September 28th, 2023 at 05:59 pm
Obtaining a Retirement Visa for Spain
A charming nation in southwest Europe, home to almost 380,000 international expatriates, is ideal for anyone looking to have a good time.
In addition to people who want to work or study there, many financially independent people who want to retire to Spain also choose to work in this stunning nation. For anyone who chooses to retire here, the nation also provides several advantages, like affordable living expenses, first-rate healthcare, and a luxurious lifestyle.
Spain does not grant retirement visas, notwithstanding the attractiveness of the retirement perks. If someone wishes to relocate to Spain in order to retire, they do, however, have further possibilities.
In what way may I retire to Spain?
Since Spain does not provide a specific retirement visa for foreigners, you will need to think about other options if you want to retire there. You also have additional possibilities if you want to relocate to Spain and spend the remainder of your retirement years here. Obtaining a residence permit is one of the alternatives; this can be done after obtaining a long-stay visa.
While there are other kinds of residency permits, the Spain Golden Visa and Spain Non-Lucrative Visa are the most widely used ones for retirees.
The Golden Visa as a Retirement Visa for Spain
- By spending a specific sum on real estate, a firm, or your own business, you can get residency in Spain via the Spain Golden Visa, also called the Spain Investor Visa.
- You must have enough money (at least €500,000, €1,000,000, or €2,000,000) to obtain a Golden visa.
- With this kind of visa, you can bring your family members along and even become a permanent resident.
Using the Non-Lucrative Visa to Apply for Retirement in Spain
Those who wish to relocate to Spain and have sufficient means to maintain themselves and their families without engaging in gainful employment are granted the Spanish Non-Lucrative visa.
You need to meet the financial requirements and have a clean criminal record in order to be eligible for a Non-Lucrative visa. Additionally, it is forbidden for you to work or gain from employment.
What Are Spain’s Retirement Requirements for Eligibility?
To be qualified for retirement in Spain, you have to fulfill a few requirements:
- You need to be self-sufficient and have enough money to sustain your family as well as yourself.
- You are not allowed to take part in or gain from any actions connected to your job.
- There can be no criminal charges against you.
- Your health must be in good standing.
How long is a retirement visa valid in Spain?
A Golden Visa is good for one year, after which it can be converted into an investor residency permit. Your two-year residency permit is renewable every two years after it is issued.
The duration of a non-lucrative visa is three months and fifteen days. During this time, you must apply for a Non-Lucrative Residence Permit, which will be granted for a period of two years and may be extended for an additional five.
How Much Cash Is Needed in Spain for Retirement?
In general, living in Spain is not too expensive. Spain’s costs are comparatively cheap and accessible to foreigners. Spending less than you had anticipated is possible, depending on your lifestyle and region.
For instance, you would need to budget $700 a month if you were moving in alone, but $2290 would be sufficient for a family of four. This fee is only significant if you buy a Spanish apartment.
Assuming you wish to rent out a space, the type of apartment you rent and its location will determine how much your monthly budget will be. For one-room apartments, the range of rent amounts is $410 to $920, while for three-bedroom flats, it is $665 to $2040.
A single person can get by on between $1500 and $2000 per month if they are not married.
Spanish Retiree Healthcare
Spain boasts the seventh most efficient healthcare system in the world, with a universal healthcare program. Every Spanish citizen is eligible for free health insurance, which is funded by the government.
The National Healthcare System (Sistema Nacional de Salud SNS) and Private Insurance Provider are the two alternatives available to foreign people living in Spain for health insurance.
Furthermore, you may be eligible for “Convenio Especial,” or public healthcare, if you are a foreign retiree.
Through the Convenio Especial program, those who are legally residing in Spain and are unable to access healthcare through other channels can get public healthcare services. In order to have insurance coverage, you will need to pay a monthly premium if you choose the Convenio Especial.
With Spain, Why Retire?
These are a few justifications for retiring to Spain.
Medical Care.
Spain’s healthcare system provides both public and private healthcare options to all of its citizens as a legally mandated right to universal coverage. Free medical care is offered to retirees under the public healthcare system, even if they are not Spanish nationals. Retirees from abroad might choose the Convenio Especial program, which is intended for people who are unable to use public services.
Quality of life.
You can be carefree and still have time to enjoy all the things you want to do in Spain. Spain is renowned for its excellent work/life balance, and comfortable, safe, and high-quality healthcare system.
Living expenses.
Spain offers a comparatively low cost of living. However, because of their popularity, costs can be a little higher in places like Madrid, Barcelona, and Ibiza. If you have sufficient funds, living expenditures for single retirees are less expensive than for couples, who might make do with $20,000 to $22,000 annually.