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Can’t stand the idea of spending your retired years locked up indoors? The UK’s weather often leaves us with no choice but to spend our days watching TV or cleaning our homes for the hundredth time, with no desire to step foot outside. If you’re sheltering from yet another downpour or despairing over the cost of your latest heating bill, we can hardly blame you for dreaming about retiring to Spain.
The good news is that retirement in Spain is no longer just a pipe dream for many Brits, with thousands of people choosing to retire in Spain every year. In fact, the Brits are the number one most common nationality of expats living in Spain—a clear example of just how many people have already swapped the grey UK for Spain’s sunnier climes.
As long as you plan smart and get yourself the right visa, you’re guaranteed to enjoy a better lifestyle and more value from your money when you retire in Spain.
Here are five big reasons why so many Brits are choosing Spain as their retirement destination of choice.
1. The Cost of Living is Lower
One of the biggest perks of retirement in Spain is the money you’ll save on your everyday living expenses.
The cost of living in Spain is estimated to be 31.9% lower than in the UK (of course, this depends on exactly where you’re moving from and to). Everything from your weekly food shop to the rent and taxes you’ll pay on your property are generally more affordable, so when you’re retiring in Spain, your pension income will take you further, especially if you’re on a fixed income.
2. Spain Offers Straightforward Residency Options
Spain residency might not be as simple as it once was, but don’t panic: it’s still very possible after Brexit.
If you’re a British retiree, you’ll probably want to apply for the Non-Lucrative Visa, which will require you to show proof of income or savings but not employment. If you’re planning to stay in Spain for more than five years, you might then want to apply for permanent residency in Spain, and eventually for Spanish citizenship.
You can also apply for a residence permit Spain before you move, which will give you legal residency from day one (so you won’t have to get your other visas sorted within 90 days).
3. You Can Still Use Your UK Pension
If you’ve paid into a UK pension and don’t like the idea of moving things over once you’re abroad, you’ll be happy to know that you can receive your State Pension in Spain.
In this case, your pension will still be paid in pounds and adjusted with the annual increase, just like it would be if you were receiving it in the UK.
Just keep in mind that you’ll usually be taxed in Spain once you’re officially classed as a resident in Spain, but, thanks to the double taxation treaty, you won’t have to pay tax twice. We recommend using a financial advisor to structure your pension income as efficiently as possible.
4. British Expats Already Live There
Making the move to a foreign country can seem scary, even to somewhere like Spain, which is very much catered to UK tourists. But there’s no reason to be concerned about finding a likeminded community in Spain, since many regions are already packed with British retirees just like you.
You’ll especially find thriving UK expat communities in spots near the sea, inluding Alicante, Málaga, and the Balearics. Retirement in Spain doesn’t have to mean giving up your British comforts, either, as many supermarkets stock UK brands.
Plus, because of high population of Brits in Spain, you’ll find it easy to get an English-speaking doctor when you need one, there are plenty of social clubs and local networks specifically for British expats already in place. So, if you’re wondering, can I retire to Spain from the UK? —be reassured that you’re far from alone.
5. There’s a Path to Citizenship if You Want It
Don’t like the idea of having to give up your Spanish lifestyle to move back to the UK? You’ll be pleased to hear that after ten years of legally living in Spain, you’ll be able to apply for Spanish citizenship.
This basically means that you’ll become an official Spanish resident, with the right to a Spanish passport and the freedom to live and work across the EU (something that has been taken away from us in the UK thanks to Brexit). You will need to show evidence that you’ve integrated into the culture, such as by demonstrating basic Spanish skills, but the process is pretty straightforward.
If you’re wondering how to apply for a Spanish passport, you’ll want to start by meeting the residency requirement.
Final Thoughts
With so many reasons to move to Spain, you’re probably now wondering: Can I live in Spain with a British passport? The answer is yes! Once you meet the Spanish residency requirements, you’re all set to retire in Spain and even become a permanent resident if you want.
The process of retirement in Spain might seem complex at first, and it can be a lot to get your head around. If you want to learn more about how to retire in Spain from UK, it’s a good idea to reach out to a relocation expert who can offer advice tailored to your situation.