Retire Early Lifestyle
Retirement; like your parents, but way cooler

In 1991 Billy and Akaisha Kaderli retired at the age of 38. Now, into their 4th decade of this financially independent lifestyle, they invite you to take advantage of their wisdom and experience.

Retirement in Spain

David Gutiérrez Maroto

Spain is one of the best retirement destinations in Europe. Besides having multiple options for people seeking retirement destinations, the country fits residential and adventure preferences for most individuals. It also has warm weather, world-class infrastructure, rich European culture and a secure banking system, all at an affordable price.

With a population of over 46 million, Spain is the largest country in Southern Europe. However, it has a lower population density than most countries in Western Europe. A considerable percentage of the residents use Spanish, but you can get by with only English just fine.

Generally, being a climatically varied country, Spain has just what retiring individuals are looking for in a retirement destination. In this article, we'll discuss some of the brilliant things Spain offers for retiring individuals and what is required of them.

Retirement in Spain

Requirements for Retiring in Spain

Who Can Stay in Spain: Visas and Residential Permits

Spain has been a member of the European Union since 1985 and is in the Schengen area. EU citizens from the European countries within the Schengen area can easily retire in Spain. However, for non-EU citizens, an application for visas is necessary. There are two types of visas that non-EU citizens can use when visiting with thoughts of living in Spain permanently. These types include;

●         Long-stay visa - A long-stay visa allows you to work, retire, study or live in Spain. Generally, it is a permit for temporary residence in the country that is unspecified and renewable annually. However, for your long-stay visa renewal to be approved, you must spend a minimum of six months in the country in a year.

●         Spain retirement visa - This type of visa is common for most foreigners looking to retire in Spain. It is easier to acquire than a long-stay visa and allows you to buy property in Spain and become a resident. However, residency under the visa doesn't give you the right to work. It is commonly known as a Schengen short-stay visa and is valid for only 90 days.

Requirement for Obtaining a Residence Visa in Spain

First, you must prove that you can support yourself in the country without working. Generally, it would be best if you showed that you could access a minimum monthly income of €2,130 and, for every dependent, indicate that you can get an additional amount of €532.51. Other than the above, requirements for each visa type vary.

There are other general requirements and documents you should have - your local consulate specifies this. Some of the critical documents may include;

●         Passport - It should be valid for a minimum of one year.

●         Certificate of good conduct/police record - This document shows that you have not committed any crime in the past.

●         Proof of financial stability - To get a visa you'll need to prove that you can support yourself financially while in the country. It could be your bank statements or a scholarship, depending on the visa type you want.

●         Medical insurance - This insurance cover should be provided by a Spanish company verified by the healthcare system.

●         Medical certificate - This is issued by a doctor, confirming that you are free of drug addictions, mental illness or a contagious disease.

Apart from the two visa types, one more common way of acquiring residence permits in Spain is through the Spain Golden Visa.

The Golden Visa

The golden visa, also known as the Spain investor visa, allows foreigners to make significant investments in real estate or create employment opportunities. Foreigners visiting under this visa type are granted permanent residency after five years in Spain and citizenship granted after ten years. Some of the benefits of having a golden visa include the following; 

●         It leads to citizenship - If you spend ten years in the country through the golden visa, you'll become a citizen, which is permanent residency in Spain.

●         High flexibility - With a golden visa, you can travel through the Schengen zone visa-free.

●         Your family is included - Members of your family, like spouses and children under 18 and children over 18 who are fully dependent on you, are covered by the visa while in the country.

●         There is no minimum stay requirement - If you have a golden visa, you are only required to stay for at least one day a year in the country to maintain your visa.

However, when considering retirement in Spain, the non-lucrative visa or d7 visa in Spain is a better option. This visa type is suitable for retirees looking to settle in Spain and are depending on income acquired in the past. Luckily, foreigners can register to get pensions in Spain if they've lived there for at least ten of the last fifteen years.

Qualifications for Getting the Golden Visa Spain

For you to qualify for a golden visa in Spain, you should make the following investments:

●         Make a capital transfer of €1 million to Spain.

●         Make an investment of €500,000 to the Spanish real estate. The country benefits from the capital gains tax when the property is sold.

●         Invest €1 million in business development.

Incredible Things that Have Made Spain a Perfect Retirement Destination for Americans

Warm and relaxing Climatic Conditions in Spain

Spain is one of the most climatically diverse countries in Europe. The climate allows residents to enjoy the summer feeling throughout the year. The country's general climatic condition gives over 300 sunny days a year, including winter; this makes your retirement in Spain a whole year-round vacation. The climate also brings out absolute beauty in the natural environment.

The residential areas in the country are arranged to sustain the natural environment. Additionally, Spanish wildlife thrives due to extreme conservation measures set by relevant authorities.

Relatively Inexpensive Cost of Living in Spain

Typically, the cost of living varies depending on the location and lifestyle. Spain has the second lowest cost of living in Europe. The country owes the low cost of living to locally produced agricultural products made possible by the warm climate. So, if you'd like to adopt a vegetarian diet routine, retirement in Spain should be at the top of your list.

Other expenses, such as water and gas, range from €70 to €200 a month, depending on your level of usage. Public transportation is cheap and efficient, so owning a car is unnecessary. Additionally, there are a lot of affordable transport plans for Spanish residents that you can also enjoy as a foreigner.

Quality Health Care System

Spain has one of the best healthcare systems in the world since it has both public and private health insurance systems. Spanish citizens contributing to the social security system can access public healthcare services, which is only free basic healthcare.

However, for individuals retiring in Spain, the type of visa you are using determines the healthcare type you'll be able to access. You will have to get private health insurance if you're considering retirement in Spain under a residence visa since you cannot access public healthcare.

Quality Transport Infrastructure

Spain has an elaborate transport system connecting every corner of the country and neighboring countries. You can travel across borders using flights or a high-speed railway system. Spain also offers residents and tourists a 'gold card' with significant weekly train travel discounts.

Apart from the railway system, Spain has many bus companies providing transportation services across the country at reasonable prices.

Infrastructure Quality in Spain

The quality of infrastructure in Spain is remarkable - roads are paved and maintained, and the bridges are well-built in a modernized style. If you're considering retirement in Spain, a conducive environment is guaranteed. Also, tap water is drinkable all over Spain with different flavors depending on your location. There are also many supermarkets and shopping malls all over Spain. 

Retire Early Lifestyle appeals to a different kind of person – the person who prizes their independence, values their time, and who doesn’t want to mindlessly follow the crowd.

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