Spanish immigration rules currently provide for people from countries outside of the EU to apply for permission to reside in Spain for one of a number of reasons. Notwithstanding that Brexit is now done and dusted, UK nationals continue to be able to to spend short or extended periods in Spain provided they comply with the rules.
Many Brits buy property in Spain with the intention to move to Spain, or to retire to Spain.
In this article, we’ll show you what is necessary in order to continue, or to begin living in Spain, now that the UK is no longer part of the EU.
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Moving permanently to Spain now that the UK has exited the EU
According to Spanish government figures, in 2024 approximately 275,000 UK nationals were residing lawfully in Spain. However, there are other reliable sources that suggest that up to 800,000 UK nationals may live in Spain. Whatever the number, it is plain that a lot of Brits have decided to make Spain their home. If you are one of them and you have been living in Spain lawfully for at least five years continuously, you will be able to apply for indefinite permission to reside there, in Spanish “permiso de residencia de larga duración”. That will mean that you will be able to remain in Spain indefinitely provided you renew your residency card as is required according to the rules currently in force.
Moving to Spain after Brexit - Working
If you are an employee, then the company employing you is likely to take care of your application to remain in Spain, so we shall not deal with that situation in this article.
If, however, you want to begin living in Spain as a national of a non EU member state, you will need to apply either for (a) “permiso de residencia no lucrativa”, meaning permission to reside in Spain without the right to work there, whether by working for oneself, or for someone else, or (b) permission to reside in Spain as a self-employed person, whether in your own name as a freelancer/sole trader, or as an owner and manager of a company, whereby you will be working for yourself.
Moving to Spain after Brexit - Retiring
In addition to the requirements for indefinite permission to reside, those applying for a right to live in Spain without permission to work, need to show that they do not suffer from any illness that may be a serious public risk, such as smallpox, or Severe Acute Respiratory Syndrome (SARS), as well as others.
It will be necessary to show that the lead applicant has a bank balance of four times the IPREM (Indicador Público de Renta de Efectos Múltiples) for a period of 12 months, which at the beginning of 2025 was set at €600, and a further amount equaling the IPREM for each dependant for a period of 12 months. Hence, the principal applicant will need to show a bank balance of at least €28,800 and a further €7,200 for each dependant.
Bear in mind that this level of income will only be necessary until you have resided in Spain for five years lawfully, at which time the bar is set far lower for an application for indefinite permission to reside.
Moving to Spain as a self employed person
If, on the other hand, you intend to work for yourself in Spain, then as well as complying with the same requirements for permission to reside as are applicable to someone without permission to work, you will need to demonstrate that you are able to comply with the current Spanish rules in relation to the commercial activity in question, including (i) evidence of any qualifications that qualify you to carry out that activity, (ii) that you have sufficient funds to invest in the activity to make it viable, and (iii) an indication of the number of people you may employ, if any.
You will also need to show that in addition to the funds that you have available to invest in your business activity, you have sufficient funds to support yourself, which will be the same as those required for people applying for permission to reside, as set out above.
Proof that your business proposition is viable
If you are applying for permission to work for yourself in Spain, then in addition to supplying evidence of your ability to fund yourself and your business, as well as showing that you have adequate qualifications to carry out the work, you will need to present what is essentially a business plan showing how you will develop your economic activity from a practical and financial perspective, in addition to the employment that you expect your activity to create.
In essence, your business needs to make sense to you and to the Spanish authorities in order for you to be granted permission to work for yourself in Spain.
The procedure to be followed
When you make your application for a visa to work for yourself in Spain, you will need to show that you have:
- sufficient health insurance,
- that you do not have a criminal record, and
- that you are not suffering from a serious illness.
If all is in order then you will be issued with a visa within a month and will be able to enter Spain within three months. All non-EU nationals residing in Spain will need to apply for a residence card from the immigration office closest to wherever they are living in Spain. If you have permission to work and do not register with the social security office within three months of your arrival, you may be fined and your right to remain may lapse.
