Yearly income - Page 3

Growing Old Disgracefully wrote on Mon Aug 16, 2021 10:08am:

Good question.  This is still a new process for us Brits and only a relatively small number have gone through the process so far and obtained their visa.

Unless someone who has already obtained their visa has been in a similar position and is prepared to share their financial details (age, size of pension pot and how they presented this as income) then this may be a case where it would be worth paying for definitive advice from a Spanish lawyer wh...

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...o has experience of helping other nationalities to get their visas.

If you do find out then I'm sure that there would be many others on this forum who would be keen to know the answer.

Good luck.

Helen High waters wrote on Wed Aug 18, 2021 11:10pm:

Hi i havent got income of £27 k . I was told to get residency you have to make sure you have £27 k in your bank . I have some left over from hiuse and hoping to do a little top up job 

tebo53 wrote on Wed Aug 18, 2021 11:14pm:

Do you live in Spain now or in the UK? There are other requirements to gain residency including full healthcare. 

Steve 

Helen High waters wrote on Thu Aug 19, 2021 7:42am:

Hi am in the process of buying place in playa flamenca. My solicitor has power of attorney . I am looking at private health care with gran alacant insurance as they seem to be the most reasonable. Think solicitor is doing visa first as mentioned health care and sorting house firstly. . I took ear...

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...ly retirement and have worked out funds as  spain is cheaper to live in but health care does seem expensive. Thanks for that and any more tips please send them my way as would be grateful. Cheers 

pmb1963 wrote on Wed Aug 18, 2021 5:49pm:

I am in a similar position re my SIPP and asked Sun Lawyers if this would count towards meeting the affordability criteria.

Although not definitive, he felt the size of the pension pot would count in the same way savings do but subject to deductions for tax if you are currently drawing on the pension....

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I'm not yet looking for residency but probably will in a few years when brexit has settled down.

Growing Old Disgracefully wrote on Thu Aug 19, 2021 10:14am:

While it is helpful to hear the view of these lawyers it does leave me a little confused. I can't understand the reasoning behind deducting tax paid.

Any withdrawals from a UK SIPP would be taxable in Spain once you are tax resident in the country, so why would they only accept a figure net of tax?

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It makes me wonder if they are looking for net amounts from all pensions (state pension, defined benefit etc), which would increase the income requirements quite substantially.

Helen High waters wrote on Thu Aug 19, 2021 7:42am:

Hi am in the process of buying place in playa flamenca. My solicitor has power of attorney . I am looking at private health care with gran alacant insurance as they seem to be the most reasonable. Think solicitor is doing visa first as mentioned health care and sorting house firstly. . I took ear...

Read more...

...ly retirement and have worked out funds as  spain is cheaper to live in but health care does seem expensive. Thanks for that and any more tips please send them my way as would be grateful. Cheers 

Lancelot wrote on Thu Aug 19, 2021 8:21am:

Are you a UK citizen or from a country that's an EU member state? If UK then £27k should be okay for the first year NLV but for year 2 where you need to demonstrate a further 2 years financial resources will you have £54k? then again at year 4 etc.

Also the NLV has to be applied for in your country of residence - UK for you? If you fail to be granted one you might find you can only use your new house for 90 days each 180. If your solicitor is in Spain, my understanding is, they won't be able to apply for residency on your behalf....

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Might be wise to revisit your plan working on any assumptions you might have made.   

Clearly if you are Irish then ignore most of what I've written.

tebo53 wrote on Thu Aug 19, 2021 11:10am:

As already mentioned, you will need, initially to apply for a visa at the Spanish embassy in the country you normally reside. You will be required to meet the income and healthcare requirements. You seem reluctant to say where you are living, Do you normally live the UK? 

Steve