(Newswire.net — September 21, 2022) —
Many foreign retirees buy houses in Alicante or other Spanish cities thanks to the warm weather, perfect cuisine, and hospitable people. But before you take a big step and start a new life under the scorching sun, you need to do a little research. There are a few important procedures to consider in order to make your property purchase and retirement in Spain as smooth as possible. For the convenience of buyers, representatives of Spain-Real.Estate have gathered all the useful information in this guide.
Who can retire in Spain?
The easiest retirement in Spain is for citizens of the EU and EEA countries. They do not need a visa or residence permit to reside in the country. The rest should apply for a residence permit that should be valid for one year. After this period, foreigners have the opportunity to renew the document for another two years.
Most often, citizens of countries outside the EU and EEA move to Spain on investor visas, or so-called “golden visas”. It allows you to live freely in the country and travel abroad without any restrictions. To obtain this document, you should make an investment in the Spanish economy.
To obtain a golden visa, foreigners should meet one of the following conditions:
- to make €500,000 investments in Spanish real estate;
- to buy shares of a Spanish company or fund for €1,000,000;
- to make €1,000,000 deposit in a Spanish bank account;
- to invest €2,000,000 in the Spanish national debt.
What documents do you need to submit for a visa in Spain?
To obtain a Spanish visa, a foreigner must pass a series of checks and submit the following documents:
- Passport valid for at least one year;
- Medical Certificate;
- Certificate of non-conviction;
- Documents proving a source of funding;
- Documents proving a medical insurance policy.
The financial requirements for retirement in Spain
In order to retire in Spain, a foreigner should prove that he has enough funds to support himself without a job. He needs to provide documents confirming that he will have a minimum of €2,259 a month.
Also, foreign pensioners will need to prove they will have additional €6,778 euros for each member of their family. This means that the combined annual income of the couple should be at least €33,893.
The financial income of foreigners can come from various sources, like savings accounts, pensions, or dividends. However, keep in mind that the amounts mentioned above are acceptable minimums. People with incomes exceeding these amounts are more likely to get a visa.
Retirement age in Spain
Currently, the retirement age in this country is set at 65 years and 10 months. It will gradually increase every year until it reaches 67 in 2027. Employees who have contributed to Spain’s social wellfare system for 37 years are allowed to retire a little earlier, at the age of 65.
Health care for pensioners in Spain
Spanish health care is free for some foreign pensioners. Health care for EU and EEA citizens is usually paid for by their home countries. To gain access to free health care, these citizens just need to get a S1 form.
However, if a person does not receive a pension or his country does not have an agreement with Spain, he needs to get private health insurance cover. The cost of the policy varies according to the place of residence, age, and the chosen tariff.
Inheritance in Spain
After relocating to Spain, pensioners usually decide to write and register a will. If they fail to do so, their assets may be sold according to the country’s legislation. Inheritance tax rates differ between 7.65% and 34% depending on the amount of the inheritance. The amount of compensation that can be claimed by their heir depends on their relationships with the deceased.
Best places to retire in Spain
The best retirement place will largely depend on the lifestyle a person aspires to. For example, if he dreams of waking up every morning to the Mediterranean Sea breeze, he should probably take a closer look at Badajoz or Toledo. Spain is a large country with a lot of options to suit every taste.
The following places are among the most popular Spanish locations for pensioners:
1. Alicante. The city on the Costa Blanca has up to 320 sunny days a year and boasts beautiful beaches, great nightlife, and plenty of shopping and entertainment facilities.
2. Javea. Another favourite place is located on the Costa Blanca. It attracts pensioners with its calm atmosphere, cool weather, and English-speaking population.
3. Malaga. A large city on the Costa del Sol offers a broad range of historical attractions, excellent beaches, and a developed transport infrastructure.
Assistance with buying property in Spain
The buyer may select the best option and receive support at every stage of the transaction from highly qualified specialists at Spain-Real.Estate, regardless of the location in Spain he wishes to buy a residential property. Visit the aggregator’s official website to discover the top offers currently available on the Spanish real estate market.