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how much monthly is income required to live in Spain if you are not at state pension age but have retired

Posted: Mon Feb 15, 2021 2:05pm
11 replies698 views7 members subscribed
pelham999

Posts: 14

Location: Villamartin

Joined: 9 Feb 2021

Hello

Can somebody help me with this question

How much monthly income is required to live in Spain as a pensioner or if you are not at state pension age but have retired. Me and my wife will be below state pension age for several years when we want to move to Villamartin.

Golandrina

Posted: Mon Feb 15, 2021 2:23pm

Golandrina

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Location: Almoradí

Joined: 24 Mar 2018

Posted: Mon Feb 15, 2021 2:23pm

Have a look at the Tips and Guides on this site, and also the Citizens Advice Bureau Spain website.

dinnerout

Posted: Mon Feb 15, 2021 3:02pm

dinnerout

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Location: Beniarbeig

Joined: 18 Sep 2015

Posted: Mon Feb 15, 2021 3:02pm

Golandrina wrote on Mon Feb 15, 2021 2:23pm:

Have a look at the Tips and Guides on this site, and also the Citizens Advice Bureau Spain website.

Good advice to look at the tips and guides section to assist in evaluating Residency requirements (Non Lucrative Visa).

To answer your question is difficult without knowing your personal lifestyle, size of property, whether you have a mortgage on the property, hobbies, dining out, and potential medical costs etc etc but it's generally felt that somewhere between 1000€ and 1500€ is the guide. That's for a person living alone, it doesn't mean your living costs as a couple will be double that because these figures include base costs whether one person occupies the property or two people do. As an example you're not going to have double the annual rates or double the cost of electricity etc.

Some may say it can be done for less or more but I would say the figures I've quoted are a decent rough estimate.

If you're researching a move my advice is to read as many topics on the subject in these forums as you can, there's a lot of very helpful information in the archives!

Kind regards, Steve 

pelham999

Posted: Mon Feb 15, 2021 3:48pm

pelham999

Original Poster

Posts: 14

Location: Villamartin

Joined: 9 Feb 2021

Posted: Mon Feb 15, 2021 3:48pm

dinnerout wrote on Mon Feb 15, 2021 3:02pm:

Good advice to look at the tips and guides section to assist in evaluating Residency requirements (Non Lucrative Visa).

To answer your question is difficult without knowing your personal lifestyle, size of property, whether you have a mortgage on the property, hobbies, dining out, and potential medical costs etc etc but it's generally felt that somewhere between 1000€ and 1500€ is the guide. That's for a perso...

...n living alone, it doesn't mean your living costs as a couple will be double that because these figures include base costs whether one person occupies the property or two people do. As an example you're not going to have double the annual rates or double the cost of electricity etc.

Some may say it can be done for less or more but I would say the figures I've quoted are a decent rough estimate.

If you're researching a move my advice is to read as many topics on the subject in these forums as you can, there's a lot of very helpful information in the archives!

Kind regards, Steve 

Thanks Steve

i was told that i needed to prove i had an income of around 25k annually so would that include paying a mortgage or is that figure incorrect ? I wouldn't have a mortgage as i would be buying a property. 

dinnerout

Posted: Mon Feb 15, 2021 4:17pm

dinnerout

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Posts: 1484

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Location: Beniarbeig

Joined: 18 Sep 2015

Posted: Mon Feb 15, 2021 4:17pm

pelham999 wrote on Mon Feb 15, 2021 3:48pm:

Thanks Steve

i was told that i needed to prove i had an income of around 25k annually so would that include paying a mortgage or is that figure incorrect ? I wouldn't have a mortgage as i would be buying a property. 

Yes, the income requirement for a NLV is the same whatever living costs you will have. As Golindra said, check out the forum guides and other threads for the process and the exact amounts required of each of you.

tebo53

Posted: Mon Feb 15, 2021 4:24pm

tebo53

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Posted: Mon Feb 15, 2021 4:24pm

pelham999 wrote on Mon Feb 15, 2021 3:48pm:

Thanks Steve

i was told that i needed to prove i had an income of around 25k annually so would that include paying a mortgage or is that figure incorrect ? I wouldn't have a mortgage as i would be buying a property. 

Yes, moving to live permanently in Spain will require you to have an income of around €24,000 for yourself plus an extra amount of €6,250 for your spouse. You will need to prove that you have full healthcare paid for a full year. 

Steve 

pelham999

Posted: Mon Feb 15, 2021 5:34pm

pelham999

Original Poster

Posts: 14

Location: Villamartin

Joined: 9 Feb 2021

Posted: Mon Feb 15, 2021 5:34pm

tebo53 wrote on Mon Feb 15, 2021 4:24pm:

Yes, moving to live permanently in Spain will require you to have an income of around €24,000 for yourself plus an extra amount of €6,250 for your spouse. You will need to prove that you have full healthcare paid for a full year. 

