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Retiring to Gran Canaria
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I am looking into Retiring to Gran Canaria from the UK and would like peoples opinions who has done so in the last few years.
There are a few hoops to get though i know that, what is the hardest hurdle to cross when doing so.
Which order would you do things when trying to retire |
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By *I TwoCouple 43 weeks ago
PDI 12-26th Nov 24 |
"I am looking into Retiring to Gran Canaria from the UK and would like peoples opinions who has done so in the last few years.
There are a few hoops to get though i know that, what is the hardest hurdle to cross when doing so.
Which order would you do things when trying to retire"
Apart from the silly comments I could think of
Speak to your financial advisor, living full time in Spain will have serious implications on your state pension amongst other tax issues
Make sure you have at least £2m if you are really your "fab age"
Get an EU passport if you can
The rest is easy |
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Good luck buddie.
I retired at 49 and had always planned to retire there but with brexit it buggered it up and the Scandinavian buying properties pushed prices for what I wanted out my life style I wanted
We just escape when we can now .
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Don't just rely on the Internet for advice.
Speak to an expert and also when you next visit, contact some ex pats through local ex pat associations (or even fab members who are residents as you are doing here) and meet them to talk about pitfalls and processes face to face.
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By (user no longer on site) 43 weeks ago
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Unless you have very deep pockets and can afford the golden visa you could go for the FIP visa but again your finances will dictate that.. your other option is to hope for Irish grandparents.. your better bet would be to join a local forum and ask there.. |
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Thanks for all the comments so far they all help. From what i understand which might not be correct to retire i need to show i have 27k Euros in my bank a year and then i apply for a retirement Visa, this i can do and if i sell my property in the UK i should be able to buy one cash there.
With regards to pensions i hear there is some rule about not being double taxed on any pensions from the UK?
Also a plus from what i understand at present is medical i should be able to get medical like UK apart from paying a percentage towards prescriptions.
All of the above is only what i have found searching internet, right or wrong not sure |
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Firstly good on ya at being able to retire at your age. We live on the mainland but the following advice should serve you either on the islands or mainland.
Speak to an advisor ( legal expert ) as the rules in spain are forever changing. Was in with our last week discussing my position and they said to me clearly that the rules are constantly changing. There are still points being discussed in negotiations involving brits in spain while the Gibraltar issues is being negotiated. So further rule changes could apply. Forums and internet are great for where to drink or where to go play but when it comes to Hacienda (taxman) stick to an expert!
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By *I TwoCouple 43 weeks ago
PDI 12-26th Nov 24 |
"Thanks for all the comments so far they all help. From what i understand which might not be correct to retire i need to show i have 27k Euros in my bank a year and then i apply for a retirement Visa, this i can do and if i sell my property in the UK i should be able to buy one cash there.
With regards to pensions i hear there is some rule about not being double taxed on any pensions from the UK?
Also a plus from what i understand at present is medical i should be able to get medical like UK apart from paying a percentage towards prescriptions.
All of the above is only what i have found searching internet, right or wrong not sure"
27k is fine but you've potentially got 40 years to go.
You're UK pension won't increase annually when you take up residence elsewhere.
Speak to an IFA you'll need one |
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By (user no longer on site) 43 weeks ago
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Do you mean work pensions don't increase or state pensions. I thought you got your pension as normal living in Spain. Is there any way around it as you would really have a reducing pension if its true. Thanks |
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Hi there OP. Please speak to a Spanish financial advisor. As people who reside in Spain permanently we have seen not all info provided here is correct and like we we said rules and system change all the time. You need to seek advice from a professional who knows and understand the complexities of the Spanish system. |
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By *I TwoCouple 43 weeks ago
PDI 12-26th Nov 24 |
"Do you mean work pensions don't increase or state pensions. I thought you got your pension as normal living in Spain. Is there any way around it as you would really have a reducing pension if its true. Thanks"
State pension, check HMRC website |
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"Do you mean work pensions don't increase or state pensions. I thought you got your pension as normal living in Spain. Is there any way around it as you would really have a reducing pension if its true. Thanks"
State pensions do increase as normal if you live in mainland Spain because Spain is part of the EEA European Economic Area and although the UK is not part of it anymore we still recognise it
https://www.gov.uk/state-pension-if-you-retire-abroad/rates-of-state-pension
However the problem in your case could be the Canary Islands themselves not the UK because the Canary Islands although in the Schengen area are not actually in the EU so they are also not in the EEA and are not included in any listings of additional countries such as Gibraltar, Channel Islands, Switzerland etc...)
As others have advised you will need to get proffesional advice |
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I think you will find that the Canaries are an autonomous community of Spain and are considered an outermost region of the European Union (EU).
As such there is a more favourable VAT regime here compared to the mainland (7% vs 21% on the mainland). Also, if you get your green card you will be able to travel to and from the mainland for 25% of the price a tourist would pay. You will need to get private medical insurance, but the quality of care here is very good.
As previously mentioned, get financial advise and also find a Spanish speaker to literally walk you through the bureaucracy.
After living here for almost 4 years there are significant financial benefits compared to living on mainland Europe and doubtless the UK. They throw in the weather for nothing. |
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Thanks for all the info please keep it coming as it is very imformative.
I did read somewhere that medical was free as well if you have a GHIC card, but might have to pay some prescription charges. The UK gov transfer about 4.5k for your medical use so i read, but i could be wrong. |
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By (user no longer on site) 42 weeks ago
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Anyone, If you buy property on Spain is it still true that that is not covered in any UK written Will? As in hiu need a Spainish Will to cover Spanish Property?
