Ah - I understand the logic now. Thanks.

In order to be confused about it, you would have to first dismiss any of the turmoil in the Eurozone, which would be consistent with your historical views.

You can argue that it's unlikely that a Cyprus event could take place in Spain, but if you consider the overall condition of the Eurozone, and recent behaviour of the ECB, you'd have to agree that it's far more likely that Spanish banks could be abruptly nicked/closed/frozen (and other banks of the Eurozone too) than the likelihood of it happening in the UK.

I'd only add that in addition to sending small bits at a time, you should keep a reserve of a few €K in cash hidden somewhere safe around your house, if you can manage it.

I get the feeling you're confusing the chance of +100k accounts being hit, with say having 10-20k in a bank account.
And if you really think that Spanish banks are "far more likely" to be closed/frozen than the UK then please feel free to keep your money in Northern Rock or RBS or HBOS.
Did you read the news today about the BoE telling British banks they are under-capitalised? Why do you think this wasn't addressed before?

I was watching Sky news this morning - a report about British expats in Cyprus who had €150K+ deposits, which are their life savings and they depend on for their living, and not only are they frozen at present, but it appears as much as 50% of it may be taken from them before the accounts are unfrozen. I have to reckon that there are lots of people in this position. That's it, no bailout, nobody's going to give it back to them, it's gone. Legally nicked without recourse.

Now, yes, northern rock bit the dust, but most of their depositors were covered by the nationalisation of it and then subsequent takeover by virgin. Only a handful lost any part of their deposits, if any. I don't believe anyone has lost a cent on deposits at RBS or anywhere else. But I didn't google it.

Frankly, I'm not aware of anyone in the UK government even remotely thinking that an across the board nicking of all bank accounts would be an acceptable tactic (and any MP suggesting it would be committing instant political suicide).

But the EU, which has no public constituents to answer to, seems to be increasingly proving to themselves that it's a pretty good idea.

Now, if the EU can demand this of Cyprus, then they can legally demand it of Spain. Whether they do or not is anybody's guess.

Nonetheless, I think common sense would strongly indicate that it might be better to keep the bulk of your money deposited where it's guaranteed, rather than where it's not...

...unless of course, you want to believe otherwise, which you are still free to do if you wish ... for now, at your own peril.

Exactly

I have little sympathy for people who put their money into risky bank accounts for the chance of an exta % or two of interest

As long as any guarentees related to the account are paid up then that is fair

And that has to do with ... what?

SpatexBrit, what is it you are actually looking for in your retirement? Why do you want to leave the UK and move to a foreign country? Do you just want a change of scene, to meet some new people and have a bit of an adventure?

In which case why not just spend a year or two in Mojacar or whatever and see if it meets your expectations? If not, move somewhere else and try that. There's no need to commit to a lifetime in once place, at 60 you are still young enough to explore the world!

Why Mojacar? I have been there and found it dry and dusty.

Although a UK citizen, I have lived almost 11+ years in Central America and now 14 months in Spain. If you intend to move to Spain, this also applies to any other non English speaking country, then top of the list is to acquire a good understanding of the Lingo. It is surprising how different attitudes from locals to foreigners can be. My wife's natural language is Spanish and the service (and banter) she receives from the locals is amazing. Many of the popular areas will have a large English speaking community, however if you intend to move around then a reasonable grasp of Spanish would make life so much easier.

We do, and always will rent during our stay here, and have to admit that the prices have been reasonable. This may seem an odd answer, but one of the things that has impressed me more than others is the affordability and and organization of the rail system. With an OAP's concession we travel to Madrid first class (from Alicante) for 56 euros, a guaranteed seat and spoilt rotten Best of luck where ever you go.

Overall cost of living is now similar to the UK, however quality of life is much higher. Comfortably living outside 6 months of the year (Costa Dorada) Med just down the road, reasonable cost of eating out, good wine at sensible prices. Having lived here since 1975 but worked overseas until retirement.
I also feel less threatened going out at night here than in the UK. Beware of golf course properties as maintenance charges can be heavy. I would recommend renting for, at very least a year to get the feel of the area you have decided on (massive differences between summer and winter) before committing to buying. Get some private health insurance because although the social security system is good you will not be entitled to it until you reach retirement age.

As Concierge for the Spanish section of BE I would like to say hello and welcome.

BE is a very large expat website, so if you have problems finding your way around we have concierges who will try to direct you. The moderators for the Spanish forums are Mitzyboy and Fred James, moderators are there to ensure that the site runs smoothly within the rules of BE. Problems and complaints should always be addressed to a moderador who will look into the matter and deal with it efficiently and fairly. Our members who post in the Spain Forums are friendly and helpful with a wealth of knowledge of the issues of living in Spain. At the top of the page you will find a quirkily named thread called Free Beer which is full of important and useful information. Hope you enjoy your time participating in the forums.

Please let me know if you need any further help.

Rosemary

http://www.alternet.org/economy/thin...-uk-depositors

Don't get me wrong, I think they'll be very foolish to proceed along this road - they can get far richer pickings by targeting house owners through higher property taxes, stamp duty, cgt etc., as is already happening in France and Spain.

In my view, it's all just a lack of being able to see the forest for the trees. Our taxation systems have grown so complex and full of loopholes, that we have to spend billions simply enforcing it, and even then, there's still a lot of ways to legally avoid paying tax.

There are no lack of economists and various financial experts who would argue that a flat 15% income tax across the board - everybody pays - no matter what, no loopholes, no special considerations, no exceptions - would increase tax revenues by about 500%.

In that view, the wealthiest would actually end up paying (collectively) significantly more than they do now (the few that are not currently engaging in legal tax avoidance schemes would actually pay less), the middle class would pay significantly less, the poorest would pay nearly nothing (and would be massively encouraged to grow their incomes rather than be encouraged to consume benefits), enforcement costs would be reduced to a mere fraction of what they are now, consumer spending would skyrocket (generating more jobs and prosperity overall), and the population in general would be far more content and far less compelled to engage in evasive tactics.

Anyway, that's a view I've always considered fair and balanced, if indeed it would be as lucrative as many claim. But I reckon that's every bit as dreamy and idealistic as any liberal notion demanding more complexity, mass bureaucracy, and far-reaching governmental control in the interest of "fairness".

The trouble is they break into your property while you are out.

See safety in Spain thread.

Tell me why anyone in their right mind would have had over €100,000 in a SINGLE european bank. Its bloody madness. If the guarantee is up to £80,000 in the UK then why would anyone have more in a single bank? Deserve all they get.

As to the drip feeding of funds - a great idea through currencyfair. BRILLIANT SERVICE AND RATES.