iPhone | iPad
Android
Huawei
KT APPDOWNLOAD
How to retire in Spain if you are a foreigner and how My Spain Visa can help you
Spanish citizenship is a right that can be acquired by any person who meets the necessary documentation and requirements. With it, you access the benefit of living indefinitely in Spain, the best place to retire in Spain, the right to vote, free movement, and work within the European Union (EU).
For those people of retirement age who are interested in accessing retirement in Spain and are foreigners, the process is the same as that of a Spanish worker. In general terms, access to retirement depends on the age of the person concerned and the contributions accumulated throughout their working life. In both cases, the process would be carried out through the corresponding social security retirement application including the required documentation.
Requirements to retire in 2024
All workers who want to retire with 100 per cent of their pension will have to meet the new age required by Social Security.
Last year, workers who wanted to build up 100 per cent of their retirement funds had to have contributed for a total of 38 years or more. That year, those who did not reach that contribution amount had to wait until they were 66 years and six months old to retire. In 2025, the term will increase to 38 years 3 months and increase by 90 days every year until 2027.
What is the maximum old-age pension in 2024?
The maximum pension will amount to around 42 thousand euros, and is divided into 14 payments; which represents an increase of around 200 euros compared to the amount collected in 2022. As for the minimum amount, it depends on the age of the retiree, and whether they have a dependent spouse or not. In all cases, a retirement visa such as Spain Golden Visa 2024 is required.
Requirements to be able to request pension funds without contributions
Non-contributory pensions are benefits received by people who have not met the necessary contribution requirements and are in vulnerable situations. The points are:
- Not entitled to request a pension at the contribution level because it does not meet the requirements.
- Aged 65 years or older.
- Lack of income: it is understood that the applicant lacks income when he has an income of less than approximately 5,500 euros per year. However, even if the applicant's income is less than this amount per year, if the applicant lives with family members, the requirement will be met if the total income of all members of the family unit is less than the amount included in each unit, according to the table where "lack of income" noted.
- Legally residing in Spain: This requirement will be considered fulfilled when the employee has resided in Spain for at least 10 years, in the period between the date of turning sixteen and the date of obtaining the pension. Therefore, to access non-contributory pension funds, citizenship is not taken into account.
How to collect non-contributory pension funds as a foreigner?
This lifetime assistance, which is given to those who do not have sufficient income to support themselves, can be received by Spaniards and foreigners who qualify as follows:
- They have turned 65 years and six months old.
- They do not meet the established requirements for receiving a labour pension.
- Your annual income is less than the minimum amount set by the Government.
- Have lived for at least 10 years in Spain from the time you were 16 years old until the time you applied for a pension. The last two years of this period must be the years before the application is processed.
How to do it “practically” this year?
If you are a US or UK citizen, many of your compatriots have applied for pensions outside your country this year and their number has reached approximately one million. Spain is one of their most popular destinations. There is a bit more complexity for UK citizens regarding their decision to leave the EU, especially regarding obtaining a Spain Retirement Visa 2024.
You may be able to take care of everything yourself but with the help of a professional visa service like My Spain Visa, your task will become much easier. My Spain Visa has more than 15 years of experience in helping foreign nationals retire in Spain and spend their old age in this beautiful country. It includes suggestions for buying the best property according to your budget and preferences.
It only takes a maximum of 24 hours to get a response regarding processing a Spanish visa for retirement because My Spain Visa has an integrated system with all relevant Spanish agencies.
There are several other requirements needed besides those mentioned above and you can rely on My Spain Visa to help you fulfil all the requirements, including quite complicated ones such as the Spain Non-Lucrative Visa Income Requirements. My Spain Visa has a law firm supported by a team of experienced lawyers who not only take care of the basic requirements but also allow you to get the maximum possible facilities, for example, delicious Mediterranean food and of course the good weather that you can hardly find in your country of origin.
A visa is very important because you, as a British citizen, only have a maximum of 90 days within a 180-day period to stay in Spain without a visa. In the case of applying for a pension in Spain, there are two most popular types of retirement visa; Golden Visa and Non-Lucrative Visa. If you have at least half a million euros to buy a property, it is recommended for you to choose the Golden Visa. If you are not planning to work in Spain then a Non-Lucrative Visa is an option.
Do you really want to live in Spain?
You have several options, each of which is accommodated by My Spain Visa. Even if you only plan to visit the country regularly (without staying permanently), My Spain Visa can help you arrange a Schengen Visa which will be very useful.
Spain is an old European country with a ton of charm that attracts millions of people from all over the world to live there. Whatever your needs for staying in the country (either temporarily or permanently), My Spain Visa can be your best friend.
More news from KT Network
800website.ae creates secure, fast websites for businesses, driving their growth with professional design and development
The initiative is focused on bringing essential knowledge about fertility directly to women at their workplaces, ensuring both accessibility and convenience
The first cohort included 220 Emirati students who successfully obtained their Master of Science in Big Data and Business Analytics degree
Dubai's Mygsm transforms online electronics shopping with global shipping and rapid delivery services
With this milestone, the company underlines its role in contributing to the economy