Living costs - Banking and finances in Camposol - Camposol forum - Costa Cálida forum in the Murcia province of Spain
Trish Birch Therapy
Property Sales Mar Menor

Join the Camposol forum

Join the Camposol forumMy name's Jan and this is my website all about Camposol in Spain. Register now for free to talk about Banking and finances in Camposol and much more!

Living costs

Posted: Mon Sep 30, 2019 10:56am
14 replies641 views8 members subscribed
Chrisnpat5758

Posts: 6

Location: Camposol

2 helpful posts

Hi everyone I am asking this question because my wife and I I would like to retire early we would be mortgage free in Spain camposol and before we get our UK pensions we will have an income of roundabout €280 per week is this enough F2 live a reasonable life before we collect our government pensions thank you in advance and hope we get the answer we would like all the best Chris and Pat

crissywissy

crissywissy

Very helpful member

Tue Oct 1, 2019 9:20am

Posts: 1063

Location: San Javier

596 helpful posts

Posted: Tue Oct 1, 2019 9:20am

you need to factor in the cost of private health insurance which can be expensive depending on any existing conditions....you need an income of a set level to apply for residencia...up to date figures are on the CAB Spain website

frequent flyer

frequent flyer

Very helpful member

Tue Oct 1, 2019 8:52pm

Posts: 638

Location: Camposol

610 helpful posts

Posted: Tue Oct 1, 2019 8:52pm

As the previous reply said you need to factor in private health care until you reach UK pension age...you will also pay tax on the €280 you mentioned to the Spanish government... personally I would say you need approximately   €300 per week for 2 people to live on.. when you start factoring in electricity/ gas / IBI / water / running a car / food / social life... good luck .

zacdog

Wed Oct 2, 2019 12:03pm

Posts: 46

Location: Camposol

14 helpful posts

Posted: Wed Oct 2, 2019 12:03pm

Hi FF.  Am 4 missing something on my moving planning and preparation?  I'm a UK national living in South Ireland, about to move to Camposol and paying UK tax on both my UK private pensions.  Are we saying that as with Chris n Pat, I will be also be paying Tax the the Spanish tax office?  Excuse my ignorance on the subject. 

crissywissy

crissywissy

Very helpful member

Wed Oct 2, 2019 12:21pm

Posts: 1063

Location: San Javier

596 helpful posts

Posted: Wed Oct 2, 2019 12:21pm

You pay tax only in your country of residence so when you move to Spain thats where you pay....Spanish tax is higher with much less personal allowance...see a tax advisor when you move and inform your Irish tax office that you’ve moved to Spain.

Chrisnpat5758

Chrisnpat5758

Original Poster

Wed Oct 2, 2019 12:47pm

Posts: 6

Location: Camposol

2 helpful posts

Posted: Wed Oct 2, 2019 12:47pm

Hi thank you for your reply if I leave all my money in my UK account and only transfer what I need to my Spanish account would that main that I am only paying tax in the UK

crissywissy

crissywissy

Very helpful member

Wed Oct 2, 2019 12:56pm

Posts: 1063

Location: San Javier

596 helpful posts

Posted: Wed Oct 2, 2019 12:56pm

doesnt matter where your money is you must declare your world wide assets and income...the various tax authorities do communicate so best to be up front!! there is info on the CAB Spain website. Any crossover of tax you can reclaim from HMRC and its adjusted the following year...keep every piece of paper relating to tax, income, pensions and bank accounts.

zacdog

Wed Oct 2, 2019 1:01pm

Posts: 46

Location: Camposol

14 helpful posts

Posted: Wed Oct 2, 2019 1:01pm

My thoughts exactly and it's what I've been doing for last 5 years here in Ireland without recourse,  I  just transfer what I need from my UK bank acc to my Irish bank acc (EU agreements?).  Now doubt has entered into the equation I'm in the process of double checking procedures for moving to Spain.  I hope you're wrong FF.

PhilTox

PhilTox

Helpful member

Wed Oct 2, 2019 1:10pm

Posts: 94

Location: Camposol

54 helpful posts

Posted: Wed Oct 2, 2019 1:10pm

Rather than getting everyone's perceived "knowledge"  talk to a tax specialist in the area you plan to live. Local expats info may be correct or close but best to get it from a specialist. We are due to become Spanish tax resident in a couple of months and with only savings and a tiny works pension to keep us going until pensionable age (only 3 years 😧) we are still talking to our solicitors in the port to ensure we are correct and legal. 

crissywissy

crissywissy

Very helpful member

Wed Oct 2, 2019 1:10pm

Posts: 1063

Location: San Javier

596 helpful posts

Posted: Wed Oct 2, 2019 1:10pm

if I am my asesoria has been wrong for years!!

Sign up for free or login to reply to this topic

Want to reply to this topic? Login or register for free to post your message:

Related topics

Find more Banking and finances topics from a particular area:


Register for free!

Login to your account

Property Sales Mar Menor
Trish Birch Therapy
Advertise your business here