Where to retire to?
 

I want to retire to Spain in 10 years time but don’t know where to start looking.
I have £80k to buy somewhere. The less I spend the earlier I can retire.
Any suggestions?

Re: Where to retire to?
 

That's certainly an open question on a forum as everyone who is settled here in Spain will probably suggest their own area or town. I live in Benidorm and love it here although (understandably) not everyone's favourite place. So I'll kick off with Benidorm.

Steve

Re: Where to retire to?
 

I don’t mind where I end up as long as I can find a decent social life and I can get by on £15k a year.
Would you recommend central Benidorm or it’s surrounding regions?

Re: Where to retire to?
 

Do you know that now that the UK has left the EU, UK citizens wanting to move to Spain to live will be treated in the same way as all other third country nationals, and will have to apply for a visa from the Spanish Consulate in the UK before coming to Spain? If they are not planning to work in Spain (eg retired or early retired people) they will need what is called a non lucrative visa. As well as several other requirements including private health insurance with no co-payments or exclusions, they will need to show that they have an annual income of at least €26k per year for a single person, so your 15k per year would seem to falll some way short of that.

See pages 4-6 of this link for information in English about the non lucrative visa conditions from the Spanish Consulate in London.

http://www.exteriores.gob.es/Consula...ES%20ES-EN.pdf

Re: Where to retire to?
 

Agree with other comment and everyone who enjoys their part of Spain can recommend it. We have a 2nd home in Selva Catalunya touching the Costa Brava and aren't retired. Being in the Rep of Ireland we also aren't affected by Brexit and as Lynn R mentioned this is something else to consider. 10 years is a long time and a lot can change, so I wouldn't rush into buying straight away. Prices in typical British areas can only drop and add Covid to that. Then again will the pound renain this strong, I don't know.

Re: Where to retire to?
 

Hola

You are thinking ahead too far; what is good today could be a nightmare in a couple of years time ( and Vica Versa) - Enjoy holidaying in Spain if that is your bag but I would not advise buying until you are nearly ready to move in permanently

Davexf

Re: Where to retire to?
 

Why buy when you can rent ? At lkeast until you are sure that you want tpo live long-term. The desire to OWN property is a peculiar Anglo obsession !

Re: Where to retire to?
 

Hi, is "I" just you? or will family be coming, too? This makes a difference as far as your well-being is concerned.
How is your Spanish? If you intend to retire there forever more, you've got several years to learn/improve it. Even if you move to an area with a big expat community, do you want your new-found neighbours to know all your private business when you go to the various Authorities, the bank, a medical consultation, etc...?
And as you'll be of a certain age, you should consider beforehand what you'll do when you can no longer live at home and/or do for yourself.
As suggested, why not rent until you're really sure that your retirement in Spain is for you? If you purchase property straight away, you must consider the inheritance implications for your next-of-kin.
I'm not being a prophet of doom, just a Senior observing that the older you get, the more you need help of some sort - those who were born in the adopted country have family to look after them, expats haven't....
HTH

Re: Where to retire to?
 

Just me.
I’m 48 at the moment, and want to retire at 60, but will go earlier if I can afford it. How much could I get by on per year?
Just started learning Spanish.

Re: Where to retire to?
 

Some one on the Spain forum will be able to advise better than me (I live in France, but a lot of advice is universal). £15k per year would put you on level with the "precarity" threshold in France, which wouldn't make for a comfortable life after you've paid all the essentials - utilities, internet, insurances, healthcare costs (if you aren't in the Spanish System), car costs if you've got one, otherwise transport costs, etc... and food, unexpected repairs, new clothes, etc... Not much left for making friends and a social life, travelling, ... "Natives" living on this income usually have family to help out financially...
But you've got time to think about all this, and get a good level of Spanish before the time comes!;)

Re: Where to retire to?
 

From now on, it doesn't really matter whether an individual can or can't "get by" on an income of 15k per year. The requirements to obtain a non lucrative visa (without which a non working third country national cannot legally live in Spain) include a minimum income of €26k per year (and that was a 2020 figure, it will increase each year with increases to the IPREM figure).

With regard to healthcare, the OP would need to have private health insurance with no co-payments or exclusions for at least the first year of residence. Currently, after one year of legal residence (ie with a visa now that the UK has left the EU), he could pay into the Spanish public health system by way of the Convenio Especial. That currently costs €60 per month for someone aged under 65 but rises to €157 per month for someone aged 65 or over, but does not include the cost of any medications for which he would need to pay the full price (not subsidised). As he would be moving to Spain after 1st January 2021 the UK Government would no longer issue him with an S1 form to cover the cost of Spanish public healthcare once he starts to receive a UK state pension.

Re: Where to retire to?
 

Planning ahead is one thing, 10 years in advance is something else, Nostradamus!
But Hey! it's your life so what ever fills your time and keeps you happy.
But why set such tight limits? I love Spain but on a tight budget there are much better options to consider, if you want to stay in Europe I would look to the East for cheap options with the same climate as Spain.

