Minimum yearly income requirement

@cherylpconnolly

Anyone applying for NLV needs to show income of 400% of IPREM, plus 100% of IPREM for each dependent. IPREM Is currently 600 euros per month, or 28,800 euros per year. (This is 36,000 euros per year for you AND your spouse.)

However, you should note that you can show this as either income (e.g. pension) OR savings. I don't know, but I'd guess even a combination of a small UK state pension and some savings would be acceptable. In any case, many folks who are relocating might be selling their home first (including you, I think), and thus would be able to meet the financial requirement this way.

To become Permanent Residents of Spain (and be able to live there indefinitely) you need to live legally in Spain for 5 years. And this means you'll need to renew your NLV several times (and apply for your PR). If you're relying on your savings (and/or your property money) to meet the financial requirement, you need to keep these renewals in mind and allow for the annual rise in the IPREM. Once you're a PR, your financial means are irrelevant. In other words, don't spend all your money during your first year in Spain. :-)

You also need to demonstrate that you have health insurance in Spain. An EHIC/GHIC is definitely not acceptable, and a private healthcare policy might be in the region of 1,500 euros per person. However, as a UK (or EU) pensioner, one can get an S1 form, and I think they accept this too.

https://www.inclusion.gob.es/web/migrac … -lucrativa

Thank you for your response - if they accept our savings as well, we will be fine. And no, I'm a Capricorn (we don't like spending money) so won't blow it all at once. I have checked into medical and it seems the UK NHS will cover our medical costs anywhere in Europe if we have an S1 form.

Once again thanks for the advise - much appreciated.

@cherylpconnolly

To clarify, the S1 entitles you to free (or nearly free) public healthcare in your new (EU) country of residence. There's a bit of bureaucracy involved as you normally need to register your S1 (or something to that effect) with the local health authority, and get registered with a local GP. For cover when you're travelling in the EU (i.e. not resident) you should have your EHIC/GHIC.

Glad to hear you're a frugal shopper. :-)