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The options for British citizens when retiring in Spain
There are various reasons why British citizens choose to retire to Spain, including the culture and more attractive cost of living. However, there are rules and regulations to be aware of that vary from those in the United Kingdom. Anyone wishing to retire in Spain should be made aware of these factors before moving, or enlist the help of a solicitor to guide them.
This guide will explore the various laws and other requirements that need to be addressed when retiring in Spain, and how Brexit has affected the process and how our expert lawyers at Giambrone and Partners can assist.
Click on the links below to jump to that section:
More about the various requirements you need to be aware of when retiring in Spain
Find out the impact Brexit has had on retirement to Spain
All you need to know about the financial requirements when retiring in Spain
Discover more about the different taxes you have to pay
Here’s how we can help you
What are the laws and requirements that apply when retiring in Spain?
Spain is a popular retirement destination, however many British citizens who consider retiring to Spain are unaware of the various laws that need to be adhered to (Giambrone 2023) now that the United Kingdom is no longer part of the European Union (EU). Non-EU citizens now require a residency visa which initially lasts for one year but can be renewed and extended. The Golden Visa is a popular choice for British retirees and can be obtained through a range of investments, one of which is the purchase of a property with a value of at least €500,000.
In order to apply for a permanent residency visa when retiring in Spain, there are various documents you must provide, including your passport as well as a medical certificate and proof of health insurance. You must also undergo a criminal record check to demonstrate your suitability.
Of course, once you have retired to Spain, you will, have to abide by the law in Spain which may differ from that in the UK.
Has Brexit affected retirement to Spain?
The main difference for British citizens retiring to Spain following Brexit is the need for a residency permit, a Golden Visa or a non-lucrative visa together with the obligation to adhere to the terms of the visa.
Retiring abroad can be daunting, but Giambrone & Partners’ dual-qualified lawyers can help you navigate the process in a way that is easy to understand. To find out more, please get in touch with our team today.
The financial requirements to retire in Spain
Anyone retiring to Spain will need to prove that they have enough income or sufficient funds to support themselves. Non-Spanish residents will need to earn just over €27,000 annually (or €2259 per month). This figure may change, so you should consult a lawyer before you move.
Your income can arise from a range of sources; for many, their pension is sufficient to support them when living in Spain.
The taxes payable on retirement to Spain?
When moving to Spain as a UK retiree, you will have to pay income tax under Spanish law when drawing your pension. You may also need to pay capital gains tax if you sell property in your home country. Wealth tax applies to assets worth more than €700,000, and the more your assets are worth you will pay proportionally more tax.
To find out more about Spanish laws, tax and other requirements to be aware of, you can visit our advice centre here.
How Giambrone and Partners can help
Giambrone and Partners has a team of dual-qualified expert Spanish lawyers who can help you through the process of retiring in Spain, with a wealth of experience in assisting British citizens retire to Spain.
In a recent study, we found that 52% of people wanted to find out more about retiring in Spain. To understand more about your rights when moving to Spain, get in touch with us today for a consultation.
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