FabSwingers.com mobile

Join us FREE, we're FREE to use

Web's largest swingers site since 2006.

Already registered?
Login here

Back to forum list
Back to Spain

Retiring to Gran Canaria

Jump to newest
 

By *icael123 OP   Man
43 weeks ago

Portsmouth

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

Reply privatelyReply in forumReply +quote
 

By *heccoCouple
43 weeks ago

Normandy France

I think the first step is to "stop working" ?!

Reply privatelyReply in forumReply +quote
 

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

Reply privatelyReply in forumReply +quote
 

By *bitdifferent22Couple
43 weeks ago

loch lomond

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 .

Reply privatelyReply in forumReply +quote
 

By *verysmileMan
43 weeks ago

Canterbury

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.

Reply privatelyReply in forumReply +quote
 

By (user no longer on site)
43 weeks ago

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..

Reply privatelyReply in forumReply +quote
 

By *icael123 OP   Man
43 weeks ago

Portsmouth

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

Reply privatelyReply in forumReply +quote
 

By *unInTheSun80sCouple
43 weeks ago

Costa Del Sol

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!

Reply privatelyReply in forumReply +quote
 

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

Reply privatelyReply in forumReply +quote
 

By (user no longer on site)
43 weeks ago

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

Reply privatelyReply in forumReply +quote
 

By *unInTheSun80sCouple
43 weeks ago

Costa Del Sol

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.

Reply privatelyReply in forumReply +quote
 

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

Reply privatelyReply in forumReply +quote
 

By (user no longer on site)
43 weeks ago

Did not know that. it seems unfair if you have paid N Insurance all your working life though doesnt it?

Reply privatelyReply in forumReply +quote
 

By *OVERSUP2004Man
42 weeks ago

Guildford


"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

Reply privatelyReply in forumReply +quote
 

By *izandScottCouple
42 weeks ago

Gatwick

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.

Reply privatelyReply in forumReply +quote
 

By *icael123 OP   Man
42 weeks ago

Portsmouth

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.

Reply privatelyReply in forumReply +quote
 

By (user no longer on site)
42 weeks ago

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...

Reply privatelyReply in forumReply +quote
 

By (user no longer on site)
42 weeks ago

Excuse the grammatical errors in previous... Google translate from fat fingered northerner with predictive text to plain English seems to be playing up!

Reply privatelyReply in forumReply +quote
 

By (user no longer on site)
42 weeks ago


"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

Reply privatelyReply in forumReply +quote
 

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

Reply privatelyReply in forumReply +quote
 

By *izandScottCouple
42 weeks ago

Gatwick

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.

Reply privatelyReply in forumReply +quote
 

By (user no longer on site)
42 weeks ago


"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

Reply privatelyReply in forumReply +quote
 

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

Reply privatelyReply in forumReply +quote
 

By *izandScottCouple
42 weeks ago

Gatwick

I think that as long as you keep hearing the term "Triple Lock" you will be more or less fine.

The conservatives are trying to buy the old fogie vote. Not working at this end.

Reply privatelyReply in forumReply +quote
 

By *ony-JonesMan
42 weeks ago

Gillingham

Hi thought you had to pay national insurance for 40 years before you got a full old age pension.

Reply privatelyReply in forumReply +quote
 

By (user no longer on site)
42 weeks ago


"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

Reply privatelyReply in forumReply +quote
 

By *otlovefun42Couple
42 weeks ago

Costa Blanca Spain...


"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.

Reply privatelyReply in forumReply +quote
 

By (user no longer on site)
40 weeks ago

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."

Reply privatelyReply in forumReply +quote
 

By *orneadorlpMan
40 weeks ago

london

Its ok

Reply privatelyReply in forumReply +quote
 

By *izandScottCouple
40 weeks ago

Gatwick

[Removed by poster at 18/03/24 17:28:51]

Reply privatelyReply in forumReply +quote
 

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.

Reply privatelyReply in forumReply +quote
 

By *wosmilersCouple
40 weeks ago

Heathrowish


"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

Reply privatelyReply in forumReply +quote
 
 

By *arry and MegsCouple
40 weeks ago

letterkenny


"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.

Reply privatelyReply in forumReply +quote
Post new Message to Thread
back to top