislead you ...... what we mean is , we know we have to pay tax on our savings and we will be honest with what we have .
we just don't know enough regarding spanish system . 
so was hoping someone would come along and give us sound advice as the above person has ...... we will look at the spanish tax on savings and yes we will have more than 600 euros a month to live on


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## stmary (Dec 30, 2012)

is 600 euros the minimum per person that they allow each person to live on , like in Uk they have a guideline for pensioners , thank you


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## stmary (Dec 30, 2012)

Thank you Alcalaina this is very helpful indeed , We were worried that a pension and savings of £80.000 after buying a house would not be enough until hubby retires in 6 years , we plan to move there in 2 years time . we thought the spanish system would say no you can't come in , you have not got enough money to live on . we understand that we pay tax on savings , Would we say to spanish authorities this is joint savings ....... 
once again cheers for your help


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## brocher (Mar 21, 2011)

stmary said:


> is 600 euros the minimum per person that they allow each person to live on , like in Uk they have a guideline for pensioners , thank you


600€/ person/month is just the figure they say you need to register as resident, it's based on social security. It in no way implies that you could live half comfortably on that amount, or that there is any top up benefit available- there isn't. 

Some people find it a little cheaper, but the rule of thumb is the cost of living is pretty mush the same as living in the UK with some things a little clothes per and some a little more. If you follow this rule, you can work out of for yourself if one pension and savings is enough, it all depends on your personal lifestyle. Presumably you wouldn't want to have to use too much of your savings within those first few years, you'd need to keep most of it to help you through all your retirement years.

One more thing - most people recommend renting for a year or so before buying. If you pick the wrong house, or the wrong area, you may find it nearly impossible to sell up and move in the current climate.


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## stmary (Dec 30, 2012)

brocher said:


> 600€/ person/month is just the figure they say you need to register as resident, it's based on social security. It in no way implies that you could live half comfortably on that amount, or that there is any top up benefit available- there isn't.
> 
> Some people find it a little cheaper, but the rule of thumb is the cost of living is pretty mush the same as living in the UK with some things a little clothes per and some a little more. If you follow this rule, you can work out of for yourself if one pension and savings is enough, it all depends on your personal lifestyle. Presumably you wouldn't want to have to use too much of your savings within those first few years, you'd need to keep most of it to help you through all your retirement years.
> 
> One more thing - most people recommend renting for a year or so before buying. If you pick the wrong house, or the wrong area, you may find it nearly impossible to sell up and move in the current climate.


Hi thank you , we have taken on board what you say , yes we would need the money to live on for our retirement years , and we would rent first and then see how we go .
Your comments make sense ....... thank you for your help


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## brocher (Mar 21, 2011)

stmary said:


> Hi thank you , we have taken on board what you say , yes we would need the money to live on for our retirement years , and we would rent first and then see how we go .
> Your comments make sense ....... thank you for your help


I'm glad it meant sense to you, because I've just noticed predictive text has completely mucked it up!!


middle section should read something like this- " the rule of thunpmb is that you should allow for the cost of living being pretty much the same as the UK, some things a little cheaper, some things a little more."

If you work out what you'd need to live for that period at home, and allow the same for Spain, you'll be fine.


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## Alcalaina (Aug 6, 2010)

stmary said:


> Thank you Alcalaina this is very helpful indeed , We were worried that a pension and savings of £80.000 after buying a house would not be enough until hubby retires in 6 years , we plan to move there in 2 years time . we thought the spanish system would say no you can't come in , you have not got enough money to live on . we understand that we pay tax on savings , Would we say to spanish authorities this is joint savings .......
> once again cheers for your help


The rule about having enough to live on was designed to stop penniless people from other EU countries coming to Spain to look for work. The government isn't out to stop comfortably-off Brits from retiring here, quite the opposite! But of course they can't discriminate so the same rules apply to all EU citizens.