Steve 

Thanks steve

Lancelot

Posted: Mon Feb 15, 2021 9:15pm

Lancelot

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Posted: Mon Feb 15, 2021 9:15pm

This one of the tips/ guides for the new residency requirements. People are starting to move through the new process now and keep an open mind on whether you will need an income, lump sum availability or a combination of the two to qualify. 

When we moved out last year although the financial requirements were lower they didn't have to be demonstrated by showing income. Instead money available in Spain was good enough. Though given the incremental nature of the new process; visa for year one, 2nd visa for years two and three and final visa for year 4 an 5 - you will likely need to show two years worth of deposits, income of a mix of the two.

https://www.talkquesada.com/marcliff-s-tips-and-guides-for-spain-f214/residency-in-spain-t51061.html

Kimmy11

Posted: Wed Feb 17, 2021 1:19am

Kimmy11

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Joined: 8 Aug 2017

Posted: Wed Feb 17, 2021 1:19am

tebo53 wrote on Mon Feb 15, 2021 4:24pm:

Yes, moving to live permanently in Spain will require you to have an income of around €24,000 for yourself plus an extra amount of €6,250 for your spouse. You will need to prove that you have full healthcare paid for a full year. 

Steve 

Hi pelham99,

These financials have increased, as Spain's IPREM figure, on which the financial requirements are based, have increased for 2021.  The figures are now:

SPAIN IPREM 2021 (Eu 569.40 per week) - Financial requirements for residency:

1st Person 4 x IPREM            per annum   Eu  27,115.20 

1st Dependant 1 x IPREM     per annum    Eu    6,778.80

Per couple                              per annum   Eu  33,894.00

The Non-Lucrative Visa/Permit is for one year, so for you and your wife, the amount for the first year would be Eu 33,894.  However, the permit renewals are for 2 years, so subsequent applications would require a figure of double that, i.e.  Eu 67,788.  Once you've lived here for 5 years (1st year permit + 2 x 2 year renewals), you achieve 5 years' "Residencia Permanente" and no further renewals are needed.

While these visas have been around for years for other Third Country Nationals, they only became applicable to UK citizens from 1 January this year.  The hope is that special arrangements will be made for UK citizens wanting to move to the EU in the future, but with Covid-19 being the highest priority for governments currently, I can't see this getting much attention any time soon.

Regarding healthcare, my husband and I are 63 and 60 respectively, so we have to pay for private health insurance until we reach State retirement age.  We're with ASSSA, with no pre-existing conditions, and pay Eu 1,870 per year for mid range cover.  You'll need private health insurance for your Visa/Permit application, but after the first year, I believe you can switch to the Convenio Especial, which costs Eu 60 per person, per month, rising to Eu 157 per person, per month when you reach age 65.  Depending on how long you have to go to retirement, it usually works out cheaper to switch to the C.E., even with the hike in price at age 65.

Kind regards,

Kim


pelham999

Posted: Mon Feb 22, 2021 4:27pm

pelham999

Original Poster

Posts: 14

Location: Villamartin

Joined: 9 Feb 2021

Posted: Mon Feb 22, 2021 4:27pm

Kimmy11 wrote on Wed Feb 17, 2021 1:19am:

Hi pelham99,

These financials have increased, as Spain's IPREM figure, on which the financial requirements are based, have increased for 2021.  The figures are now:

SPAIN IPREM 2021 (Eu 569.40 per week) - Financial requirements for residency:

1st Person 4 x IPREM            per annum   Eu  27,115.20 

1st Dependant 1 x IPREM     per annum    Eu    6,778.80

Per couple                              per annum   Eu  33,894.00

The Non-Lucrative Visa/Permit is for one year, so for you and your wife, the amount for the first year would be Eu 33,894.  However, the permit renewals are for 2 years, so subsequent applications would require a figure of double that, i.e.  Eu 67,788.  Once you've lived here for 5 years (1st year permit + 2 x 2 year renewals), you achieve 5 years' "Residencia Permanente" and no further renewals are needed.

While these visas have been around for years for other Third Country Nationals, they only became applicable to UK citizens from 1 January this year.  The hope is that special arrangements will be made for UK citizens wanting to move to the EU in the future, but with Covid-19 being the highest priority for governments currently, I can't see this getting much attention any time soon.

Regarding healthcare, my husband and I are 63 and 60 respectively, so we have to pay for private health insurance until we reach State retirement age.  We're with ASSSA, with no pre-existing conditions, and pay Eu 1,870 per year for mid range cover.  You'll need private health insurance for your Visa/Permit application, but after the first year, I believe you can switch to the Convenio Especial, which costs Eu 60 per person, per month, rising to Eu 157 per person, per month when you reach age 65.  Depending on how long you have to go to retirement, it usually works out cheaper to switch to the C.E., even with the hike in price at age 65.

Kind regards,

Kim


Thank You Kim

Is that figure what you need in the bank or as an annual income from pensions

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