Feasible??

Old Dec 29th 2019, 1:39 pm
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Default Feasible??

Is it feasible to move to Spain with a UK pension of £830 per month?

Very grateful for any answers.... Thank you.
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Old Dec 29th 2019, 1:41 pm
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Default Re: Feasible??

Welcome to BE.

I have moved your thread over to our Spain forum. Hopefully someone will be along shortly to help you.
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Old Dec 29th 2019, 2:10 pm
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Default Re: Feasible??

Originally Posted by jrh713
Is it feasible to move to Spain with a UK pension of £830 per month?

Very grateful for any answers.... Thank you.
The average Spanish pension is about €920,- . at current exchange rate your pension would be : €971,- You can draw your own conclusion from that.
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Old Dec 29th 2019, 2:17 pm
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Default Re: Feasible??

Thanks for your answer... but don't I have to pay tax on all?
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Old Dec 29th 2019, 2:51 pm
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Default Re: Feasible??

Originally Posted by jrh713
Thanks for your answer... but don't I have to pay tax on all?
You can export your state pension from U.K. TAX FREE. However you then declare it in Spain and depending on you age you will most likely pay no tax on your pension but if you have other income it is all aggregated together as your income and you would pay tax.
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Old Dec 29th 2019, 3:31 pm
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Default Re: Feasible??

Originally Posted by jrh713
Thanks for your answer... but don't I have to pay tax on all?
The Spanish single person allowance for a pensioner is about €6700,-
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Old Dec 29th 2019, 3:40 pm
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Default Re: Feasible??

Originally Posted by Loafing Along
The Spanish single person allowance for a pensioner is about €6700,-
Plus the general allowance of €2000 against earned income (which includes pensions) which everyone gets, and there is also the low income allowance which means that anyone with an annual income just below €14k doesn't pay any income tax.
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Old Dec 29th 2019, 4:08 pm
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Default Re: Feasible??

Originally Posted by jrh713
Is it feasible to move to Spain with a UK pension of £830 per month?

Very grateful for any answers.... Thank you.
Hi, a lot depends on how much would be left after paying the monthly essentials (rent, utilities, internet, etc...) and on your lifestyle. Running a car, eating out, returning regularly to the UK, receiving (non-paying) family and friends, etc..., all cost money.
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Old Dec 29th 2019, 4:29 pm
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Default Re: Feasible??

Also area would be a big factor. An area such as Marbella or Sotogrande is much more expensive to live in every way compared to somewhere more downmarket such as Velez Malaga
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Old Dec 29th 2019, 6:27 pm
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Default Re: Feasible??

Do you already have a property or will you be buying or renting?

if you have to budget for a rental, your budget will be very tight indeed.
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Old Dec 29th 2019, 8:55 pm
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Default Re: Feasible??

Im assuming thats just for one person.
If so as long as you already own somewhere and don't spend your money as if you are always on holiday, its possible.
We are due to move over in July and Ive budgeted for around €1500 a month max for the 2 of us.
We own a flat and using the outgoings from this year (electric, service charges, IBI, tax, water) and of course food etc it works out at €1200 max so I've given us a bit of extra just in case.
If you want to live in the country you will need a car, so there is more expense there.

Don't forget that to get residence you will need at least €7000 in a Spanish bank account as well as private health care paid up for the year (if not on S1) so you need to ensure you have this.

Its doable as removing the rent we pay here in the Uk we live on about £1400 a month and I still have money left over.
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Old Dec 29th 2019, 9:47 pm
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Default Re: Feasible??

Originally Posted by jrh713
Is it feasible to move to Spain with a UK pension of £830 per month?

Very grateful for any answers.... Thank you.
Hola
Possible but not desirable. You are at the mercy of the exchange rate; you would be on the low end of possible for a single person assuming you will have not big expenses such as a new TV. Living here can be cheap - but in reality, any problem could send you in a downwards spiral.

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Old Dec 31st 2019, 8:28 am
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Default Re: Feasible??

As has been said feasible yes dependent on factors such as owning property and your individual needs and lifestyle. I wouldn't consider it unless you already own outright somewhere to live, even then consider maintance costs etc. Life could be miserable if as you hit 3rd week of the month you are fretting waiting for next pension day. Only you know your own life needs and style etc.
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Old Dec 31st 2019, 11:07 am
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Default Re: Feasible??

I suppose the easiest question for the OP to ask is

"Can I live in the Uk on the same amount of money"

If you can't then I would say that Spain would also be impossible.

Like I have already said, Ive taken our Uk budget and removed those items that won't apply in Spain and we can live on the amount we will have (although we are going to be living off savings before dipping into my personal pension)
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Old Jan 5th 2020, 6:47 pm
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Default Re: Feasible??

Originally Posted by jrh713
Is it feasible to move to Spain with a UK pension of £830 per month?

Very grateful for any answers.... Thank you.

If you have to rent an apartment etc.. it might be tight, if you look around theres rents for €350 on the east of malaga, but nothing on the west. If theres two of you and your income is €1660 combined then you can live like kings.

Dont forget that all the benifits etc that you get in the UK dont apply here. you´ll be paying reduced rates of council tax, travel, tax free fruit and veg etc but its not as "good" as the uk for those sorts of things.

My grandma was paying something stupid like 16 pounds a week rent for her 3 bed flat in london N1, if you are in the same situation, imagine if you had to pay 400-800 euro out in rent.

Last edited by bfg69bug; Jan 5th 2020 at 6:48 pm. Reason: spelling / typing too fast
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