It is certainly true that Spain is not as encouraging of new business as is the UK. It may seem strange to you that you need to make monthly social security payments of approximately €300 (or more if you wish) before you have issued your first invoice, unless you can benefit from an exception that allows smaller social security payments to be made during the first 18 months of your new business activity. It is worthy of note that even Spanish nationals and nationals of other EU member states have to make these social security payments.
Moving to Spain - where to apply
As to how and where to apply for your visa for permission to reside, whether with permission to work for a third party, or as a self-employed person, this will be at the Spanish Consular office located closest to the place in which you have permission to live outside of Spain, which may not necessarily be your country of nationality.
You can think of the consular staff as the gateway to your application. They decide whether all of the documentation you have provided is appropriate and in good order, and ensure that all of the necessary documents have been presented. The consular staff do not take decisions about the substance of your application, but merely its form, although the Spanish law relating to immigration specifies that the view of the Consulate General in the country of the applicant will be taken into consideration. The result is that the Spanish Consular office can impose conditions that may not appear in any published Spanish law.
Moving to Spain - collecting your visa, or applying for it…
Once either the Spanish government office, or the government office of the relevant autonomous community that receives your documentation from the Spanish Consulate, decides to allow you permission to reside, the consular staff will either ask you to attend at the Consulate to collect your visa (within a month if you are applying for a right to reside without permission to work), or will ask you to submit within a month your application for a visa if you are applying for a right to work for yourself in Spain (again, within a month).
How long the permission lasts for; renewing it
Those applying for permission to reside, whether without permission to work, or to work for themselves, will obtain permission to reside for one year, extendable twice for a further two years on each occasion, by which time they will be able to apply for indefinite permission to reside. Whenever your visa is extended, until you are granted permission to reside indefinitely, you will need to show that you continue to comply with the rules with which you complied when your initial visa was granted, particularly in terms of available funds.
Understanding your visa options
It is important to note that the Investor/Golden Visa is no longer available from April 2025.
The Spanish Investor/Golden Visa program allowed people who had purchased property in their own name with an unencumbered value of at least €500,000 to apply for permission to reside, without any requirement to remain in the country. As of April 2025 it will no longer be possible to make a successful application for a residence visa based on property ownership, although it is still possible to do so either by depositing sufficient funds in a Spanish bank account, or by buying sufficient Spanish government bonds.
Digital Nomad Visa
Spain’s Digital Nomad Visa offers an exciting opportunity for non-EU citizens, including British nationals, who work remotely, to live and work legally in Spain. Introduced as part of the Startup Act, this visa aims to attract entrepreneurial talent and remote professionals while providing a legal pathway for residency.
Key Eligibility Requirements
To qualify for the Digital Nomad Visa, applicants must meet the following criteria:
- Proof of Remote Work:
- Applicants need to demonstrate their status as remote workers or freelancers. This could involve providing a contract with a non-Spanish company or proof of working relationships with foreign clients (at least 80% of income must originate outside of Spain).
- A history of at least three months in their current role, plus evidence that their employer is established for at least a year, is required.
- Income Threshold:
- Applicants must earn 200% of Spain’s minimum wage, which equates to roughly €2,400 per month or €28,800 annually. Family members joining you require an additional 75% of the base salary for the first dependent and 25% for each additional.
- Health Insurance:
- A private health insurance policy valid throughout Spain is mandatory. This ensures access to healthcare services and helps meet Spanish residency criteria.
- Clean Criminal Record:
- Applicants must provide a certificate confirming no criminal convictions in the last five years, translated into Spanish and apostilled for legal recognition.
- Educational or Professional Proof:
- Either a university degree from a recognised institution or proof of at least three years of experience in your field is required.
- Residency Background:
- Applicants must not have held Spanish residency in the five years prior to application in order to make a successful application under this head.
The Digital Nomad Visa is an attractive option for remote workers seeking to live and work in Spain. It allows you to include dependants, such as your spouse and children, making it an appealing choice for families wishing to relocate together. Additionally, the visa grants unrestricted travel throughout the Schengen Area, giving holders the freedom to explore 27 European countries.
