Retiring early - Page 2

Mostly Brits on this forum, so an Irish passport adds another layer of complexity. 

You need expert advice.

As Brits seeking to live here after 31/12/20, you have to demonstrate a much higher level of income than now. 

As Brits seeking to live here after 31/12/20, you will not get S1 (UK-funded) Spanish NHS coverage.

As Brits seeking to live here after 31/12/20, you might not receive the annual UK pension uplift.

I have Brit neighbours, who moved here 3 years ago. They have gained Residency here, paid their income taxes here - all good. But one of them has Irish ancestry, and claimed an Irish passport. He then allowed his UK passport to lapse. He now has no UK passport, but he has S1 healthcare funded from the UK and a UK state pension. He cannot, now, get a TIE, or use the same airport channels as his wife. He is looking to get a new UK passport.

This highlights the potential problem for anyone having an Irish passport, while seeking to claim UK pension benefits or UK-funded healthcare. So expert advice needed. 

Good luck with your efforts to relocate here. If you gain Residency here, you will be subject to tax here. If you decide to live off the sale proceeds of your house, you might think that you will have no "income", so will not pay tax. Again, expert advice is needed, to ensure that your UK house sale does not become Capital Gains taxable in Spain. 

Err, things look a little bleak at present. All I can say is when I applied for residencia here. I had to show and prove my income, that was just after the Brexit vote, things then relaxed again. But after Dec, it is as everyone says it is going to be, tough... My instinct would be to go for Eire passport, but go for specialist advice. The Spanish government website is very helpful. Maybe the Irish embassy could advise you? I do not know how people manage just on a UK Gov pension. It is the lowest in Europe. 

Good luck !

Remember  negotiations  have not finished. They are at advanced stage. The whole dynamics of BREXIT have changed completely from before Nov 4th. You now have a globalist president coming in who will back EU to the hilt. Theres a reason for Cummings et el leaving. So keep the faith, it may now he a whisky wash soft BREXIT and things may not change dramatically.  Already there seems to be chaos at Dover and this is even b4 BREXIT,  and that lorry park being built in Kent is flooded at the moment..  fingers crossed agreement can be reached on a lot of things

Austin   ps thanks all for the information provided in other comments it excellent to know

People for get EU pensions are a lot higher than U.K. ones. Our Spanish neighbours are amazed our UK State pension is so low, Britain never joined the Euro otherwise things would have been different. If you both get a State Pension then you will have an income of just over £300 per week, or Euro equivalent. When the £ to Euro was good things were cheap but now it is almost 1 £ to 1 Euro. The State pension lets you live nicely but does not allow the sun, sea and sangria lifestyle people want. Most pensioners eat out periodically as Menu Del Dias are reasonable. A retired person also has their medical bills in Spain covered by the U.K. through an S1. People manage on their State pensions because they have sold property in the U.K. and bought a place in Spain, where property prices are cheaper, hence no mortgage or rent to pay. Some things are cheaper in Spain but poor exchange rates make a lot of expenditure comparable to U.K.

Hi 👋 all just a thought but if you bought a property outright no mortgage could the equity in the property be used to offset the need for a annual amount in your account I believe that if you buy a house that cost more than a set amount you can get residency thrown in no problems at all 🤩

Err no  but live in hope. Why did peop,e thi k nothing would change after Brexit ????????

So I could rent a apartment for say €500 a month and €200000 in the bank and would easily get residency but if  I bought a €200000 house and €22000 a year to live on I wouldn’t is that the assumption 🥴

Ray, unfortunately you are quite correct money in bank and private medical seems to be the test. Regarding property and residency you can

get what is called "a golden ticket" to get this you need to buy a €500,000 property or have an €500,000 portfolio. :OD

have a look at this 

Guide to Visas for long-term residency post 31/12/2020

StuC 

Hi stuc so looking on the link it does state primary applicant 25816.32€ and then dependants 6454.08€ so I take that to read as myself as primary and wife as dependant or either way not to be sexist lol total 32740.40€ is that correct and obviously you don’t have to spend all that but just keep it topped up to keep it at the right amount for 3 months min per year to prove it it that correct 

Yes, 

€32,270.00 seems to be the min amount plus medical insurance. It maybe that you'd need to prove yearly income rather than monies in the bank, everything is all in flux to get a firm "this is what you need" Note different regions can have different understanding of the "rules" so you'd need to make sure you meet that criteria and as said in the conversation flow  - get expert help.

StuC