Re: Where to retire to?
 

Relocating to an EU state is much, much more difficult and complicated for UK nationals now thanks to the loss of freedom of movement and many people will no longer qualify.

The minimum income requirement for third country nationals is considerably lower in Portugal so it's worth considering.

Re: Where to retire to?
 

The problem is that on a tight budget (buying property like the OP) there aren't that many places for those who wanted a Costa Blanca sort of living with direct beach access, a long promenade, good healthcare and warmer/dry winters, or let's say Britain in the sun like it often is. Be it Greece, Croatia, very expensive near the more developed parts. Then Montenegro, Albania, Bulgaria or maybe even Moldova can offer something but the bigger downside is the climate for those who expected Costa Blanca and still the visa situation. Winters can be a lot colder in some of the mentioned countries and if it's warmer you can even get 300+% more rain with less sunshine during winter if you compare a place like Vlöre with Alicante.

Re: Where to retire to?
 

I don't know if Hungary intends to introduce a minimum income (Duztee, do you know?) but as things stood last year 15K p.a would do you well in Hungary. You won't quite get the climate you would prefer but, outside of Budapest city, 80K at present rates could also work well.

Somewhere outside the city centre, on or near the river, might be good?
https://cimg3.ibsrv.net/gimg/british...5e422d489b.jpg

Re: Where to retire to?
 

Houses are cheap, cost of living is low, very little rain and the climate is much better in Mogadishu <LOL>

Re: Where to retire to?
 

Beach looks nice;). On other news: Montenegro offers Citizenship and they hope to join the EU after 2025 but not cheap either.

INVESTMENT CONDITIONS

• Invest EUR 250,000 in some of the development projects previously approved by the Government in an undeveloped areas of Montenegro (North), or
• Invest EUR 450,000 in some of the development projects previously approved by the Government in the developed area of Montenegro (South).

Government fee: Additional Donation of EUR 100,000 in the form of Government fee is needed.

Application fee: The applicant must deposit 15,000 euros for an application for themselves, 10,000 euros for up to 4 family members, and 50,000 euros for each next family member,



Total investment requires a minimum investment of EUR 350,000 or more.

Re: Where to retire to?
 

Bulgaria was popular for a while. i liked the country and was there 1991-2011. I left for personal reasons. At the moment £10,000 a year is more than enough for a reasonable lifestyle in rural or small-town Bulgaria.

Re: Where to retire to?
 

Generally inland rural properties are considerably cheaper than coastal properties , it depends on what lifestyle you want , a lot can happen in 10 years as Brexit has shown , too early to make any financial decisions yet, if youve got £80k in the bank now buy a flat and rent it and sell a year or so before you are ready to go to Spain , then rent in Spain for the first year until you get a feel for an area and then decide if you still want to buy.

Personally I wouldnt buy in Spain now as there too many uncertainties , get a buy to let in the UK and rent in Spain , you will be hugely more financially secure.

Re: Where to retire to?
 

That look like a very risky deal , maybe suitable to Russians and the likes but any Brit would definitely be safer leaving their money in the UK and renting.

Re: Where to retire to?
 

Well I suppose the risk would be the same as those who apply for the Golden Visa in Spain and Portugal. You never have a guarantee that the property you buy is a non risk property but it's an official way to gain citizenship. It's just in relation to duztee's post but personally there aren't really many places in the East that can offer what Spain has apart from maybe Croatia/Montenegro and you still need the money. Doesn't look cheap either and yes market is more Russian https://portomontenegro.com/

Those with a small budget will just have to accept and wait, or just go on holidays and rent.

Re: Where to retire to?
 

Back to the OP, you could spend the next 10 years holidaying in Spain and explore various areas bit by bit. Presumably you could already knock out some areas e.g. property in Madrid and Barcelona is expensive, the cost of living in the north is more than in the south.

You can check house prices with idealista.com, then spend a week travelling in an area that looks in-budget and see what you think.

Re: Where to retire to?
 

I am amazed at the amount of advice given on fora such as this as to where somebody should retire to. You can find your dream home and much cheaper than you originally thought and everything appears rosy and you buy it. But, next door is a person who feeds about 20 cats daily and you hate cats and your wife hates them more. But, you have purchased property next door to somebody who couldn't give a whit about you.

Now for my suggestion:- You want to retire to Spain. Rent property in any area you think will suit you. Draw up a SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) of that area. Confine your search when you have decided on an area to one within that area and do another SWOT analysis. Move to that area for no less than 6 weeks in the off season and rent there. Not only will you find that the area is for you, you'll know if Spain is for you.

Looking up websites is helpful; taking advice from fora such as this can be helpful, but you can't beat feet on the ground. Anybody who tells you differently ain't your friend.

Re: Where to retire to?
 

What seems ideal today might not be tomorrow when the neighbours from hell move in.