Retirement in benidorm - Page 2

Thank you Steve I’ll look into it a lot more it seems so complicated at the moment but I am sure it is worth it in the end 

Gaynor

While you're making a decision have a read through this thread it might help getting things in order:

Non Lucrative Visa application

Steve 

Hi Gaynor,

Just to add to Steve and Cheryl's very helpful posts, I note that you say you plan, until retirement age, to live off the proceeds of your UK house sale.  For your first 1-year NLV (Non-Lucrative Visa) joint application, you'll need to prove income/savings of €34,800.  At your Year 2 and Year 4 (2-year) visa renewal applications, you'll need to prove double that amount, i.e. €69,600.  So when you're doing your cost of living sums, I'd recommend you ring-fence that amount.  Also, because that amount is calculated as a multiplier of Spain's IPREM, which typically increases every January, I'd actually recommend ringfencing €72,000 for your year 2 renewal and €75,000 for your Year 4 renewal.  Based on previous increases, my suggestions should more than cover future increases, but with inflation significantly on the rise, better to over-estimate rather than under.

If you're comfortable using spreadsheets, e.g. Excel, I can send you a single-page extract from my annual budget workbook, which will give you the monthly costs you're likely to incur.  As Steve has a similar sized property to that which you're looking to buy, I'm sure he'll be able to help you populate the spreadsheet with more accurate figures.  I also agree with his comments regarding static home sites, whilst the initial outlay can appear very cost-effective, site fees can be surprisingly high.

Kind regards, 

Kim

Kind regards, 

Kim

Hi Kim 

Thank you so much the spread sheet will be extremely useful.  We should of paid off our mortgage by the time we more or at least nearly 

Gaynor 

Kind regards

I have had an apartment in Benidorm for the last four years ( non resident) and I am asking about the amount of money I need to  prove I have enough income to live on, I have £85,000 in cash in accounts and £300,000 in investments, would the investments count as cash for the residency application if my cash account dropped  

Hi Eddie 5,

If you're a UK citizen and not planning to work in Spain, you could apply for a Non Lucrative Visa (NLV).  For your first year's NLV, you'd need to prove finances of €27,792.96 per annum.  For the Year 2 and Year 4 visa renewals, which each last 2 years, you'd need to prove double that amount, i.e. €55,585.92.  This is supposed to be "income", but the Spanish consulates in the UK (London, Manchester and Edinburgh) where you make the application can exercise discretion, and there are examples from members posting on this forum stating that a mix of savings and income (which could be interest on investments, pension payments, etc.) has been acceptable.

Kind regards,

Kim