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Residency - Proof of funds & Time To Apply

Posted: Tue Jan 21, 2020 1:19am
10 replies282 views3 members subscribed
Baz2096

Posts: 70

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Location: Los Balcones

Joined: 15 Oct 2019

Hi there,

My wife and I are planning to retire to Spain in the non-too distant future and I just needed some help in clarifying a few points and hope someone can help.

The first thing I’d like to know is with regards proof of finances when applying for residency. I read in Jim’s guide – The Residency Certificate, that proof of sufficient funds could be acceptable if you had sufficient savings in a Bank Account. I would be taking early retirement and pension draw-down every year, but my wife would not have any income, however we would have a reasonable amount of savings in a joint Bank Account. Would this be acceptable as proof of sufficient resource and if so, how much would we need to have if we applied for residency before the end of December 2020 and what would that need to be after that date when we are out of the EU?

The second question I have is, if we wait until after the transition period, end of December 2020 and come out to Spain again in 2021 could we stay longer than the 3 months so long as we start our application for residency within the first three months of being there? So for example if we cam out in February 2021, could we start our residency application in March or April and stay there whilst it was being processed?

Thanks in advance for your help...

Baz

Movingon

Posted: Tue Jan 21, 2020 9:25am

Movingon

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Posts: 1857

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Joined: 7 Feb 2018

Posted: Tue Jan 21, 2020 9:25am

As I understand it Brit residency applications are being handled centrally in Alicante with, it's said, next day appointments so meaning no disrespect to Jim's excellent guide I think what you need now is first hand feedback from folk who have been through the process there as to what income they've been required to demonstrate.  

If you arrive after the transition period then income requirements will go up massively (€2400/mth for the 1st applicant and something like half that for a wife/partner I think but don't quote me) so unless you can stomach that then probably best to not wait that long.

Also I'm pretty sure that under current rules you can't apply for residence before 3 months but if that would continue after the transition and how long applications would take is anybodys guess. You'll likely be just another number in a long line of non EU applicants though. 

Baz2096

Posted: Tue Jan 21, 2020 10:26am

Baz2096

Original Poster

Posts: 70

10 helpful points

Location: Los Balcones

Joined: 15 Oct 2019

Posted: Tue Jan 21, 2020 10:26am

Thank you for the feedback.. Certainly need to give this some thought and as you suggest, look to get some feedback from folk who have been through the process.

RobScot

Posted: Tue Jan 21, 2020 10:37am

RobScot

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Posts: 252

288 helpful points

Location: Benimar

Joined: 10 Apr 2019

Posted: Tue Jan 21, 2020 10:37am

My partner Caroline and I got our residentia on Boxing Day last year, with no current income the equivalent of €7000 each in our Spanish bank account was sufficient funds along with our padron and 12 months health care paid for in advance!

With all the required paperwork we were in and out in 5 mins with our Spanish translator.

Baz2096

Posted: Tue Jan 21, 2020 11:11am

Baz2096

Original Poster

Posts: 70

10 helpful points

Location: Los Balcones

Joined: 15 Oct 2019

Posted: Tue Jan 21, 2020 11:11am

Thanks for the information Rob, very helpful. Just need to sell our house and apply for residency before December as we'll definitely have sufficient funds in the bank once the house is sold.

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RobScot

Posted: Tue Jan 21, 2020 11:38am

RobScot

Helpful member

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Joined: 10 Apr 2019

Posted: Tue Jan 21, 2020 11:38am

You do need to show 3 months bank statements 😊

Baz2096

Posted: Tue Jan 21, 2020 11:42am

Baz2096

Original Poster

Posts: 70

10 helpful points

Location: Los Balcones

Joined: 15 Oct 2019

Posted: Tue Jan 21, 2020 11:42am

Thanks Rob,

So, as long as I have my savings in our Spanish Bank account for 3-4 months prior to application, that should be okay?

RobScot

Posted: Tue Jan 21, 2020 2:35pm

RobScot

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Location: Benimar

Joined: 10 Apr 2019

Posted: Tue Jan 21, 2020 2:35pm

Yes, as long has you have the previous 3 months Spanish bank statements that is acceptable. If under the state retirement age 12 months private health care is also required.

Baz2096

Posted: Tue Jan 21, 2020 2:44pm

Baz2096

Original Poster

Posts: 70

10 helpful points

Location: Los Balcones

Joined: 15 Oct 2019

Posted: Tue Jan 21, 2020 2:44pm

Thanks Rob, really appreciate your comments.

Can you recommend any solicitors etc that could help me with my residency application later in the year? I used Sun Lawyers for my house purchase and they offer this service but just wondered if you know of any others. I may put out a separate post on the forum specific to this..

RobScot

Posted: Wed Jan 22, 2020 5:03pm

RobScot

Helpful member

Posts: 252

288 helpful points

Location: Benimar

Joined: 10 Apr 2019

Posted: Wed Jan 22, 2020 5:03pm

We did not use a solicitor, they are too expensive we used a translator who charged half the price and there are many around.

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