The visa offers a clear pathway to Spanish residency. Initially valid for one year, it can be renewed for up to five years. After five years of legal residency, you may apply for permanent residency, and with ten years of continuous residence, you could qualify for Spanish citizenship.
For those concerned about taxation, the Digital Nomad Visa provides significant advantages. Under what is commonly referred to as the Beckham Law, holders can benefit from a reduced tax rate of 24% on annual income of up to €600,000 during their first five years in Spain. Double taxation agreements also ensure that you won’t pay tax twice on your earnings from abroad.
Beyond practical benefits, the visa provides the opportunity to experience Spain’s rich and vibrant culture. Remote professionals can enjoy life in historic cities like Barcelona and Seville, savour Spain’s renowned culinary offerings, and take advantage of its affordable living costs. It’s an ideal option for British nationals seeking a Mediterranean lifestyle, while maintaining their professional independence.
Step-by-Step Application Process
Here’s how to apply for the Digital Nomad Visa:
- Prepare Your Documents:
- Gather essential documents, including:
- Passport with at least one year of validity.
- Proof of income (bank statements, payslips, or contracts).
- Proof of remote work (employment contracts or letters from the employer).
- Health insurance coverage - proof.
- Criminal record certificate, translated and apostilled.
- Completed national visa application form and passport-sized photos.
- Gather essential documents, including:
- Book an Appointment:
- Schedule an appointment at the nearest Spanish Consulate. Consulates may vary in their translation requirements, so ensure compliance with their instructions.
- Attend the Appointment:
- Submit your application and provide your biometric data (photos and fingerprints). During this stage, ensure your documentation is complete to avoid delays.
- Pay the Visa Fee:
- Expect to pay around €80, though this may slightly vary depending on local government policies.
- Visa Processing:
- Processing typically takes from four to 12 weeks. Notifications on approval or additional document requirements are sent via email.
- Post-Arrival Steps:
- Upon approval, applicants have 30 days to apply for a Spanish NIE number (Foreigner’s Identification Number) and register at a town hall in Spain. This enables you to stay legally and access essential services, such as opening a Spanish bank account.
Find out more about the digital nomad visa Spain
Family Reunification Visa
The Family Reunification Visa enables non-EU nationals legally residing in Spain to bring close family members to live with them. This visa is particularly relevant for British nationals who wish to reunite with family members while residing in Spain, now that the UK is no longer in the EU.
Key Eligibility Requirements
To apply for the Family Reunification Visa, the applicant (the person who wants to reunify the family members with him or her) must meet these conditions:
- Spanish Residency:
- The applicant must hold a Spanish residency permit (such as a TIE - Spanish foreigner identity card) that has been renewed at least once, meaning they have legally lived in Spain for at least 12 months.
- Eligible Family Members:
- Spouse or Civil Partner (including same-sex unions) with valid marriage or partnership registration.
- Children under 18 years old (or older if they are disabled and reliant on the applicant).
- Parents or Parents-in-Law, provided they are over 65 and financially dependent on the applicant. Exceptions may apply for younger parents with specific care needs.
- Housing and Financial Proof:
- Applicants must demonstrate adequate housing to accommodate their family, verified by a housing report issued by the local town hall.
- Evidence of sufficient income must be demonstrated to show that the principal applicant can support him or herself and any family members. This typically equals 150% of the IPREM (Indicador Público de Rentas de Efectos Múltiples), a Spanish income index, increasing by 50% for each additional relative
- Additional Requirements for Applicants:
- No criminal record.
- Health insurance compliant with the Spanish healthcare system.
- A medical certificate (for family members) confirming there are no public health risks.
Application Process
- Document Preparation:
- Collect essential documents including:
- Residence Card or TIE of the sponsor residing in Spain.
- Valid passports of all applicants.
- Birth, marriage, or partnership certificates to prove familial relationships.
- Housing report, payslips, or bank statements to confirm sufficient financial support.
- Collect essential documents including:
- Submitting the Application in Spain:
- The resident sponsor must start the visa application process by submitting the documents to the Spanish Immigration Office. This can be done online, in person, or through an authorized representative.
