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Help needed with potential move

Help needed with potential move

Old Jul 21st 2020, 12:13 pm
  #1  
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Default Help needed with potential move

I am a 55 year old married man who has been teaching in the Falkland Islands for the last four years and I would now like to semi-retire in Spain. I have just over £100,000 saved up in cash, I get £600pm from a property I own in the UK and I plan to teach English online to supplement my income to allow me to live there. This raises a few practical considerations to see if this is viable. We've been looking at property in the Alicante area as you seem to get quite a bit for your money and having a strong expat community would be convenient. We know that we'll have to budget on 10-12% on top of the purchase price of a property but there are many other costs we need to consider:
  1. What is medical insurance likely to cost?
  2. What sort of costs would be involved for electricity and gas over there for a 2-bedroom apartment?
  3. What sort of local taxes would I be liable for, similar to the UK council tax?
  4. What will I have to pay for water?
  5. What sort of management fees am I likely to be paying for a 2-bedroom apartment costing under £100,000
  6. Are there any other costs I should be considering?
I suppose that in broad terms I need to know what sort of monthly income I would need to live in a 2-bedroom apartment in this area. It wouldn't need to be a lavish lifestyle but we'd like to be able to maybe go out for a meal once a week and have some sort of social life. Finally, what criteria do I need to satisfy to buy a place in Spain and live there?

Many thanks for your help.
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Old Jul 22nd 2020, 7:53 am
  #2  
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Default Re: Help needed with potential move

First if you and your wife are UK citizens you will not be able to reside in Spain under previous EU conditions unless you move before Dec 31.This means as a pair you will need and individual income of approx 32,000 euros a year. You will also need private healthcare. As far as work is concerned online teaching would require you to be self employed which is very expensive in spain and would easily cost a third of your wages. If you move before 31 you could get residency with more moderate financial means. 100.000 euros would get a small flat in Alicante but probably not in a good area as buying costs would probably mean you actual have to get one at 80.000 which is cheap in a big city. All in all I would say that if you are serious you need to move very quickly if you want a realistic chance of settling.
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Old Jul 22nd 2020, 10:29 am
  #3  
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Default Re: Help needed with potential move

It seems to me that getting everything organised by the end of December will be a bit of a tall order, especially with Covid-19 concerns slowing things down. An alternative solution is, however, possible as there is a strong likelihood that in the next couple of weeks I will be offered a job working full time in Seville for the next couple of years and that would mean I would be moving to Spain by the end of August. As I would then be living and working in Spain before the end of the year, would I then be in a better position to stay living there when my contract ends in two years time?
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Old Jul 22nd 2020, 10:36 am
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Default Re: Help needed with potential move

Absolutely. If you have work then there is no problem getting residency before december and yes you could still remain in spain after the end of contract and better still would have your EU work rights protected.
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Old Jul 22nd 2020, 10:39 am
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Default Re: Help needed with potential move

Originally Posted by Chipmonk View Post
Absolutely. If you have work then there is no problem getting residency before December and yes you could still remain in Spain after the end of contract and better still would have your EU work rights protected.
Only in Spain if you remain a resident.
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