# Bed and Brexit



## davio (Mar 2, 2016)

Hello

I am 67 years old and thinking of selling up in UK, and downsizing to Spain.

I have a UK State Pension, and a small amount of Teachers' Pension (most of my teaching was in Hong Kong) I would have about £100,000 in savings left after buying a property in Spain. I also could continue to earn some money by marking exam papers online, and working on a summer school course for five weeks in the UK at a local University. Neither of these sources are guaranteed every year, and sooner or later I would want to stop.

I know that if I plan to stay for more than 90 days I have to get a residency certificate. As a state pensioner I know that medical cover can be done by getting an S1 certificate. However, the referendum is looming - and if we leave the EU I presume that will no longer be the case and I would have to either fund my own private health insurance, or after a year possibly apply for a convencion especial - which costs 157 Euros a month.

My questions are: 

Would I be considered to have sufficient means to live in Spain on a combined pension of about 10,500 euros pa?

Would my savings be taken into account ?

Is there affordable private health insurance in Spain? I got a quick quote from BUPA and it was prohibitive. 

David


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## Lynn R (Feb 21, 2014)

The current amounts being requested in order to show proof of sufficient financial resources to register as a resident are €600 per month being paid into a Spanish bank account, or a lump sum of €6000 (although sometimes both are asked for). So yes, your income would be sufficient for that purpose - under current rules.

As far as private health insurance is concerned, my husband and I have cover with a company called Prevision Medica (but they only cover Málaga province and part of Córdoba province). He is over 65 and our current monthy premiums are €120 per month for the two of us. I remember giving someone else their name on the forum recently and he came back and said he'd had a quote from them which was much more reasonable than the ones he'd had previously. I am sure there are other smaller local companies in other areas too.

Be aware, though, that if you have any pre-existing conditions private health cover will be more difficult to get and more expensive even if they will cover the pre-existing conditions. Very few policies cover the cost of prescribed mediciines, either, so you would still need to pay the full cost of those (as you do under the Convenio Especial, the system by which you can pay for state health cover once you have been officially resident in Spain for at least one year).


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## davio (Mar 2, 2016)

Thank you - very helpful


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## LAMMIMAN (Mar 21, 2016)

Hi there!

Well, let's say you earned GBP3k interest on your GBP100k of savings, plus your GBP11k pension plus a small amount of work would get you up to GBP15-20k per year which, without rent, would probably be enough to live comfortably in spain, yes. Of course if you are not looking to leave your savings and property as an inheritance, over time, you can also draw down the principal of your savings and the equity in your home, which would add a few more thousand and allow you to live quite comfortably. 

I'd wait for the referendum so you have a clear picture of the health insurance. My guess is that yeas - local spanish operators are likely to be cheaper than BUPA.

<SNIP>

Good luck! Retirement in Spain with some summer teaching sounds great!

Alan


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## Pesky Wesky (May 10, 2009)

Lynn R said:


> The current amounts being requested in order to show proof of sufficient financial resources to register as a resident are €600 per month being paid into a Spanish bank account, or a lump sum of €6000 (although sometimes both are asked for). So yes, your income would be sufficient for that purpose - under current rules.
> 
> As far as private health insurance is concerned, my husband and I have cover with a company called Prevision Medica (but they only cover Málaga province and part of Córdoba province). He is over 65 and our current monthy premiums are €120 per month for the two of us. I remember giving someone else their name on the forum recently and he came back and said he'd had a quote from them which was much more reasonable than the ones he'd had previously. I am sure there are other smaller local companies in other areas too.
> 
> Be aware, though, that if you have any pre-existing conditions private health cover will be more difficult to get and more expensive even if they will cover the pre-existing conditions. Very few policies cover the cost of prescribed mediciines, either, so you would still need to pay the full cost of those (as you do under the Convenio Especial, the system by which you can pay for state health cover once you have been officially resident in Spain for at least one year).


The 600€ per person per month isn't written in stone, though. The Spanish paper on this says something which comes out as something like you hould have enough money so as not to be a burden on the state and most regions put this figure at the (very reasonable) amount of 600€, but recently on the forum there was talk of 800€. I think xabiachica knows something about this...


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## extranjero (Nov 16, 2012)

LAMMIMAN said:


> Hi there!
> 
> Well, let's say you earned GBP3k interest on your GBP100k of savings, plus your GBP11k pension plus a small amount of work would get you up to GBP15-20k per year which, without rent, would probably be enough to live comfortably in spain, yes. Of course if you are not looking to leave your savings and property as an inheritance, over time, you can also draw down the principal of your savings and the equity in your home, which would add a few more thousand and allow you to live quite comfortably.
> 
> ...


3 k interest sounds a bit optimistic!


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## Justina (Jan 25, 2013)

*Retiring*



davio said:


> Hello
> 
> I am 67 years old and thinking of selling up in UK, and downsizing to Spain.
> 
> ...


Each province seems to ask for different amounts of dosh. Andalucia is quite reasonable.
As to health, as a retired 67 year old you would be entitled to ask Newcastle for an S1 and once you have been registered in Spain, you would sign on to the medical system. If you don't speak Spanish, then you could find it easier to look for a private one, only cos of language. If you are a healthy person, whatever that means, you could forget the private clinics, take your chance, and spend the money on Spanish classes, so that if the time comes and you reckon that you need to make a visit to a doc, then at least you will have an idea of explaining your discomfort.


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## Justina (Jan 25, 2013)

*Sorry*



Justina said:


> Each province seems to ask for different amounts of dosh. Andalucia is quite reasonable.
> As to health, as a retired 67 year old you would be entitled to ask Newcastle for an S1 and once you have been registered in Spain, you would sign on to the medical system. If you don't speak Spanish, then you could find it easier to look for a private one, only cos of language. If you are a healthy person, whatever that means, you could forget the private clinics, take your chance, and spend the money on Spanish classes, so that if the time comes and you reckon that you need to make a visit to a doc, then at least you will have an idea of explaining your discomfort.


Just reread your questions and yes, you have more than enough for, I think, all provinces.


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## Allie-P (Feb 11, 2013)

My advice would be to immediately go down the S1 route. If, you are in receipt of a state retirement pension - then you are entitled.

There is nothing more comforting than having possession of that medical card. Complete peace of mind.

I know of too many foreigners, here, who wing it. They don't want to become resident for fear of divulging their, 'wealth' and properties.

I have been learning Spanish since I arrived in Spain, 3 years ago. If, I had waited to apply, until I was fluent - I would be in real trouble !!!!

The very best of luck


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