I would also recommend renting for a while, then you won't be stuck with a house you can't sell if you later decide the place is not for you. Rents here are much cheaper than in the UK. You can get something nice for 400€ a month, even less if you go inland a bit.


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## stmary (Dec 30, 2012)

Alcalaina said:


> The rule about having enough to live on was designed to stop penniless people from other EU countries coming to Spain to look for work. The government isn't out to stop comfortably-off Brits from retiring here, quite the opposite! But of course they can't discriminate so the same rules apply to all EU citizens.
> 
> I would also recommend renting for a while, then you won't be stuck with a house you can't sell if you later decide the place is not for you. Rents here are much cheaper than in the UK. You can get something nice for 400€ a month, even less if you go inland a bit.


Thank you for taking time out to explain to us and of course we see this why they need to
do these rules and of course we will rent first .
have you any idea of any one you know where we could rent from / agents or private when the time comes to move over .
Are you in Spain long term !and we hope you don't mind us asking you these questions , as we need to gather as much information as possible , cheers


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## xabiaxica (Jun 23, 2009)

stmary said:


> Thank you for taking time out to explain to us and of course we see this why they need to
> do these rules and of course we will rent first .
> have you any idea of any one you know where we could rent from / agents or private when the time comes to move over .
> Are you in Spain long term !and we hope you don't mind us asking you these questions , as we need to gather as much information as possible , cheers


whereabouts are you thinking of moving to?

I see you mentioned the Costa Blanca - it's a big area - I've lived on the northern Costa Blanca for over 10 years now


several of us on the forum have lived here in Spain for quite a few years - one of us at least for nearly 30!


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## extranjero (Nov 16, 2012)

stmary said:


> Thank you for taking time out to explain to us and of course we see this why they need to
> do these rules and of course we will rent first .
> have you any idea of any one you know where we could rent from / agents or private when the time comes to move over .
> Are you in Spain long term !and we hope you don't mind us asking you these questions , as we need to gather as much information as possible , cheers



It's too vast a subject!You need to do your own homework and research, specific to your needs. Just google rentals in Spain, and you can search for ones that suit your budget.research health care and tax implications.There are loads of forums and sites for advice, just search.
Good sites are Uk in Spain,/SNIP/


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## stmary (Dec 30, 2012)

xabiachica said:


> whereabouts are you thinking of moving to?
> 
> I see you mentioned the Costa Blanca - it's a big area - I've lived on the northern Costa Blanca for over 10 years now
> 
> ...


Hi , we are thinking of La zenia area . Been to Murcia area , not too keen , Been to Alicante and Benidorm , not ventured far from there though , think one place was La nucia 
are you near any where there ! 
You must like living in Spain to be there 10 Yrs and the other guys on here 30 ...... thats some miles .
We are so looking forward to retiring out there , are you retired ! 
Would you say have a look where you are because we are open to all views 
thank you once again


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## xabiaxica (Jun 23, 2009)

stmary said:


> Hi , we are thinking of La zenia area . Been to Murcia area , not too keen , Been to Alicante and Benidorm , not ventured far from there though , think one place was La nucia
> are you near any where there !
> You must like living in Spain to be there 10 Yrs and the other guys on here 30 ...... thats some miles .
> We are so looking forward to retiring out there , are you retired !
> ...


retired?!! I wish!!

I'm a widow with two teenage daughters to support - I think retirement is a LONG way off for me!

we live about half an hour north of Benidorm - a whole world away though 

definitely have a look where we are - it's wonderful - I plan to live out my days here, for sure

Home - Xàbia Tourism Portal - Town Council of Xàbia


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## stmary (Dec 30, 2012)

oh dear it must be hard at times, been a single parent with teenage kids , been there 4 times , all grown up and now 4 grand kids too .
Thank you very much for taking time to answering our mail , your very kind ,also we will look on the north side , looking forward to our new adventure .cheers , hope your day is good


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