- Consulate Visa Application:
- Once the Immigration Office issues a favorable decision, the family member must apply for a visa at the nearest Spanish consulate in their home country. An appointment must be booked for document submission.
- Visa Approval and Collection:
- Visa processing can take up to two months. Once the visa is granted, it must be collected within one month and used to enter Spain within three months.
- Post-Arrival Requirement:
- After arriving in Spain, family members must apply for their residency card (TIE) at a local Immigration Office or police station.
Student Visa
The Student Visa allows non-European citizens, including British nationals, to reside in Spain for the duration of academic programs or studies. This visa offers British students a structured route to legally live in Spain while pursuing education and gaining access to additional opportunities, such as part-time work.
Key Eligibility Requirements
To obtain a Student Visa, applicants must meet several criteria:
- Proof of Enrollment:
- A letter of acceptance or confirmation from a recognized Spanish educational institution is required. This could be for language courses, university degrees, internships, or research programs.
- Financial Requirements:
- Demonstrate adequate funds to cover living costs, calculated as 100% of the Spanish IPREM (Indicador Público de Renta de Efectos Múltiples). For 2024, this equals €7,200 per year, plus an additional amount for dependents, if applicable.
- Health Insurance:
- Obtain private health insurance that meets Spain's healthcare system standards. International students must ensure it includes comprehensive coverage valid for their entire stay.
- Clean Criminal Record:
- For applicants aged 18 and above, a police certificate of no criminal record from the UK or other countries of residence in the past five years is necessary.
- Medical Certificate:
- A document confirming the absence of illnesses posing a public health risk, as defined in international health regulations.
- Duration of the Program:
- The course or program must exceed 90 days to be eligible for the visa.
Application Process
The Student Visa application comprises several steps that must be followed meticulously:
- Prepare Your Documents:
- Include:
- A completed visa application form (EX-00).
- Valid passport (with at least six months beyond the intended stay and blank pages for the visa).
- Proof of enrollment from the educational institution.
- Evidence of financial means (bank statements showing the required amount or proof of scholarship, if applicable).
- Health insurance policy.
- A medical certificate and criminal record certificate, both translated into Spanish and apostilled.
- Include:
- Schedule an Appointment at a Spanish Consulate:
- Applications must be submitted in person at the nearest Spanish consulate (such as in London for UK citizens). Appointments should be booked well in advance, especially during peak periods.
- Submit the Application:
- Bring all required documents and pay the visa fee (approximately €70-€80, subject to slight variation based on the consulate location).
- Wait for Approval:
- The processing time ranges from 3 to 10 weeks, depending on the consulate's workload and the completeness of the application.
- Collect Your Visa:
- Once approved, collect the visa within the allocated time frame. The approved visa allows entry into Spain for the duration of your studies.
- Post-Arrival Steps:
- Within 30 days of entering Spain, apply for a TIE (Tarjeta de Identidad de Extranjero), or residency card, at the local immigration office. This permits full legal residency during your time in Spain.
Other Visa Options for UK Nationals
The Non-Lucrative Visa (NLV) is a prime residency option for British nationals who wish to live in Spain without engaging in work-related activities. This visa is particularly beneficial for retirees and those with passive income, providing a feasible pathway for long-term residency in one of Europe’s most desirable countries.
Eligibility Requirements
To qualify for the Non-Lucrative Visa, applicants must meet stringent criteria to ensure they can sustain themselves financially in Spain without becoming a burden on its welfare system:
- Financial Independence:
- Proof of sufficient passive income, such as pensions, rental income, or savings, is essential.
- Applicants need at least €2,400 per month (400% of IPREM) for a single applicant, or €28,800 annually. An additional €600 per month is required per dependent.
- Health Insurance:
- A private health insurance policy valid in Spain is mandatory. It must cover all equivalent risks to those insured by Spain’s public health system.
- Clear Criminal Record:
- Applicants aged 18 and over must present a police clearance certificate from their home country, showing no criminal convictions over the last five years.
- Good Health:
- A medical certificate verifying the absence of diseases that could pose public health risks is required.
