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How much money do you need to spend in Spain?

Thinking of moving to Spain and starting a new life there? Your desire is shared by more than 5.5 million foreigners who have settled there. This is almost 12% of the total population of the country. Most of the visitors are British, but despite this, Spain welcomes people from a wide variety of countries. Many of them come here in retirement and settle on the West Coast of the Costa del Sol to enjoy the near-perfect weather and calm life, without the stress that this region is famous for. Crisis, which is at hand.

In 2008, Spain, like the rest of the world, experienced a financial crisis. Before him, she was one of the five countries in Europe with the strongest economy, and after that she lost her position a lot. Jobs have dwindled, real estate prices have slumped, and many citizens, both local and foreign, have begun to leave the country, where it is difficult to find a job or keep a business afloat.

But those who are retired do not need a job. You have chopped off yours, and you want to meet old age in a cozy, joyful place. Spain fits the description perfectly, but before dwelling on it, make sure that your pension and savings allow you to live here. If you live modestly, then Spain will cost $ 20,000 a year. If we are talking about a comfortable pension, then it will take $ 25,000 a year.

Counting time

Anyone who wants to meet old age in Spain is most concerned about two problems: rent and medical care.

Take the picturesque resort town of Marbella on the aforementioned Costa del Sol Occident. Marbella — not the cheapest place: a local odnushka will cost $ 700 a month. And this is not yet the center of the city: only 793 dollars will be asked for accommodation there. If you want to save money, renting a house can be easier: it will cost $214 outside the city center and $323 inside it. With regard to health care, with Spanish citizenship you can be treated in public hospitals. Although they are famous for their quality, most foreigners prefer private medical insurance to them, so they stand in lines less often, especially when you need a regular, non-urgent visit to the doctor.

Spain is full of companies that are ready to take out medical insurance for foreigners. It is difficult to name the average price of such a service, but, according to observations, it will be cheaper than in other countries with a high standard of living. Take the same US: one retiree, 74, said he was paying $230 a month for full service. According to him, prescription drugs cost two-thirds less than in the US.

Don't forget about taxes

In Spain, all foreigners pay income tax, with the exception of people with a modest income. The country provides benefits for those who are provided, for example, with the same tax deduction. You can use it if you live in Spain for more than six months a year and earn about $ 24,000, or receive more than $ 1,100 from rent or $ 1,700 from savings. Moreover, deductions work even for income from abroad!

Especially wealthy foreigners will be interested in the "golden visa". This is a program that makes it easier to obtain a residence permit for those who spend more than $582,571 on real estate, which equals.

On a budget

The Oxident Costa del Sol is especially popular with foreigners, making it an expensive place. Take a little further north, at least the same Costa Blanca, and you will get a more affordable option.

If you are indifferent to beaches and don't need to have one "on hand", then you may be more interested in cities with a rich history and affordable housing: Seville, Granada, Coboda and others. Spain is full of such budget places, but don't expect Mandrid and Bercelona to be on their list. Still, these are extremely expensive cities.

In the end

The current economic downturn we talked about at the beginning is good news for those looking to retire in Spain. Thanks to this, one can live comfortably on the Oxident Costa del Sol, spending between $20,000 and $25,000 a year.

Santa Rosalia Lake and Life Resort
Our agency ALICANTE REAL ESTATE is delighted to present a property in an absolutely unique location - SANTA ROSALIA LAKE AND LIFE RESORT. You can still have time to profitably invest in real estate in this beautiful resort. In this article we will te...
7 November 2022
Plots of land for sale in Spain, Finestrat
AN EXCLUSIVE OFFER FROM ALICANTE REAL ESTATE! FINESTRAT The ancient city of Finestrat lies at the foot of Mount Puig Campana, which is one of the hallmarks of the coast of Alicante: it can be seen from almost everywhere, and thanks to its unusual s...
27 October 2022
Buy a car with cryptocurrency
In the first half of 2020, there were only 88 blockchain startups operating in Spain. The last three years have not shown any growth or decline in the cryptocurrency market. The relatively modest number of its participants is explained by the conserv...
26 October 2023
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