Want to retire in Spain? These are the best places

Age shouldn't be a limit to achieving your goals. This is the understanding of older adults from various countries who have chosen Europe, and Spain in particular, as the place to live out their retirement.

The reasons behind this trend are linked to several factors. For people in the United States, for example, Spain is attractive because of its cost of living, which is significantly lower than in their home country, and its access to public healthcare and the price of medications.

Furthermore, safety, quality of life, and specific programs that facilitate the residence of pensioners are also factors that influence the decision to live "the golden years" in the Iberian Peninsula.

Why Spain?

This country often appears on lists of “best places to retire” published online. “It boasts a world-class healthcare system, beautiful scenery, and one of the lowest costs of living in Europe,” says MSN.com.

Forbes magazine , which highlights the fact that the number of Americans choosing to retire outside their country has doubled since 2008, points to specific areas of Spain where conditions are the most advantageous:

• Cadiz
• Cordoba
• Oviedo
• Gijón
• Salamanca
• Lloret de Mar
• Burgos
• Almuñécar

What distinguishes the Iberian country, according to this publication, is "its warm climate, its relaxed and elevated lifestyle, excellent gastronomy, 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 destinations for older adults, who valued above all the tranquility and good weather. 

Today, there are other factors to consider when choosing a place to live: rental prices, average annual temperature, existing communities of foreigners and retirees, healthcare services, crime rates, and tax rates.

Which visa allows me to live out my retirement in Spain?

The answer is: the non-lucrative residence visa . This allows pensioners to reside in the country without engaging in any work or professional activity, provided they can demonstrate sufficient income to support themselves: a minimum amount of €28.000 in the last 12 months.

This visa, which has a maximum duration of 5 years, grants certain tax advantages to the interested party; specifically, an exemption from the tax on other income for 5 years, except for salary income, established at 24%.

Furthermore, there is the possibility of obtaining Spanish nationality after only two years of legal residence, a significant advantage for Chileans and Latin Americans in general.

These programs are designed to attract foreign residents who, although they may not make significant investments, can contribute to the dynamism of local economies.

How can AIM Global help you?

At AIM Global we can advise you on the procedures for obtaining a non-lucrative visa, as well as on other 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 accompany you every step of the way.

Don't hesitate any longer and schedule a meeting with us.