- No Work Allowed:
- The NLV explicitly prohibits any form of employment or professional activity within Spain’s borders, making it suitable for those wishing to retire or live off passive income.
- Residency Requirements:
- The applicant must be prepared to spend at least 183 days annually in Spain, committing to tax residency.
Application Process
To obtain the Non-Lucrative Visa, follow these steps carefully to ensure a smooth and successful application process:
- Document Preparation:
- Compile necessary documents, including:
- Valid passport with at least a one-year validity.
- Completed visa application form (EX-01).
- Proof of income, such as bank statements or pension documents.
- Comprehensive private health insurance details.
- Police clearance certificate and medical certificate, translated into Spanish and apostilled if issued abroad.
- Compile necessary documents, including:
- Schedule a Consulate Appointment:
- Submit your application in person at the nearest Spanish consulate, such as in London for British citizens. Ensure you book your appointment early to avoid delays.
- Submit Your Application:
- Pay the visa processing fee (approximately €80, although costs may vary by consulate). Ensure all documents adhere to Spanish consulate guidelines.
- Application Processing:
- The process typically takes two to three months. Be prepared for potential follow-ups or requests for additional documents.
- Visa Collection:
- If approved, collect the visa within a month of notification. You have three months from visa issuance to enter Spain.
- Post-Arrival Obligations:
- Upon arrival, apply for a TIE (Foreigner Identity Card) and NIE number at your local immigration office to formalize your Spanish residency.
Considerations for British Citizens as no longer citizens of an EU member state
British nationals planning for family reunification will now apply as non-EU citizens. New requirements under the General Immigration Regime highlight the importance of a valid and renewed Spanish residence permit. Additionally, the process involves frequent liaising with Spanish consulates for overseas family members, so conducting thorough research or consulting immigration specialists can help simplify the procedure.
With proper preparation, the Family Reunification Visa provides an excellent opportunity for British expats to connect with loved ones while residing legally in Spain.
Suitability for Retirees and Non-Working Residents
The Non-Lucrative Visa is particularly appealing to retirees drawn to Spain’s mild climate, affordable living, and high-quality healthcare. It is also ideal for financially stable individuals seeking a peaceful lifestyle abroad without work commitments.
Additionally, the visa serves as an excellent alternative for British citizens navigating restrictions post-European Union Withdrawal Act. It allows for legal residency while adhering to Spanish authorities' structured financial and medical requirements, ensuring a seamless transition to life in Spain.
Practical Considerations for British Nationals
British nationals applying for Spanish residency are classified as non-EU citizens, subject to stricter visa processes. Special attention to document translations, consular guidelines, and timing is critical. Assistance from immigration specialists or advice from the British embassy can simplify the visa application process.
By meeting financial and legal requirements, the Non-Lucrative Visa provides a stress-free way for British nationals to start a new chapter in Spain without employment obligations, paving the way toward long-term residence permits and, eventually, Spanish citizenship for those who immerse fully in the country’s legal and cultural framework.
Don't worry, be happy once you have been issued with a visa
Once you are in the system, via whichever lawful route you choose, life will be just as it would be were you to live in Spain as a citizen of an EU member state. The taxes will be the same, your rights will be the same, and your children’s rights will be the same as those who were born with the right to be Spanish and are living in Spain.
Once you have been living in Spain lawfully for at least 10 years and provided you can show you have integrated into Spanish society, including speaking the language and understanding the culture, you will be able to make a successful application to become a Spanish resident. There are huge numbers of Brits who already qualify for Spanish citizenship, but until now have not needed to contemplate making the application.
Moving to Spain from the UK - administrative tasks
Moving to Spain offers a wealth of opportunities, but settling into daily life requires navigating administrative tasks. If you're a British citizen adjusting since the UK exited the EU, here’s an essential guide to help you tackle key processes such as obtaining your NIE number, registering locally, opening a bank account, and setting up utilities.
Getting an NIE Number
The NIE (Número de Identificación de Extranjero) is your unique identification number for foreigners and is crucial for most administrative tasks, including opening a bank account or signing contracts.
