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New Residence Rules

Posted: Mon Mar 29, 2021 7:28pm
36 replies1159 views12 members subscribed
Hibees1875

Posts: 9

Location: Mollina

Joined: 2 Aug 2020

Hi

       Is it true you'll now require income of £30,000  per couple per year to retire in Spain. 

Thanks

Mark

Holaitsdavid

Posted: Tue Mar 30, 2021 3:02am

Posts: 17

5 helpful points

Location: Mijas Costa

Joined: 30 Mar 2021

Posted: Tue Mar 30, 2021 3:02am

I doubt that high, the average wage for Spanish here only 14500 Euro a year. Health Insurance can be a problem, private policies do not include many conditions like Cancer or Covid. 

clifton1971

Posted: Tue Mar 30, 2021 9:56am

Posts: 115

43 helpful points

Location: Estepona

Joined: 11 Oct 2019

Posted: Tue Mar 30, 2021 9:56am

Hibees1875 wrote on Mon Mar 29, 2021 7:28pm:

Hi

       Is it true you'll now require income of £30,000  per couple per year to retire in Spain. 

Thanks

Mark

Hi Mark

Here is information for you valid from 01/01/2021 .. 

"

What are the income requirements?

Other than the requirement to have made a sizable investment in Spain, you will also need to have a very minimal income to support yourself and your dependents while living in Spain.

Investors - In order to support the main applicant, you must have a monthly income of 400% of the IPREM, which in 2021 is €564.90. This means that the main applicant will need to demonstrate an income of at least €2,259.60 per month.= e27,115.20 Per Annum must be shown in Spanish Bank Account at time of T.I.E. Application or part of this sum can be in an overseas bank account.  

For each member you are bringing with you, you must demonstrate an additional 100% of the IPREM, which refers to an extra 6.454,03€ annually


Hope this helps.

Nigel

Hibees1875

Posted: Tue Mar 30, 2021 1:21pm

Hibees1875

Original Poster

Posts: 9

Location: Mollina

Joined: 2 Aug 2020

Posted: Tue Mar 30, 2021 1:21pm

Holaitsdavid wrote on Tue Mar 30, 2021 3:02am:

I doubt that high, the average wage for Spanish here only 14500 Euro a year. Health Insurance can be a problem, private policies do not include many conditions like Cancer or Covid. 

It was a story in the Sun newspaper the other day, 24k plus 6k for each additional family member, brought in to exclude people who hadn't taken up residence by 31 Mar deadline.

Hibees1875

Posted: Tue Mar 30, 2021 1:24pm

Hibees1875

Original Poster

Posts: 9

Location: Mollina

Joined: 2 Aug 2020

Posted: Tue Mar 30, 2021 1:24pm

clifton1971 wrote on Tue Mar 30, 2021 9:56am:

Hi Mark

Here is information for you valid from 01/01/2021 .. 

"

What are the income requirements?

Other than the requirement to have made a sizable investment in Spain, you will also need to have a very minimal income to support yourself and your dependents while living in Spain.

Investors - In order to support the main applicant, you must have a monthly income of 400% of the IPREM, which in 2021 is €564.90. This means that the main applicant will need to demonstrate an income of at least €2,259.60 per month.= e27,115.20 Per Annum must be shown in Spanish Bank Account at time of T.I.E. Application or part of this sum can be in an overseas bank account.  

For each member you are bringing with you, you must demonstrate an additional 100% of the IPREM, which refers to an extra 6.454,03€ annually. 


Hope this helps.

Nigel

I see the levels which would equate to 24k for lead member then 6k for additional members is for investors, is it the same rule for people coming to retire do you know.

clifton1971

Posted: Tue Mar 30, 2021 1:32pm

Posts: 115

43 helpful points

Location: Estepona

Joined: 11 Oct 2019

Posted: Tue Mar 30, 2021 1:32pm

Hibees1875 wrote on Tue Mar 30, 2021 1:24pm:

I see the levels which would equate to 24k for lead member then 6k for additional members is for investors, is it the same rule for people coming to retire do you know.

Hi Mark

It is same income required for retired people including UK S1 or private healthcare paid upfront for a year. 

Nigel

Holaitsdavid

Posted: Tue Mar 30, 2021 1:55pm

Posts: 17

5 helpful points

Location: Mijas Costa

Joined: 30 Mar 2021

Posted: Tue Mar 30, 2021 1:55pm

Hibees1875 wrote on Tue Mar 30, 2021 1:21pm:

It was a story in the Sun newspaper the other day, 24k plus 6k for each additional family member, brought in to exclude people who hadn't taken up residence by 31 Mar deadline.

It seems from Nigel's quote this is true, now similar ROW for the UK. Unless of course you are an EU citizen living in the UK or hold an Irish passport of course. The UK now has a two tear society, those who keep EU/EEA/EFTA rights and those who do not.

Hibees1875

Posted: Tue Mar 30, 2021 7:36pm

Hibees1875

Original Poster

Posts: 9

Location: Mollina

Joined: 2 Aug 2020

Posted: Tue Mar 30, 2021 7:36pm

Holaitsdavid wrote on Tue Mar 30, 2021 1:55pm:

It seems from Nigel's quote this is true, now similar ROW for the UK. Unless of course you are an EU citizen living in the UK or hold an Irish passport of course. The UK now has a two tear society, those who keep EU/EEA/EFTA rights and those who do not.

All seems pretty clear support yourself or don't come, fair enough position. 

TopperAD

Posted: Wed Mar 31, 2021 9:29pm

Posts: 10

Location: Torrox

Joined: 3 Oct 2020

Posted: Wed Mar 31, 2021 9:29pm

Hi

Is the figure of £24,000 for the main applicant, and £6,000 for each family member, a one off. 

Or are these annual figures?

For example: If I buy a house in Spain, relocate, start looking for work, become a resident and secure work (planning on working as a remote tutor, for a European company). I doubt I'll be earning anywhere near the figures quoted. Which means...cancelling my plans of moving to Spain.

Or is this financial criteria related to retirees only?

Thanks in advance

Avon

clifton1971

Posted: Wed Mar 31, 2021 9:41pm

Posts: 115

43 helpful points

Location: Estepona

Joined: 11 Oct 2019

Posted: Wed Mar 31, 2021 9:41pm

TopperAD wrote on Wed Mar 31, 2021 9:29pm:

Hi

Is the figure of £24,000 for the main applicant, and £6,000 for each family member, a one off. 

Or are these annual figures?

For example: If I buy a house in Spain, relocate, start looking for work, become a resident and secure work (planning on working as a remote tutor, for a European company). I doubt I'll be earning anywhere near the figures quoted. Which means...cancelling my plans of moving to Spain.

Or is this financial criteria related to retirees only?

Thanks in advance

Avon

Hi 

This is an annual figure. Amounts quadrupled from 1st Jan 2021 due to Uk leaving UK. Most people on a small pension will not be able to move to Spain in the future. Spain does not want immigrants to be a burden on the State when they become Residents. 

Nigel 

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