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Hi, We are a couple in our late 50s, soon to be early 60's! And are contemplating moving away from the UK, we have both looked at Tormos through the internet, and like the way it seems. Can you give us the pros and cons of moving to Spain as a newly retired couple? any help or advice would be welcomed at this stage.
Thank you
The Dove's
wendydove1 wrote on Sat Jul 18, 2020 2:27pm:
Hi, We are a couple in our late 50s, soon to be early 60's! And are contemplating moving away from the UK, we have both looked at Tormos through the internet, and like the way it seems. Can you give us the pros and cons of moving to Spain as a newly retired couple? any help or advice would be wel...
Read more...
...comed at this stage.
Thank you
The Dove's
Hi Doves,
You must list out your reasons why you want to leave the UK and decide whether Spain can fulfil your needs.
We retired early to Benidorm 6 years ago and never looked back and never regretted a moment. We have never thought about going back to the UK for anything other than visiting family.
The weather is much better all year round but can get overpowering midsummer for a few weeks but that's the time we either go out earlier or later in the day. Midday it's at home in front of the fans.
There are hoops to jump through to get all the legalities of living here in Spain but if you are methodical about things it all works out.
You will need to apply for residency within the first 90 days of arriving in Spain and then you will need to prove that you have enough income to satisfy the authorities that you won't become a burden on the state and prove you have full healthcare for you and all your dependants.
After 6 months you will automatically become tax residents and be expected to pay taxes to the Spanish tax office.
You will need to fill in Modelo 720 and declare all your income and any savings in any bank or building society etc. You will have to declare where your income had come from and if you have any property anywhere in the world.
On the plus side your money goes much further than in the UK!!
If you want to know anything specific about living in here in Spain dont hesitate to ask or message me.
Steve
Posted: Sat Jul 18, 2020 4:24pm
Legendary helpful member
Click Jim's Guides in the menu bar at the top of the page and look at them.
If you're thinking of moving after the end of this year then, unfortunately, you might find that you don't meet the financial requirements to do so.
Posted: Sun Jul 19, 2020 11:40am
Super helpful member
tebo53 wrote on Sat Jul 18, 2020 3:39pm:
Hi Doves,
You must list out your reasons why you want to leave the UK and decide whether Spain can fulfil your needs.
Read more...
We retired early to Benidorm 6 years ago and never looked back and never regretted a moment. We have never thought about going back to the UK for anything other than visiting family.
The weather is much better all year round but can get overpowering midsummer for a few weeks but that's the time we either go out earlier or later in the day. Midday it's at home in front of the fans.
There are hoops to jump through to get all the legalities of living here in Spain but if you are methodical about things it all works out.
You will need to apply for residency within the first 90 days of arriving in Spain and then you will need to prove that you have enough income to satisfy the authorities that you won't become a burden on the state and prove you have full healthcare for you and all your dependants.
After 6 months you will automatically become tax residents and be expected to pay taxes to the Spanish tax office.
You will need to fill in Modelo 720 and declare all your income and any savings in any bank or building society etc. You will have to declare where your income had come from and if you have any property anywhere in the world.
On the plus side your money goes much further than in the UK!!
If you want to know anything specific about living in here in Spain dont hesitate to ask or message me.
Steve
You do not have to submit a Modelo 720 unless your overseas capital in any one or more of the three asset classes (property, bank/savings accounts, shares and similar) is over 50,000 euros.
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