Retirement Advise

Posted: Wed Nov 29, 2023 9:04pm

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Posts: 2

Joined: 7 Oct 2023

Hi all

Myself and my partner are hoping to retire to Spain . I have an Irish passport and my partner is applying for a German one.
Do we have to apply for residency and do we still need to show a yearly income of a certain amount. Also if we buy a property and decide we wish to move back to the uk is it easy to sell as we heard that your property can be claimed by the government.

Also how do we go about starting the residency application if we need to.

Thank you very much.

Gina 😊

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Posted: Wed Nov 29, 2023 9:15pm

marcliff

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Posted: Wed Nov 29, 2023 9:15pm

With EU passports you simply apply, in Spain, to go onto the register of EU foreign nationals residing in Spain. You need an NIE number which is similar to a UK NI number and then make an appointment at a foreigners' office or national police station to sign on the register which allows you to live and work in Spain.

You need to show an income of the IPREM (which is the sum used to work out benefits etc) and currently stands at 600 euro per month. You will also need to show proof of medical insurance either state or private provided. Unless you are over retirement age and drawing a state pension you will need to get private medical insurance to at least the cover provided by the state service. If you are going to work with a contract, you will pay social security payments which cover you for full state NHS care.

No idea where you heard the government can take your property off you but take all things like that with a large pinch of salt. Unless you're going to take out a large mortgage and renege on it, of course, in which case it will be the bank taking it off you.

Don't expect to make a profit on selling property. You would need to add 14 or 15 percent of the cost in legal fees and taxes and houses don't rise that much so you wouldn't get it back.

Posted: Wed Nov 29, 2023 9:29pm

Sligogent

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Joined: 31 Jan 2021

Posted: Wed Nov 29, 2023 9:29pm

Gina1066 wrote on Wed Nov 29, 2023 9:04pm:
Hi all
Myself and my partner are hoping to retire to Spain . I have an Irish passport and my partner is applying for a German one.
Do we have to apply for residency and do we still need to show a yearly income of a certain amount. Also if we buy a property and decide we wish to move back to the...

Read more...

... uk is it easy to sell as we heard that your property can be claimed by the government.
Also how do we go about starting the residency application if we need to.
Thank you very much.
Gina 😊

What ever you do Rent before you Buy is the Golden rule, You will NOT make a profit on your Property, You will do well to Break even if you sell and remember we all love the Sun, it in turn can cause Heat Damage to Property wear and tear, you will need to allow for maintenance of Property,, Private Pools are a expensive Luxury,

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Posted: Thu Nov 30, 2023 8:45am

John123456

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Location: Benidorm

Joined: 27 Feb 2021

Posted: Thu Nov 30, 2023 8:45am

You may find the contents of these links helpful as they are specifically for Irish nationals moving to Spain:

https://www.dfa.ie/irish-embassy/spain/our-services/new-to-spain/residency-and-entry-requirements/

https://www.ireland.ie/en/spain/madrid/services/new-to-spain/

https://wtgspain.com/blog/moving-to-spain-from-ireland

Posted: Thu Nov 30, 2023 11:14pm

Gina1066

Original Poster

Posts: 2

Location: Torrevieja

Joined: 7 Oct 2023

Posted: Thu Nov 30, 2023 11:14pm

marcliff wrote on Wed Nov 29, 2023 9:15pm:
With EU passports you simply apply, in Spain, to go onto the register of EU foreign nationals residing in Spain. You need an NIE number which is similar to a UK NI number and then make an appointment at a foreigners' office or national police station to sign on the register which allows you to li...

Read more...

...ve and work in Spain.
You need to show an income of the IPREM (which is the sum used to work out benefits etc) and currently stands at 600 euro per month. You will also need to show proof of medical insurance either state or private provided. Unless you are over retirement age and drawing a state pension you will need to get private medical insurance to at least the cover provided by the state service. If you are going to work with a contract, you will pay social security payments which cover you for full state NHS care.
No idea where you heard the government can take your property off you but take all things like that with a large pinch of salt. Unless you're going to take out a large mortgage and renege on it, of course, in which case it will be the bank taking it off you.
Don't expect to make a profit on selling property. You would need to add 14 or 15 percent of the cost in legal fees and taxes and houses don't rise that much so you wouldn't get it back.

Thank you that is very helpful. 😊