# Residence Visa (Non-Lucrative) and Taxation questions for US couple



## FRITZ SCHATZI (Jul 8, 2021)

Hey folks! We're seriously considering Spain for retirement and I'd like you to clarify me on two subjects.
We have income from Social Security of $2K a month and savings of $300K.
Would this be enough to get Residence(Non-lucrative) Visa and do we have to file taxes in Spain?


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## Jamglish (Mar 15, 2014)

Based on my experience, you will be OK as long as you are not extravagant. As I understand, you will need to have about 30k euros in a bank here for the first year, and twice that for the two subsequent 2 year renewals, together with health insurance. Having those funds in the bank doesnt mean you have to spend them all. With that, your Social Security alone will probably cover most of the basic expenses (depending somewhat on the dollar/euro exchange rate), and you can make up any shortfall with your savings which should be enough to last a long time. Health insurance is much cheaper than in US. Together, my wife and I paid a total of 210 euros/month for the required no-copay health insurance, while Medicare part B for just one person is approx $150/month and has copays etc. We both now have access to the very good national health system in Spain. Regardless, you could certainly have a better quality of life here than you would for the same money in US. Once you are a tax resident of Spain, you will have to pay income tax here on pension income. The tax rates are somewhat higher, but I suspect the total tax bite here is comparable to the US when you consider all the different taxes in US. There is a tax treaty between US and Spain, so you wont be subject to double taxation. I personally am happy to have made the move from US to Spain.


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## Joey Testa (Jan 5, 2021)

Should be enough. Yes, you have to file taxes in Spain. You also have to file US taxes even if you live fulltime in Spain.


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## FRITZ SCHATZI (Jul 8, 2021)

Thank you very much for your elaborate response!


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