Age should not be a limit to fulfilling your projects. This is how senior citizens from various countries have understood it, choosing Europe, particularly Spain, as the place to live their retirement.
The reasons behind this trend are associated with several factors. For people from the United States, for example, Spain is attractive due to its cost of living, which is significantly lower than in their home country, as well as access to public healthcare and the price of medications.
On the other hand, safety, quality of life, and specific programs that facilitate residence for retirees are also factors influencing the decision to spend their «golden years» on the Iberian Peninsula.
Why Spain?
This country often appears on lists of «best places to retire» published on social media. «It has a top-tier healthcare system, beautiful landscapes, and one of the lowest costs of living in Europe,» states MSN.com.
Meanwhile, Forbes magazine, highlighting that the number of Americans choosing to retire abroad has doubled since 2008, points to specific areas in Spain where conditions are most advantageous:
- Cádiz
- Córdoba
- Oviedo
- Gijón
- Salamanca
- Lloret de Mar
- Burgos
- Almuñécar
What distinguishes Spain, according to this publication, is «its warm climate, relaxed and elevated lifestyle, excellent cuisine, very good healthcare, a competitive education system, and a welcoming culture.»
What do these places have in common?
Traditionally, in Spain, the Canary Islands or Benidorm were the preferred spots for seniors, who mainly valued tranquility and good weather.
Currently, other factors are considered when choosing a place of residence: rental prices, average annual temperature, existing foreign and retired communities, healthcare services, crime rates, and tax rates.
What visa allows me to live my retirement in Spain?
The answer is: the non-lucrative residence visa. This visa allows retirees to reside in the country without engaging in any work or professional activity, as long as they can demonstrate sufficient income to support themselves: a minimum amount of €28,000 in the last 12 months.
This visa, with a maximum duration of 5 years, offers certain tax advantages to the applicant; specifically, an exemption from the tax on other income for 5 years, excluding salary income, which is set at 24%.
Moreover, there is the possibility of opting for Spanish nationality after just two years of legal residency, a significant advantage for Chileans and Latin Americans in general.
These programs are designed to attract foreign residents who, while not making significant investments, can contribute to the dynamism of local economies.
How can AIM Global help you?
At AIM Global, we can provide you with advice on the procedures for obtaining the non-lucrative visa, as well as assistance with related matters, such as tax issues or property acquisition.
We have offices in Portugal and a large team of professionals specializing in international mobility, who will guide you through each step of this process.
Don’t hesitate any longer and schedule a meeting with us.
