Coati

I think I messed up yesterday, and didnt really ask a very good question.

Can someone please define "proof of income" for residency

My wife and I are not of retiring age (59/58) and don't have a pension until 65, we do however have "good" money in savings on which we receive a little interest. We also have another house in UK which we will sell later; dad lives in, and is 92! Our savings are controlled online and funds are moved to UK Bank Account as required; so stupid as it may be, what would pass as a document to show the authorities as obviously we have more than enough funds for several years until we technically retire? We do not pay tax in the UK as we both have the tax allowance having both worked, our interest falls below the thresholds here.

We can fix up medical insurance with information found on this forum.

In addition our son is self employed and can provide proof of income to date; what then does someone who works on the internet say/show to qualify for residence card?

I know these questions are basic but I have searched here and cant really find the answers :-)

newintavira

We showed 3 month's bank statements for ours. I think someone somewhere once posted an equation based on the IAS, which is the minimum survival wage, currently about 420 euros per month.

I think as long as you can show a 5 figure sum in the bank (even a low one) that should be sufficient.

Coati

Thank you; having been to Tavira a few times I can understand your happiness, nice place!

So you think if I can show a balance of more than say 15000 in a current account that would do it? Or much more in a savings account would also be accepted?

appreciate your input

anyone got an answer to the self employed son bit? :-)

peterfc

Hi

I took out residency towards the end of October. All i took with me was my documents for the purchase of my house, passport, drivers licence and fiscal number. At no time was i asked for any information as to my funds.

After asking others that seems to be the way Here in Central Portugal, Gois.

Peter

Coati

Hi Peter

thanks for that; hey just spent some lovely days in Gois!

Looking for Kingfishers on the river; I am a Wildlife Photographer in a modest way.

ouriquejan

When we took out residencia nearly 7 years ago, we had to have a letter from our bank, signed, dated and stamped to say that we had more than 5,000 euros in the bank.

When we applied for renewal last year, this wasn't needed.

Hope all goes well

Coati

Thanks for this, that certainly not a problem, lol I bet Barclays will charge 50 quid for the rubber stamp!

Dal Dy Dir

Very interested in your first paragraph Coati. We are pretty much in the same boat as you in that if we came out now we would have to live for ten years on our savings before getting state pension. I have a private pension but that seems to be in the lap of the gods as what one will get from it and would obviously be less if I stopped contributing and took it early.

When I look at the sum of money we have saved over the years, on paper it looks a tidy sum but with the low interest rates for savers I think we would have a very frugal existance in order to make it last.

It may be that I am over cautious and it is a real balance between being young enough to enjoy Portugal and the rest of mainland Europe without negotiating a water boundary or waiting too long, having a bit more money but being too old to enjoy it!

Decisions!!

Coati

Hi Dal Dy Dir - no idea what that means lol.
My name Is Rich btw.

Yes indeed funds for 6 years to state p in my case. My wife has been robbed of 6 years of state pension, like many women who have been blatantly discriminated against, and will not get hers until just shy of 66! or If DC has his way, 5 magic beans lol.

What is complicating things for us is our son who has his own online operation as a Freelance Designer. He lives in London and with 2 babies (silly move) and is really struggling desperately even though he earns 4000+ /month; his partner cant work because of the terrible child care costs!I am convinced he could earn not less than half that in Portugal as his customners are in UK and he works remotely.

do feel free to E Mail us if you are having anything to ask etc it;'s nice to have some links to like minded people.

Rich/Wendy

Rich

So we therefore looked at the idea of us all renting a large place together, he could work and contribute to the pot and save something /month, returning after a year or two if he wishes to. In theory this should work as as a group our overall costs would be much lower. We have a modest house here in UK that we will sell later, and intend to buy a cottage somewhere in Central which we love. So this throws up many hurdles to jump lol but not insurmountable.

CHOPPER

We renewed our residency to the 10 year one this year and had to supply them with a copy of my works pension.

Coati

Hi Chopper

glad you are sorted; dont have pensions, living on capital :-0

Rich

Dal Dy Dir

Hi Rich,

Our circumstances are very close to yours, I will have to work until I am 66 before getting my state pension, my other half until she is 64 and a bit! (Many thanks for the extra year's wait UK government)

I have never been fortunate to work for a company that had a pension scheme and the industry I am in (retail management) would not be a transferable skill without the language (unless I can get a job in a shop on the Algarve that is frequented by Welsh and English speakers only!)

I did take out a private pension many years ago but with each passing year and every quantative easing the projections make me more dismayed and question the relevance of doing it in the first place (tax relief aside)

We are fortunate in that we bought our place in Portugal when times were better for us, employment wise, but our plan was to buy the apartment and then trade up when we moved permanently. However the chances of selling said apartment are akin to me getting a date with Miss World added to which a lot of our investments have stagnated with very little short term optimism on them.

So that leaves us, like yourselves living off savings only for a good few years and I wonder how practical that would be. Yes we have a house to sell over here but it is nothing grand and would not raise life changing amounts.

I am impressed by your courage to take the plunge and hope everything works out, I suppose over cautious me will wait a bit longer before we do it.

Please let me know when you proceed and how you get on.

Dal.

Coati

Hi Dal

Actually you know what; you get one existence, and we go with our gut feelings. When 28 we sold up and lived in Central Africa for 13 years, yes I had a job to go to there, never made us rich financially but omg what we would have missed! I feel the same now, that sense of adventure, something new approaching.

In Portugals case, there is so much wonder there, head north up to Portalegre and the border its marvellous, but you have to appreciate wildness cos there aint no people. Spend a few days in a Schist village population 3 and 2 donkeys, incredible! Just returned from a months 2000 mile tour and loved every minute. Sit under an orange tree in the blazing sun and just reconnect. I love Wildlife and have become quite proficient in Photography of same; I can spend a week tracking an eagle for one pic lol

Dont let time get hold of you, its a killer lol
will stay in touch

Rich/Wendy

steppitoe

Hi there, no need to provide proof of income now as long as you are an EU citizen.

Coati

Hi Step'

cool , even less to do lol, thank you