Visas and Residency
Before Brexit, Brits could visit, live and work anywhere inside the EU. Moving to Spain was relatively easy, as there were no visa restrictions or limitations on maximum stay.
If you want to retire in Spain after Brexit, the rules for Brits are now similar to those in place for non-European citizens. UK passport holders can stay in Spain for a maximum of three months during any six month period. If you want to stay longer, you will need to register as a resident.
As a pensioner in Spain, you will be considered ‘economically inactive’. You have the option to apply for two different types of visa; the Spanish non-profit residence visa and the Spanish golden visa.
The non-profit residence visa will cost around £3,500 per couple to obtain, factoring in costs such as the visa fee (currently £516 for British citizens, if you’re not a British citizen, check what your fee will be here), tax and solicitor/gestor fees, medical checks, criminal records checks, legal stamps and translation of official documents.
This visa is likely to be a good option for most retirees, as long as you can provide evidence of your income. The lead member of the family must have a monthly income of at least €2,130.04, whilst each additional family member must have a monthly income of at least €532.51 (figures correct at time of writing). You will also need to prove that you do not have any criminal records.
If your application is successful, the non-profit residence visa is valid for one year, after which you can renew it in blocks of two years. After living in Spain for five years, you can apply for permanent residency.
The Spanish Golden visa costs in the region of €6000 per application. The Golden visa allows Brits to enjoy flexible residency rights in a range of EU countries, as long as they make a significant investment in the local economy. If you plan to retire in Spain after Brexit, investment is possible in a number of ways – from purchasing property worth at least €500,000 or buying €1m worth of shares in a Spanish company to investing €2m in Spanish public debt.
The Spanish Golden visa carries similar requirements to the non-lucrative visa, but the amount you need to prove sufficient incoming funds, is reduced to the same amount requested of any EU citizen – 400% Iprem and 100% Iprem per family member.
If you are retiring to Spain from UK 2021, your application for the Spanish Golden visa will cover your spouse, as well as your financial dependents. The Golden visa will initially be granted for a period of two years, after which it can be renewed for five-year periods. Once you have lived in Spain for five years, you will be eligible to apply for permanent residency.
Be the first to comment!