Retiring early - General Camposol discussion - Camposol forum - Costa Cálida forum in the Murcia province of Spain
ASSSA Insurance
Just One Small Step - Counselling
Fine  Country

Join the Camposol forum

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

Retiring early

Posted: Sun Nov 15, 2020 10:36am
87 replies4609 views14 members subscribed
Briandr61

Posts: 7

Location: Camposol

Joined: 15 Nov 2020

Hi,new to this page,thinking of selling up in the UK and moving here full time I will be 62 and my wife 58 when we come so will have to live on proceeds of house sale in UK untill our pensions in 2025 and 2030,I have 2 questions 1 would we need health care untill pension age each,2 how do you get round having to prove income as we would not have any,,thanks in advance for replies

siftersam

Posted: Sun Nov 15, 2020 12:18pm

Posts: 6

15 helpful points

Location: Camposol

Joined: 4 Oct 2020

Posted: Sun Nov 15, 2020 12:18pm

That's a very brave plan assuming you don't intend to work. You need to cover 4 years before UK state pension and your wife 9 years. That will put a serious dent in your 'house proceeds' pot (rough guess'timate 80-100K). You will also need the pot to top up once you do reach retirement as the reality is your UK state pension alone will not be enough.

You will need to prove that you will not become a burden to the Spanish social system. From what I understand that includes having health insurance, again assuming you will not work, and as an EU resident €6,000 / person in the bank. After Brexit, who knows.

Mags44

Posted: Sun Nov 15, 2020 2:01pm

Mags44

Helpful member

Posts: 216

165 helpful points

Joined: 1 Sep 2019

Posted: Sun Nov 15, 2020 2:01pm

siftersam wrote on Sun Nov 15, 2020 12:18pm:

That's a very brave plan assuming you don't intend to work. You need to cover 4 years before UK state pension and your wife 9 years. That will put a serious dent in your 'house proceeds' pot (rough guess'timate 80-100K). You will also need the pot to top up once you do reach retirement as the rea...

...lity is your UK state pension alone will not be enough.

You will need to prove that you will not become a burden to the Spanish social system. From what I understand that includes having health insurance, again assuming you will not work, and as an EU resident €6,000 / person in the bank. After Brexit, who knows.

Well we do know, up to a point. Once the UK leaves the EU, we will revert to being non-EU citizens and at the present time, non-EU citizens have to pay a lot more and jump through a lot more hoops, to get residency in Spain, than EU citizens do. Here is part of an article recently published in "The Local"  publication.

“For Brits arriving in Spain after December 31st, no official announcement has been made as to the financial requirements so we can only assume they will be the same as for third country nationals - €25,816.32 per annum per person (€2,151.36 per month) and not quite double for a couple,” President of Brexpats in Spain   Anne Hernández told The Local. Eurocitizens' secretary Nigel Aston also told The Local Spain that “the amounts will rise steeply - around €27,000 per annum plus several thousand for each dependant.“The clear message is to ensure you are registered by the end of 2020.”

I'm not sure if I am allowed to put a link to the full article here but if not, please remove it (admin).

https://www.thelocal.es/20200916/how-much-money-do-i-need-to-have-to-register-in-spain-before-and-after-brexit


Briandr61

Posted: Sun Nov 15, 2020 3:32pm

Briandr61

Original Poster

Posts: 7

Location: Camposol

Joined: 15 Nov 2020

Posted: Sun Nov 15, 2020 3:32pm

Thanks for replies I do need to add that my wife can get Irish nationality

StuC

Posted: Sun Nov 15, 2020 4:19pm

Posts: 34

12 helpful points

Location: Camposol

Joined: 29 Sep 2019

Posted: Sun Nov 15, 2020 4:19pm

Hi, with the new rules its works out you need roughly €32,500 per annum for a couple this is all based on the Spanish minimum wage. So 

basically 6500 x 400% for 1 person plus 1 year extra for every dependant. 

You'll both need private medical paid for up front €2000 - €3000 (per couple)depending on coverage (inc cost of drugs etc) 

   - note you also need to check about local GPs and services associated with company providing insurance to your place to cut travel

after the 1st year you can pay into the Spanish state scheme about 80 euro each - note this doubles when you reach the Spanish pensionable age.

regarding Irish passport - because even for an EU citizen after 3 months you have to register for residency may not make much difference apart from an Irish EHIC maybe?? and possibly lower requirements on income??

Jims guides give a good over view of a lot of topics in this area!!

Spain tips and guides

StuC

Briandr61

Posted: Sun Nov 15, 2020 4:31pm

Briandr61

Original Poster

Posts: 7

Location: Camposol

Joined: 15 Nov 2020

Posted: Sun Nov 15, 2020 4:31pm

So how do people live on just UK basic state pension

StuC

Posted: Sun Nov 15, 2020 4:50pm

Posts: 34

12 helpful points

Location: Camposol

Joined: 29 Sep 2019

Posted: Sun Nov 15, 2020 4:50pm

Ah, this is basically the fallout from Brexit and we are now classed as a 3rd party country and loose a lot of the perks associated with EU membership. For example 

1) At pensionable age you could have applied for C1 exception and all Spanish NHS medical costs would be covered by the UK government as part of NHS which would save a lot of money etc - This has now been removed, 

2) EHIC (card) will be gone as from 1.1.2021 so all medical costs will need to be covered by travel insurance.

3) Before with EU membership travel in and out of Shengen area (the whole of Europe basically) isn't really monitored so you'll find many people are/were actually living illegally because they've never applied for residency after 3 months. 

4) original requirements for income as an EU member is lower (or rather it was - may have changed)

StuC

Briandr61

Posted: Sun Nov 15, 2020 5:25pm

Briandr61

Original Poster

Posts: 7

Location: Camposol

Joined: 15 Nov 2020

Posted: Sun Nov 15, 2020 5:25pm

Ok looks like won't be doing it then but seems daft that 32000 per anum is a. more than I earn here and b.much !ore than 2pensions would come to,so how do people that have sold up and moved over been able to show that amount of income 

Mags44

Posted: Sun Nov 15, 2020 5:53pm

Mags44

Helpful member

Posts: 216

165 helpful points

Joined: 1 Sep 2019

Posted: Sun Nov 15, 2020 5:53pm

Briandr61 wrote on Sun Nov 15, 2020 5:25pm:

Ok looks like won't be doing it then but seems daft that 32000 per anum is a. more than I earn here and b.much !ore than 2pensions would come to,so how do people that have sold up and moved over been able to show that amount of income 

Because Brexit has made us all 3rd country citizens now and the lucky ones are the ones who were able to come in as EU citizens! This is what 3rd country citizens have had to do all along. We've been privileged until now and have had it easy and there are people out there who voted for this and were convinced that nothing would change because we're British and rule the world!

Briandr61

Posted: Sun Nov 15, 2020 6:22pm

Briandr61

Original Poster

Posts: 7

Location: Camposol

Joined: 15 Nov 2020

Posted: Sun Nov 15, 2020 6:22pm

My wife could get Irish passport and still in eu

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:

Find more General discussion topics from a particular area:


Register for free!

Login to your account

ASSSA Insurance
Fine  Country
Just One Small Step - Counselling
Advertise your business here
Advertise your property
Help with my computer