How to get Your NIE:
- Prepare Documents:
- Completed NIE application form (EX-15).
- A valid passport and a photocopy.
- Proof of reason for requesting the NIE (e.g., employment offer, property purchase, or visa requirements).
- Book an Appointment:
- Schedule at the local extranjería (immigration office) or police station. You can check availability on the Spain website Alicante or equivalent regional sites.
- Attend the Appointment:
- Bring all required documents. Be prepared to pay a small fee at a local bank and present the receipt at your appointment.
- Collect Your NIE:
- You may receive your NIE immediately or within a few days.
The NIE is mandatory for tax management, signing work contracts, and any legal procedures such as obtaining a Spanish residency permit.
Registering with the Local Council (Padrón)
Enrolling in the Padrón Municipal (municipal register) certifies your residence in Spain. It’s a legal requirement for tasks like accessing healthcare and applying for a long-term residence permit.
Steps to Register:
- Visit the Ayuntamiento (Town Hall):
- Go to your local council office.
- Submit Required Documents:
- Valid passport or Spanish visa.
- Proof of address (e.g., property deed, rental agreement, or utility bill).
- NIE number or application receipt.
- Receive Your Certificate:
- The empadronamiento certificate is issued on the spot or mailed.
Opening a Spanish Bank Account
A Spanish bank account simplifies bill payments, payroll (if you’re employed by a Spanish employer), and daily expenses. Most UK citizens find it straightforward once their NIE is in place.
Steps to Open an Account:
- Choose a Bank:
- Major banks like Santander, BBVA, and CaixaBank have English-speaking staff or specific services for non Spanish nationals.
- Gather Documents:
- NIE number.
- Valid passport.
- Proof of address, such as your Padrón certificate.
- Proof of employment or pension, if applicable (e.g., UK state pension documents).
- Visit the Branch:
- You’ll need to go in person to finalize the setup.
- Activate Online Banking:
- Most banks provide comprehensive digital services.
Having a local bank account is essential for paying utility bills, meeting rental obligations, and eventually managing tax declarations as a tax resident.
Setting Up Utilities and Day-to-Day Living
Spain’s utilities system is efficient but may feel unfamiliar at first. Here’s a breakdown:
- Electricity and Water:
- Contact the relevant providers (most rental agreements include initial services).
- Provide your NIE number, Spanish bank account details, and proof of address.
- Gas:
- Some homes use bottled gas (butano), while others connect to city lines. Confirm with your landlord for guidance.
- Internet and Mobile:
- Providers like Movistar, Vodafone, and Orange offer packages for internet, TV, and phone services. Compare deals and ask about installation times.
Driving License Essentials:
- If you’re a UK driving licence holder, note that post-Brexit rules require you to exchange your licence for a Spanish driving licence within six months of residency.
A note on healthcare requirements
Public Healthcare Access
Public healthcare in Spain is highly regarded and primarily funded through social security contributions. To access public healthcare as a resident:
- Registration on the Padrón (local council census) is required.
- You must be employed, self-employed, or receive state benefits to contribute to the social security system.
- Dependents of a contributor are also entitled to public healthcare coverage.
For non-contributors, public health services may still be accessible but typically require a monthly payment into the Convenio Especial (special agreement) if not covered by other agreements.
Private Health Insurance Options
For those ineligible for free public healthcare, private health insurance is mandatory, especially for visas like the Non-Lucrative Visa or Golden Visa. Private policies must:
- Cover equivalent services to Spain's public healthcare system.
- Provide full medical and hospital coverage, typically without co-payments.
Options range from basic plans for routine care to comprehensive packages that include specialist consultations, diagnostics, and dental care. Major private insurers like Sanitas, AXA, and Mapfre cater to expats.
Specific Provisions for UK Nationals
Now that the UK has left the EU, UK nationals residing in Spain can use an S1 form to access public healthcare if eligible. This document proves that the UK covers their healthcare costs in Spain, especially useful for:
- Retirees receiving a UK state pension.
- UK-funded early retirees or certain dependents.
