More than eight million foreign nationals reside in Spain. Pensioners from across the globe relocate to Spain to make the best of their golden years, and it's easy to understand why. Retirees can soak up nearly year-round sunshine, enjoy delicious cuisine, and indulge in the warm sea.
Here's a quick guide to retiring in Spain - the benefits, ways to relocate, and more.
Why Retire in Spain?
Expat-Friendly Environment
Cities like Malaga, Alicante, and Valencia are renowned for their welcoming attitude towards expats, making it easier to settle in.
Amenities for Pensioners
The retirement community in Spain offers specialised services, wellness facilities, clubs, and networking groups tailored for seniors.
Quality Healthcare
Spain's healthcare system ranks among the top in the world, ensuring access to high-quality medical care for retirees.
Affordable Cost of Living
Living costs in Spain are significantly lower than in the UK, USA, and many other European nations, allowing for a comfortable retirement on a modest pension.
Pleasant Climate
With its diverse geography, Spain offers a range of climates, from the sunny and dry south to the humid north, catering to varied preferences.
Safety
Spain boasts a favourable safety record, ranking high on the Global Peace Index, providing retirees with a secure environment.
Efficient Public Transport
An extensive and affordable public transport network reduces the need for a personal vehicle, saving costs.
How to Relocate to Spain?
EU nationals can retire in Spain with relative ease, simply requiring registration as a resident. Non-EU citizens, however, must obtain either a non-lucrative visa or an investor visa, such as the Spain Golden Visa.
Healthcare for Pensioners in Spain
Legal residents have access to Spain's public healthcare system, while non-residents can opt for affordable private health insurance plans.
Cost of Living for Retirees in Spain
A single pensioner can expect to live comfortably in Spain on around €700 per month, excluding rent. Costs for a family of four would be approximately €2,500 or more, making Spain an attractive destination for those seeking an affordable retirement.
Spanish Taxes for Retirees
Spain levies income tax on global income for tax residents at progressive rates between 19% and 47%. Non-tax residents pay a flat 24% on UK-sourced income only.
Residency and Citizenship Options for Retiring in Spain
The non-lucrative visa allows financially independent retirees to reside in Spain without working, subject to meeting minimum income requirements.
However, the Spain Golden Visa programme offers a more attractive option for retirees. By investing in Spanish real estate, gilt-edged securities, or businesses, non-EU nationals can obtain renewable residency permits, eventually leading to permanent residency and citizenship eligibility.
At International Wealth Ventures, our expert advisors can guide you through the intricacies of relocating to Spain for retirement, helping you make the most of your pension pot in this vibrant country.