Over one million British expats have their pensions paid to them abroad, and Spain is by far the most popular location for them to retire. Now that the United Kingdom has left the European Union, visa procedures for British citizens have become more stringent. However, pensioners from the United Kingdom will continue to flock to Spain.
Visa Requirements
Retiring to Spain from UK, the new requirements are similar to those for other non-EU nationals. A Schengen visa is required if you wish to travel beyond the European Union. This permits you to visit Spain on a frequent basis, but you may only stay in the country for a total of 90 days in any 180-day period. British nationals do not need a visa, but they must follow the same laws as everyone else. The 90 days in 180 days restriction is enforced by stamping your passport upon arrival and departure from the Schengen area.
If you want to remain in Spain for more than 90 days, you’ll need a visa tailored to your specific needs. A Non-Lucrative Visa or a Golden Visa Spain is normally required for long-term residency in Spain for Britons and other non-EU nationals. Those who want to settle in Spain face increasingly stringent standards, notably in terms of financial means, to show that they can support themselves.
There is a €27.115.20 (€33,894 for a pair) minimum annual income requirement for a Non-Lucrative Visa for a single applicant. There are fewer financial requirements for a Golden Visa, however a €500,000 investment in real estate is required. As of yet, there has been no sign that special arrangements would be made for Brits to enter Spain on more favourable circumstances.
Rent or Buy
When considering whether to rent or purchase a property in Spain, there are several factors to take into account. If for any reason you unexpectedly find yourself returning to your place of origin, renting a vehicle will provide you more mobility (such as health or family issues). To gain a feel for the region and the lifestyle before making a long-term investment, it may be beneficial to rent first. In addition, this helps you get a better sense of the local property market and ensure that you’ve made the appropriate choice.
Having a house of your own offers you a sense of security and enables you to do anything you want with it. Whatever the present state of the market is, there is always the possibility that the market might collapse and prevent you from selling until it rebounds. This isn’t an issue if you’re not planning on leaving, but it is something to think about if you have any inkling that you may go back home.
Funding
You’ll need to know how much money you’ll have accessible to you while planning your retirement in any location. Personal and state pensions, as well as social security payments, may fall under this category.
UK Pensions
Four months prior to the month in which you would be eligible for the State Pension, you should get a claim form. If you haven’t gotten a letter from the International Pension Centre (IPC) three months before you reach the age of state pension eligibility, get in touch with them.
International claim forms are required if you’ve worked both in the UK and overseas. Forms requesting extensive information about your previous residences, jobs, and other details may be found on the international claim form.
In addition to your National Insurance Number (and your spouse’s), you’ll need to submit current and previous addresses in the United Kingdom, as well as current and previous employment information. Additionally, they’ll ask you a variety of inquiries, including when you left the country. Additionally, if you choose to receive your pension in a foreign currency, you will need to provide your bank account information in the UK or the international bank account number (IBAN) and bank identity code (BIC) numbers for your overseas account.
