Brits planning to retire in Spain have been warned they need a minimum annual income of £24,920 to secure a visa. The Non-Lucrative Visa requires retirees to prove they receive a pension or lifetime annuity of at least that amount, or £31,150 for married couples.
Visa requirements and costs
Applicants must also have private health insurance valid for at least a year and pay additional costs, including £516 for the visa document and £29.99 for postage. The visa initially applies for one year and can be renewed twice for two-year periods. Only after five years of living in Spain do retirees qualify for long-term residency.
Chris Nye, senior editor at Your Overseas Home, told Sky News: "The issue with Spain is the visa." Unlike Italy, France, or Portugal, Spain requires this specific visa for retirees.
Popularity despite hurdles
Spain remains the most popular retirement destination in Europe, with 46% of those polled by Canada Life expressing interest in relocating there. Around 290,000 Brits were registered as living in Spain last year.
Pensioners are attracted by the sunshine, beaches, and lower cost of living, which averages 32% less than in the UK. Property is also more affordable, with a square metre costing up to 50% less than in Britain, according to financial planner Blevins Franks.
Mr Nye added: "£104,000 gets you a good choice of nice apartments, not obviously on the beach, but in those popular areas of the Costa Blanca or Costa del Sol. If it's something really nice, then you've got to be looking at £173,000. Drive an hour inland from the Costa del Sol, and property prices halve. Obviously, people don't necessarily speak English."