Steps to use an S1 form:
- Obtain the form from the NHS Overseas Healthcare Team.
- Register it at your local INSS office in Spain.
- Once processed, you’ll receive a Spanish health card (tarjeta sanitaria) for accessing services.
Key Consideration
UK nationals should ensure all documentation, including the S1 form, is prepared and processed promptly to avoid gaps in healthcare access. Comprehensive private insurance is recommended as a backup during this transition.
Tax Residency and Implications
You are considered a tax resident in Spain if you meet one of the following conditions:
- You spend more than 183 days in Spain within a calendar year.
- Your main economic interests or center of activities (like business or investments) are based in Spain.
- Your spouse and dependents reside in Spain, even if you don’t stay for over 183 days personally.
Once you qualify, you are taxed on your worldwide income, meaning any earnings or assets held across EU countries or elsewhere are subject to Spanish tax rules.
Double Tax Treaty Between the UK and Spain
The UK-Spain Double Tax Treaty helps British nationals avoid being taxed twice on the same income. Key details include:
- Income such as pensions, property rental, and dividends are typically taxed only in one country, depending on your tax residency.
- You must declare your global income in Spain but can claim relief for taxes already paid in the UK. This is handled through Spain’s tax system and requires proper documentation of UK tax payments.
Taxation on Global Income and Assets
Spain’s tax system includes progressive rates on income, ranging from 19% to 47%, depending on your earnings. You’ll also need to consider:
- Wealth Tax: Applicable to high-net-worth individuals with significant global assets.
- Modelo 720 Declaration: A mandatory declaration of overseas assets exceeding €50,000, such as bank accounts, properties, or shares. Non-compliance can result in heavy fines.
Advice for UK Nationals
- Work with tax advisors familiar with both the UK system and Spanish laws for optimal financial planning.
- Stay updated on reporting deadlines and necessary forms to avoid mistakes.
- Remember, taxation rules vary for UK citizens not classified as Spanish residents, but who hold property or earn in Spain.
How much money do you need to live in Spain?
Evaluating Living Costs in Spain
When considering a move to Spain, it’s crucial to understand the cost of living, especially since the UK is no longer a member state of the EU. The required budget can vary significantly depending on the region and lifestyle preferences. Major cities like Madrid and Barcelona typically have higher living expenses compared to smaller towns or rural areas.
Housing and Rental Costs
Housing is often the most substantial expense. In Madrid or Barcelona, a one-bedroom apartment in the city center can range from €800 to €6,000 monthly. Smaller cities or suburban areas may offer lower rental prices, averaging €400 to €800. It is advisable to research neighbourhoods and consider proximity to work or amenities to balance cost with convenience.
Everyday Expenses
Grocery shopping in Spain is generally affordable, with discount supermarkets like Mercadona and Lidl offering competitive prices. A monthly grocery bill for one person might average around €300. Dining out is also economical compared to other European countries, with a meal at an average restaurant costing between €15 and €25.
Transportation and Connectivity
Public transport in Spain is efficient and cost-effective. In cities, a monthly travel pass can cost from €22 to €55, depending upon the city, allowing unlimited access to buses, trains, and metro systems. Owning a car adds expenses for fuel, insurance, and maintenance, so weigh this against public transport options.
Healthcare and Insurance
For those not eligible for public healthcare, private insurance plans can range from €50 to €200 monthly, depending on coverage and age. It’s important to budget for these potential healthcare costs and choose a plan that suits your needs.
Miscellaneous Costs
Consider other expenses such as utilities, leisure activities, and personal care when calculating living costs. Utilities like electricity, water, and internet might account for an additional €100 to €150 monthly. Factor in costs for hobbies, cultural outings, or gym memberships to ensure a comfortable lifestyle within your budget.
Financial Planning
Given the diverse factors influencing living expenses, it’s wise to seek financial advice tailored to your specific situation. Retirees, in particular, should explore cost-effective options for currency exchange and money transfers, as well as stay informed on any changing financial or legal landscapes.
Next steps
If you are affected by any of the issues in this article, please do be in contact with us.