Income

Are you talking of a non EU citizen (eg from UK) moving to Spain on a permanent basis and taking up residency?

Lots of threads on here about this but, if from a 3rd country, you need to show an income equal to 4 times the IPREM (the sum they base benefits and allowances on) which is currently 600 euro so 2400 euro a month equating to €28,800 per year for the first applicant. Anyone else moving with you, such as wife/partner and children, you are required to show an income of just the IPREM or €7,200 per year.

That gives a sum for a couple of €36,000 per year which you can show with income or savings if the savings will last for the time. You also need to show access to medical insurance, either privately or state provided if receiving a state pension. 

Once you can show these, you apply for a non lucrative visa to be able to move to Spain and apply for residency. They will grant you temporary residency for 5 years during which you must show you still have access to that income and health insurance. Once that 5 years is up you are granted permanent residency and no longer have to show the income levels.

€36,000 per year for a couple is about £31,000 a year but that will change due to exchange rates. The IPREM usually changes each year but has stayed the same level for the last 2 years.

That's great advice, thank you so much. We will be moving permanently. I will be state pension age but my wife is younger. It all sounds very daunting with the documentation and rules etc.  My two pensions will come to less than that total but I will have savings so not sure how it gets calculated. 

Thank you.

If you are drawing a pension, you can claim an S1 form from UK which transfers your health care to Spain for free. You wife can become your health beneficiary and also receive free health care based on yours until she starts getting her pension.

As a rule of thumb, add up all your income from pensions, interest and any other for the next 5 years. Then add your savings to that amount. If the total is equal to or more than €36,000 times the 5 years then you will be OK. That's just a quick way of assessing it. 180,000 euro in total so, a state pension of about 12000 euro, a private pension the same at 12000 euro a year giving 24000 x 5 or 120,000 euro over those years. You would then need savings of 60,000 euro to make it up to the 180,000 over 5 years.

Not an exact science but will give you some idea of what you need.

Are you sure you’re correct Marcliff? You need to show €36,000 / year for a couple which could just be savings. When you go to renew in year 2 they look for double so €72,000 to cover years 2&3. Then after year 3 you still need to show €72,000 to cover year 4&5. After you have shown the €72,000 to cover year 4&5 you can start spending the savings as you are no longer ask to show it again. So in theory if the OP put say €80,000 in a bank account and didn’t touch it until after showing it to cover year 4&5 then that’s all they would need. They could live of their pension’s if the income amount was enough to cover there living costs. I know these amounts aren’t exact and it not quite as straightforward as that but it’s nearer to what could be required? Maybe I am wrong. 

I did say it was just a way of showing it. I'm sure there are other ways but that was just a starter to get them on the way. 

And you don't have to show an annual income of 72,000 at the end of year one, just that your income will be 36,000 for each of the years whichever way you get it or 72000 for the whole two years.

Brilliant, that is so helpful from you and everyone.👌👌