Early retirement to Spain

Posted: Wed Oct 23, 2019 7:39pm

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Joined: 9 May 2019

My husband and I currently live in Northern Ireland and own a property in Spain near the villamartin area. We have been holidaying there for approximately 12 years but our dream has always been to retire to Spain and sell our property in Northern Ireland.

After calculations we would love to retire to Spain as soon as we can but after some reading on this forum we are now wondering if this is feasible.

We will have only have an annual pension income of approximately £14,000 between us, but will have a lump sum of approximately £50,000 possibly more depending on how much we sell our property in Northern Ireland for. My concern is that it appears a minimum income of 750 euro per person is required to get residency. Is this definitely the case and does the fact we have a lump sum or already own property in Spain help with our situation at all.

Does this mean that we cannot live in Spain or can we live there without residency?

Sorry if my questions seem silly but I thought so long as we had worked out that we could financially survive that our dream of moving to Spain could become a reality but beginning to think it's not as simple as that.

Any advice would be much appreciated. I know Brexit will also impact on this but unsure as to how much

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Posted: Wed Oct 23, 2019 10:00pm

GCfromVC

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Posted: Wed Oct 23, 2019 10:00pm

Hi

I'm looking at doing the same thing.

I think you may need to search for Jim's Guides on here. They are very informative but post Brexit you will have quite a shock on what you need. The €750 soon becomes €2400!

Search and read it will be really helpful. But of course things change. Jim provided me with information which opened my eyes a bit with regard to financial standing requirements to gain residency,

I think the dust just needs to settle after Brexit........if it ever happens of course!

Good luck and happy reading.

Regards

Glen

Posted: Thu Oct 24, 2019 12:19am

Lancelot

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Posted: Thu Oct 24, 2019 12:19am

Chris641 wrote on Wed Oct 23, 2019 7:39pm:
My husband and I currently live in Northern Ireland and own a property in Spain near the villamartin area. We have been holidaying there for approximately 12 years but our dream has always been to retire to Spain and sell our property in Northern Ireland.
After calculations we would love to retire to Spain as soon as we can but after some reading on this forum we are now wondering if this is feasible....

Read more...

...
We will have only have an annual pension income of approximately £14,000 between us, but will have a lump sum of approximately £50,000 possibly more depending on how much we sell our property in Northern Ireland for. My concern is that it appears a minimum income of 750 euro per person is required to get residency. Is this definitely the case and does the fact we have a lump sum or already own property in Spain help with our situation at all.
Does this mean that we cannot live in Spain or can we live there without residency?
Sorry if my questions seem silly but I thought so long as we had worked out that we could financially survive that our dream of moving to Spain could become a reality but beginning to think it's not as simple as that.
Any advice would be much appreciated. I know Brexit will also impact on this but unsure as to how much

Given you are in NI do you meet the criteria for ROI passports? I believe some might have used this as a means to solving some of the issues caused by Brexit.

Though again there are likely posts on here you can search for.

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Posted: Thu Oct 24, 2019 12:48am

Jan06

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Posted: Thu Oct 24, 2019 12:48am

As stated above things may change with Brexit, but when my wife & I applied for residency Last year I was transferring 1250€/month into our Spanish bank account i done this for 4 months and printed off 3 months of bank statements to show when I applied.

Posted: Thu Oct 24, 2019 1:05am

Chris641

Original Poster

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Location: Villamartin

Joined: 9 May 2019

Posted: Thu Oct 24, 2019 1:05am

I wondered that if I transfer from the lump sum would that help. Thanks a million for replies

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Posted: Thu Oct 24, 2019 5:02am

jimtaylor

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Posted: Thu Oct 24, 2019 5:02am

It depends very much on which office you apply to for residency. The law states that capital and property ownership should be taken into account, but some offices are only interested in actual income.

The suggestion by Jan06 is an excellent one.

Depending on how the income is split between you, it might be possible for one of you to apply for residency in their own right, and the other to apply as a family member of the other - in which case the family member income requirement is reduced.

Post-Brexit, the law does state ~€2400, but again I'm waiting to see what the various national police stations require.