self funding early retirees Spain
#1
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Joined: Oct 2014
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self funding early retirees Spain
Im wondering if any one can help? My husband and I are planning to retire to the costa del sol initially, while we find our feet in the next six months and just rent an apartment for the first couple of years to see how it goes.
Anyway, he was planning to continue working part time for his current company but be based in Spain but it now looks like the company are not going to allow this. So we are considering pursuing our plans but being self funding until our pensions become accessible.
I have completed extensive research, on the healthcare system in Spain & especially on the Convenio Especial and understand what we have to do to access this provision. However, I cannot find clear information as to what is deemed as sufficient finances/assets (so we are not considered 'a burden on the Spanish state)' to satisfy the requirements for residency applications.
Can anyone provide accurate current information or point me in the right direction please?
Many Thanks
Anyway, he was planning to continue working part time for his current company but be based in Spain but it now looks like the company are not going to allow this. So we are considering pursuing our plans but being self funding until our pensions become accessible.
I have completed extensive research, on the healthcare system in Spain & especially on the Convenio Especial and understand what we have to do to access this provision. However, I cannot find clear information as to what is deemed as sufficient finances/assets (so we are not considered 'a burden on the Spanish state)' to satisfy the requirements for residency applications.
Can anyone provide accurate current information or point me in the right direction please?
Many Thanks
#2
Re: self funding early retirees Spain
Hello,
There doesn't appear to be a figure. The Ministry of Employment and Social Security web site states a requirement for residents to have "de recursos suficientes" (sufficient resources), so assume all cases will be assessed on a case by case basis.
Secretaría General de Inmigración y Emigración. Portal de la Inmigración
Realistically, anyone from northern Europe in a position to 'self-fund' early retirement should have the 'sufficient' means necessary, as far as the Spanish are concerned, so I wouldn't worry too much.
There doesn't appear to be a figure. The Ministry of Employment and Social Security web site states a requirement for residents to have "de recursos suficientes" (sufficient resources), so assume all cases will be assessed on a case by case basis.
Secretaría General de Inmigración y Emigración. Portal de la Inmigración
Realistically, anyone from northern Europe in a position to 'self-fund' early retirement should have the 'sufficient' means necessary, as far as the Spanish are concerned, so I wouldn't worry too much.
#3
Re: self funding early retirees Spain
There is no "official" definition of what constitutes "adequate resources".
The law says:-
Accreditation of possession of sufficient resources, whether by regular income, including income from work or other, or ownership of an estate, shall be made by any evidence allowed by law, such as deeds, certified checks , obtaining supporting documentation for capital income or credit cards, bringing in the latter case an updated bank certificate stating the amount of credit available as the aforementioned card.
The assessment of sufficient resources must be made on an individual basis, and in any case, taking into account the personal and family circumstances of the applicant.
Evidence of regular payments into a Spanish bank, or a decent sized balance of say €6000 seem to be acceptable. As you can see from the above, even a credit card with a decent balance available to spend can be accepted.
The last paragraph explains the lack of definitive guidance - it's all based on the individual cases.
The law says:-
Accreditation of possession of sufficient resources, whether by regular income, including income from work or other, or ownership of an estate, shall be made by any evidence allowed by law, such as deeds, certified checks , obtaining supporting documentation for capital income or credit cards, bringing in the latter case an updated bank certificate stating the amount of credit available as the aforementioned card.
The assessment of sufficient resources must be made on an individual basis, and in any case, taking into account the personal and family circumstances of the applicant.
Evidence of regular payments into a Spanish bank, or a decent sized balance of say €6000 seem to be acceptable. As you can see from the above, even a credit card with a decent balance available to spend can be accepted.
The last paragraph explains the lack of definitive guidance - it's all based on the individual cases.
#4
Re: self funding early retirees Spain
I believe the issue was raised a while back as to why the UK cannot operate a similar means test as Spain and an enquiry was to be made with the UK govt regarding the reasons why.
Someone suggested at the time that we had signed away our right to do so, though I don't know if this is correct.
Is anyone any the wiser as to why there can be one set of regulations for Spain and another for the UK ?
Someone suggested at the time that we had signed away our right to do so, though I don't know if this is correct.
Is anyone any the wiser as to why there can be one set of regulations for Spain and another for the UK ?
#5
Re: self funding early retirees Spain
As far as I know from what I have read in the past (and I may be proved wrong), although the Spanish system insists that you show income / funds, they still cant stop you living in Spain under the rights under EU law to live and work within the EU. You wouldnt however be able to register as a Spanish resident / use the spanish system.
However Spain have flouted EU rules in the past
#6
Re: self funding early retirees Spain
I believe the issue was raised a while back as to why the UK cannot operate a similar means test as Spain and an enquiry was to be made with the UK govt regarding the reasons why.
Someone suggested at the time that we had signed away our right to do so, though I don't know if this is correct.
Is anyone any the wiser as to why there can be one set of regulations for Spain and another for the UK ?
Someone suggested at the time that we had signed away our right to do so, though I don't know if this is correct.
Is anyone any the wiser as to why there can be one set of regulations for Spain and another for the UK ?
Essentially, the UK adheres to the same rules we have in Spain, but they do not ask people to register after 90 days. As a result, there is effectively no procedure to actually ask for proof of income or health cover.
I am not going to post the email here, but if anyone wants a copy, I can PM it to them.
#7
Re: self funding early retirees Spain
I contacted the Home Office with that question. I finally got a two page reply from a senior civil servant in the Home Office about 5weeks later..
Essentially, the UK adheres to the same rules we have in Spain, but they do not ask people to register after 90 days. As a result, there is effectively no procedure to actually ask for proof of income or health cover.
I am not going to post the email here, but if anyone wants a copy, I can PM it to them.
Essentially, the UK adheres to the same rules we have in Spain, but they do not ask people to register after 90 days. As a result, there is effectively no procedure to actually ask for proof of income or health cover.
I am not going to post the email here, but if anyone wants a copy, I can PM it to them.
#8
Re: self funding early retirees Spain
I contacted the Home Office with that question. I finally got a two page reply from a senior civil servant in the Home Office about 5weeks later..
Essentially, the UK adheres to the same rules we have in Spain, but they do not ask people to register after 90 days. As a result, there is effectively no procedure to actually ask for proof of income or health cover.
I am not going to post the email here, but if anyone wants a copy, I can PM it to them.
Essentially, the UK adheres to the same rules we have in Spain, but they do not ask people to register after 90 days. As a result, there is effectively no procedure to actually ask for proof of income or health cover.
I am not going to post the email here, but if anyone wants a copy, I can PM it to them.
If we are allowed to apply the same restrictions as Spain then why on earth don't we ?
I would appreciate a copy of that email to see if I can understand it a little better.
With regard to EJs query on benefits, I believe Merkel warned the UK recently that we are not allowed to differentiate the benefits system between UK citizens and incoming EU citizens, though as I understand it Cameron has taken a few very minor but ineffective steps in that direction.