Spend your Golden years in Spain
Spend your Golden years in Spain – here’s how you can still retire in EU despite Brexit
BRITONS can still retire in popular EU hotspots such as Spain and Portugal despite Brexit, but they have to jump through more hoops to do it.
Millions facing sky-high fuel bills as the British winter turns cold will be warmed by thoughts of a retirement in the sun. It is still possible but takes a bit more effort and money than before Brexit.
Brits may now be classified as non-EU citizens but that hasn’t stopped them from snapping up Spanish properties, latest figures from specialist builder Taylor Wimpey España show.
Sales and marketing director said while many are buying holiday homes a growing number want full-time residency to work or retire in the sun. “Demand is incredibly strong, even as new Omicron travel restrictions are imposed.”
Britons can visit Spain without a visa but can only stay for a maximum 90 days, in any 180-day period.
That’s less than six months a year in total.
For longer stays, you can apply for something called a non-lucrative residence visa, also called a non-profit or retirement visa.
This allows non-EU citizens to live in Spain provided they do not carry out any economic or professional duties in the country.
You need to show you can generate enough income from your pensions, savings, investments and other assets such as a rental property.
From January 2022, this has to total at least €27,792 (£23,482) a year. This rises to €34,731 (£29,346) if a dependant family member joins you.
These limits vary according to the country. From January, Portugal demands that you match its minimum wage of €8,460 (£7,147 a year). Adult dependents require another €4,230 (£3,573) and children a further €2,358 (£1,992) each.
You also need to check whether you qualify for free local healthcare. If you receive the UK state pension you may qualify by completing form S1 (find out more at gov.uk). Brits who take early retirement may have to take out medical insurance instead.
Another way to get permanent residency is to apply for a Golden Visa. To qualify, you need to buy a Spanish or Portuguese property for at least €500,000 (£421,872).
If you qualify, this opens up the entire Schengen Zone.
Take specialist advice as you have to buy the property first and cannot risk seeing your Golden Visa application turned down afterwards.