After all the other hurdles like residency health cover etc I use to come across people with property this affected occasionally. Legal Night mare if unfortunate happens for your nearest and dearest to dort out afterwards without one. Again finding good legal advice local to where in Spain it is paramount to all legal issues. From someone whose very jealous of anyone who can live in Spain. I can't even afford a home here... |
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By (user no longer on site) 42 weeks ago
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"I think you will find that the Canaries are an autonomous community of Spain and are considered an outermost region of the European Union (EU).
As such there is a more favourable VAT regime here compared to the mainland (7% vs 21% on the mainland). Also, if you get your green card you will be able to travel to and from the mainland for 25% of the price a tourist would pay. You will need to get private medical insurance, but the quality of care here is very good.
As previously mentioned, get financial advise and also find a Spanish speaker to literally walk you through the bureaucracy.
After living here for almost 4 years there are significant financial benefits compared to living on mainland Europe and doubtless the UK. They throw in the weather for nothing."
So for clarity does your UK state pension increase normally year by year |
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By *otMe66Man 42 weeks ago
Terra Firma |
Here are a couple of things I think you should consider:
If you sell up in the UK, should anything happen that forced your return what would you do? Coming back to the UK would be hard and expensive.
Do you really need to be there 12 months of the year? Could you longterm rent 90 days, come back for 90 days, return for 90 days. If you did that you could potentially rent out your place to cover the costs and keep your property.
If you wanted year round sun, you could do the above and move outside of the EU for 90 days instead of coming back to the UK, this could be many places you have always wanted to visit.
Whatever you do, all the best  |
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By (user no longer on site) 42 weeks ago
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"My wife's pension has increased for the past four years while we have been living here. Doesn't mean they can't change it of course."
Thanks for clearing that part of it up, very helpful. Wondered how they could get away with it if you were fully paid up for your state pension. People definitely need advice from experts at the time |
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By *I TwoCouple 42 weeks ago
PDI 12-26th Nov 24 |
"My wife's pension has increased for the past four years while we have been living here. Doesn't mean they can't change it of course."
Maybe it's if you retired before a certain date as I'm pretty sure it was on the news last year.
In at that age where I'm easily confused though  |
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By (user no longer on site) 42 weeks ago
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"Hi thought you had to pay national insurance for 40 years before you got a full old age pension."
Its 30 years national insurance for the full pension and you still don't get it until you reach pension age but don't think that was part of the question |
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"Anyone, If you buy property on Spain is it still true that that is not covered in any UK written Will? As in hiu need a Spainish Will to cover Spanish Property?
After all the other hurdles like residency health cover etc I use to come across people with property this affected occasionally. Legal Night mare if unfortunate happens for your nearest and dearest to dort out afterwards without one. Again finding good legal advice local to where in Spain it is paramount to all legal issues. From someone whose very jealous of anyone who can live in Spain. I can't even afford a home here..."
If you own a property (or have significant funds) in Spain you will need a Spanish will.
Spanish inheritance law is very different to the UK. |
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By (user no longer on site) 40 weeks ago
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For information... taken from Google...
"Some countries it will continue to rise as though you were still in UK others apparently not.
Your State Pension will only increase each year if you live in:
the European Economic Area (EEA)
Gibraltar
Switzerland
countries that have a social security agreement with the UK (but you cannot get increases in Canada or New Zealand)
You will not get yearly increases if you live outside these countries.
Your pension will go up to the current rate if you return to live in the UK.
Get advice
Contact the International Pension Centre if you want advice on how your pension might be affected if you've already retired and are thinking of moving abroad."
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By *andb69Couple 40 weeks ago
leeds |
There is a fair amount of misinformation in this thread. Retiring to Spain is very much more difficult after Brexit with the UK now being a "third country". Fortunately we managed to get a TIE (residencia) under the withdrawal agreement, a scheme that closed 3 years ago. Now the routes to a TIE are very limited and complicated unless you or your partner has an EU passport. First you have to obtain a Non-Lucrative visa which is dependent upon the amount of money you have per person, a criminal records check (ACRO) and comprehensive health insurance (about €3k per year). On this visa you cannot work so proven independent income is essential. All tax has to be transferred to Spain and you have to obtain Spanish driving licences. Providing all criteria are fulfilled you can eventually convert the visa to residency.
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"There is a fair amount of misinformation in this thread. Retiring to Spain is very much more difficult after Brexit with the UK now being a "third country". Fortunately we managed to get a TIE (residencia) under the withdrawal agreement, a scheme that closed 3 years ago. Now the routes to a TIE are very limited and complicated unless you or your partner has an EU passport. First you have to obtain a Non-Lucrative visa which is dependent upon the amount of money you have per person, a criminal records check (ACRO) and comprehensive health insurance (about €3k per year). On this visa you cannot work so proven independent income is essential. All tax has to be transferred to Spain and you have to obtain Spanish driving licences. Providing all criteria are fulfilled you can eventually convert the visa to residency.
"
1. Very useful information
2. Absolutely spot on with the mention of misinformation.
3. Mrs S is hot, you lucky fellow |
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"There is a fair amount of misinformation in this thread. Retiring to Spain is very much more difficult after Brexit with the UK now being a "third country". Fortunately we managed to get a TIE (residencia) under the withdrawal agreement, a scheme that closed 3 years ago. Now the routes to a TIE are very limited and complicated unless you or your partner has an EU passport. First you have to obtain a Non-Lucrative visa which is dependent upon the amount of money you have per person, a criminal records check (ACRO) and comprehensive health insurance (about €3k per year). On this visa you cannot work so proven independent income is essential. All tax has to be transferred to Spain and you have to obtain Spanish driving licences. Providing all criteria are fulfilled you can eventually convert the visa to residency.
1. Very useful information
2. Absolutely spot on with the mention of misinformation.
3. Mrs S is hot, you lucky fellow "
Inaccurate information would be a better description, misinformation tends to be deliberately inaccurate information with the intent to deceive. |
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