retirement in spain - Page 3

It all depends on what Spain decide to do. In the no-deal law it said that the TIE could be for up to five years - provided the UK reciprocated, which didn't happen.

All we can do is wait until the Spanish authorities publish the requirements and procedure. 

The worst-case scenario is 1/2/5 year renewals with a need to prove finances on each of the renewals.

The best-case scenario is a 5 year TIE from the outset.

Hi Jim , can I clarify a point you made here re having an annuity, if resident in Spain are annuities not taxed ?

Thank you.

It depends on whether or not the fund for an annuity was paid into by yourself or an employer. If it was yourself, then you only declare a portion of the income:

https://www.costablancaforum.com/area/la-marina-spain-72/taxes-suma-nie-tax-advice-in-la-marina-25/residents-income-tax-annuities-20466/

Hi, I have been in Spain since August last year and I acquired my residencia in October.

I didn’t have to prove any income at all, just money in the bank.

My partner acquired her residencia with €10,000 in the bank with no proof of income required

I don’t think that has changed post brexit yet although I can’t confirm that

Hope this helps 

regards

Shane

My work pension which I could purchase an annuity was funded 3% by me and 17% by my employer.

So who paid the other 80%?

The proportion paid for by yourself is eligible for the discounts applicable to annuities, but the remainder would be taxed on the full amount.

These are just the monthly contributions based on my salary over the last 19 years that have made up my pension pot Jim , I haven’t yet decided whether to buy an annuity or do flexible draw down .

If we moved from UK this year, would we need to apply twice more b4 5 years is up to get permanent residency.  If, so what income/money in the bank would we need to prove on those further occasions 

Hi Cindy, nobody knows yet. 

If non-EU national rules apply, then you'd have to convert your residency certificate to a TIE, renew it after one year, renew it after a further two years, then at the five year point apply for a permanent TIE.

Spain have scope within the withdrawal agreement to decide on a different requirement.

It's the same with proof of finances, as the withdrawal agreement says 'may' rather than 'shall' require proof of finances.

Thank you! 

So if non-eu, that would mean we would have to prove a substantial income coming in each time? 

Kind regards 

Cindy