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tax in Spain for pensioner

tax in Spain for pensioner

Old Jun 16th 2019, 5:11 pm
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Default tax in Spain for pensioner

Just wondering if I retire to Spain - is my basic state pension taxed there
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Old Jun 16th 2019, 5:21 pm
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Default Re: tax in Spain for pensioner

Originally Posted by joedachef
Just wondering if I retire to Spain - is my basic state pension taxed there
You certainly have to declare it - all then depends upon your circumstances and allowances.
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Old Jun 16th 2019, 5:26 pm
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Default Re: tax in Spain for pensioner

so what the allowances-is there somewhere I can put in my pension amount and see what's left
eg: charges for transferring to Spain and any other charges that I can find out now and not be surprised when I get there
So I know what going to be left to live on
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Old Jun 16th 2019, 6:32 pm
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Default Re: tax in Spain for pensioner

You can't know exactly how much you will have left over because you like all of us will be at the whim of currency exchange rates. At any time you will have a general idea only.
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Old Jun 16th 2019, 6:50 pm
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Default Re: tax in Spain for pensioner

More here

https://www.gov.uk/guidance/living-i...#money-and-tax
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Old Jun 16th 2019, 9:00 pm
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Default Re: tax in Spain for pensioner

Originally Posted by joedachef
Just wondering if I retire to Spain - is my basic state pension taxed there
‘If your only income is your state pension, you will not pay any tax as the allowances exceed the normal pension. You have to declare your worldwide income including savings and rental income. If these are significant, you will pay tax.

Currently the allowances are 6700 if over 65.There is a further allowance of 2000
There is another allowance for low incomes of up to 5565. This is for taxable incomes between €13115 to €16825. The amount of the allowance decreases pro rata between these two income levels.
If you arrange to have your pension paid direct into your Spanish bank there are no charges and the exchange rate is very good.
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Old Jun 16th 2019, 10:37 pm
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Default Re: tax in Spain for pensioner

Thank you, Fred James, for the clear and concise answer
Now, here's another one
We have to renew our passports, I can get. an Irish or Italian one -through my parents
and my wife can have Irish one-is there any advantage of having a dual passport or just get the English one
I will drive you mad over the next year we want to move next April/May 2020
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Old Jun 21st 2019, 3:28 am
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Default Re: tax in Spain for pensioner

"Currently the allowances are 6700 if over 65.There is a further allowance of 2000"

I presume that's meant to say:

Currently the allowance is 6700, if over 65 there is a further allowance of 2000.

Eats shoots and leaves!

In any case I believe it's incorrect as the basic personal allowance for everyone under the age of 65 is set at €5,550, or €6,700 from age 65, and €8,100 from age 75.

Last edited by Notdunroamin; Jun 21st 2019 at 3:47 am.
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Old Jun 21st 2019, 7:39 am
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Default Re: tax in Spain for pensioner

Originally Posted by Notdunroamin
"Currently the allowances are 6700 if over 65.There is a further allowance of 2000"

I presume that's meant to say:

Currently the allowance is 6700, if over 65 there is a further allowance of 2000.

Eats shoots and leaves!

In any case I believe it's incorrect as the basic personal allowance for everyone under the age of 65 is set at €5,550, or €6,700 from age 65, and €8,100 from age 75.
No, it is not a case of "eats shoots and leaves" - what Fred James wrote is absolutely correct. There is a general earned income allowance of €2,000 (applicable to everyone regardless of age or income level) on top of the basic personal allowance, plus the low income allowance which he explained (if applicable).

Last edited by Lynn R; Jun 21st 2019 at 8:37 am.
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Old Jun 21st 2019, 10:31 am
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Default Re: tax in Spain for pensioner

Originally Posted by Fred James

If you arrange to have your pension paid direct into your Spanish bank there are no charges and the exchange rate is very good.
Hola

That is the old age pension - other pensions (Local Government for example) may attract charges and the exchange rate is not always brilliant

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Old Jun 29th 2019, 9:34 am
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Default Re: tax in Spain for pensioner

Are companies like TransferWise worth using to transfer my state pension?
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Old Jun 29th 2019, 9:52 am
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Default Re: tax in Spain for pensioner

As I said earlier, the DWP will transfer your state pension free. They also give extremely good exchange rates as they buy Euros in vast quantities.
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Old Jun 29th 2019, 10:02 am
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Default Re: tax in Spain for pensioner

OK, cheers fredjames and DxF - BTW what it like where you live Fred and DxF were not sure where we want to go-were in Devon at the moment, but we would like to move
somewhere warm but not scorchio, but not to wet, we thought of Northern Spain but it gets a lot of rain
Any suggestion of regions in Spain?
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Old Jun 29th 2019, 10:55 am
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Default Re: tax in Spain for pensioner

Having not yet reached the age to claim my UK state pension - I did not realise the DWP would transfer it to Spain for free, this seems a very good arrangement and an unexpected little bonus. Any catches?
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Old Jun 29th 2019, 12:47 pm
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Default Re: tax in Spain for pensioner

Originally Posted by joedachef
OK, cheers fredjames and DxF - BTW what it like where you live Fred and DxF were not sure where we want to go-were in Devon at the moment, but we would like to move
somewhere warm but not scorchio, but not to wet, we thought of Northern Spain but it gets a lot of rain
Any suggestion of regions in Spain?
Hola
This is where "Google is your friend" in that I love where I live but recognise it is not everyone's cup of tea. There is nothing better than visiting the area to get the initial feel.

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