Moving to Spain for permanent residence is the dream of many pensioners. Many Europeans have been successfully implementing it all the recent decades, and British pensioners are no exception here, especially as the advantages of the Spanish climate for health of elderly persons are obvious.
After exiting the European Union in 2020, the residence of British citizens in Spain on a permanent basis is still possible but under certain conditions. Let’s take a look at the main ways that are suitable for the UK pensioners.
- Non-Lucrative Visa (due to financial independence);
- Family Reunification;
- Golden Visa (buying property at a price over 500.000 €).
In the first two cases, it comes to a residence permit without the right to work. Therefore, the key points here are the following:
- the availability of housing (own or rented) in Spain;
- the availability of sufficient financial resources for living;
- the availability of a full medical insurance.
As for the Golden Visa, it gives its holder the right to work, but the requirements for economic status and medical insurance remain the same.
Spanish Permanent Residency for Pensioners: the Economic Side of the Issue
If moving to Spain for permanent residence for pensioners is carried out through obtaining residency permit without the right to work, then the first thing that the Spanish migration authorities will be interested in is the applicant’s economic situation and his ability to provide fully for himself in this country without resorting to work.
For many European pensioners, it is often enough to show the presence of regular pension income. If these funds are not enough for the subsistence minimum in the country, then it will be needed to specify other sources of income.
These include account statements and deposits, certificates of private pension and investment funds, rent contracts (income from renting of the property), statements of dividends received, statutory documents (in case of share holding), etc.
All revenues should be stable, high and legal (declared). The main goal is to prove that a pensioner moving to Spain for permanent residence will not need either work or social support from the state. At the same time, in the future, such a pensioner will not have any difficulties with opening his own business in Spain, as well as with the modification of the Non-Lucrative residence permit into the residence permit with the right to work for himself as an individual entrepreneur, namely, as a founding member of his own company.
Spanish Permanent Residency for Pensioners: Health Insurance
Permanent residence in Spain for pensioners through obtaining a residence permit without the right to work does not give the right to get basic health service free of cost from the state. If there were no contributions to the Social Security, the retired person need to get a private health insurance with full medical coverage throughout Spain. This is the second indispensable condition imposed by the migration authorities: medical insurance issued by a private insurance company authorized to work throughout Spain, and giving full coverage without any surcharges, including hospitalization and repatriation.
This issue is not so easy to solve, because only a few insurance companies work with clients over 65 years old, much less with chronic diseases, and those that work with such clients can set a very high price for their services.
Therefore, health insurance in Spain turns into an annual mandatory and very significant item of expenditure.
Spanish Permanent Residency for Pensioners: Due to Financial Independence
This is the most popular among pensioners way to move to Spain for permanent residence. Both financial independence and buying own property in Spain means the same bureaucratic procedure – obtaining a residence permit without the right to work. In both cases, the applicant must prove the existence of a source of high, stable and legal income outside Spain, the availability of sufficient funds for the duration of the residence permit (the initial residence is issued for a period of one year), as well as the availability of health insurance.
In case of home purchase, documents confirming ownership (Nota Simple Informativa) are submitted, and in case of financial independence, either a long–term rental contract or the title documents of the property are needed.
We have already described the documents confirming the source of income above. In addition to them, it will be necessary to submit a bank statement confirming the availability of sufficient funds on the account. The calculation is based on the IPREM indicator, which is reviewed annually. In 2022, it is 579.02 € per month. As for Family Reunification, Golden Visa and Non-Lucrative Visa (residence permit without the right to work), the calculation will be carried out in different ways.
If we talk about moving to Spain for permanent residence due to financial independence or by purchasing of inexpensive real estate, then it is necessary to show the amount of 400% IPREM per month for the duration of the requested residence permit, i.e. for one year at the initial issuing and for two years at the subsequent renewal.
Spanish Permanent Residency for Pensioners: Through Family Reunification
This way of moving to Spain for permanent residence is suitable only for those pensioners whose children have already settled in the country and have a permanent residence permit. The application for reunification with the parent (parents) is submitted by the son or daughter at his place of residence in Spain. The receiving party is required to confirm income (the calculation is based on the IPREM indicator and depends on household composition) and the availability of housing. Thus, the children assume all the economic obligations for the maintenance of their parents. The matter with health insurance should be resolved in the same way as in previous cases.
The following requirements are imposed on the joined retired parent:
- The age group over 65 (in exceptional cases, the age limit can be lowered);
- Economic dependence on the son or daughter participating in the reunification procedure;
- The justification for the need to move to Spain.
Economic dependence is confirmed quite simply, but it should be planned in advance. For at least one year, a parent must receive monthly financial aid from his son or daughter, the amount of which is calculated from the size of GDP per capita in his/her country of residence. It would be better to make money transfers through a bank: these receipts will serve as supporting documents in the future.
Spanish Permanent Residence for Pensioners: Golden Visa
This is an excellent option for wealthy pensioners to move to Spain for permanent residence. Buying a property for more than 500,000 € entitles to obtain an investor visa or «Golden Visa». At the same time, it is allowed to purchase both as one real estate object and several – the important thing is that investments should come from own funds, and not from borrowed ones. An alternative way is to invest in shares of Spanish companies and government bonds, as well as allocation of funds on deposits of Spanish banks. But in this case, we are talking about completely different level of investment – from 1,000,000 to 2,000,000 €. Therefore, wealthy pensioners are more often attracted by the first option – purchasing expensive real estate.
Golden Investor Visa is issued easier and faster than the average residence permit. But even in this case, the retired person will need to have medical insurance, as well as show the availability of the minimum necessary funds for one year.
As practice shows, the simplest, but also the most expensive way to move to Spain for permanent residence is Golden Visa. The most difficult, but at the same time moderately costly way is moving for family reunification. Buying inexpensive real estate or housing rental, confirmed by sufficient funding, is the golden mean chosen by most pensioners who want to move to Spain for permanent residence.
And what way would you prefer?
