Retirement planning questions

The rules for the islands are the same as for spain

As a non EU National if you are not working in Spain,  you need to show an income or savings of around 28,000 € per year plus 6,000 for partner.

You will also need 100% medical cover with no exclusions nor co-payments.

Extract from:

http://www.exteriores.gob.es/Portal/es/ … sidir.aspx

Quote
Reside in Spain

The possibility of residing in Spain is open to all those who can demonstrate a sufficient reason or connection.
01/01/2013
Foreign citizens who wish to reside in Spain must have been previously authorized to do so.  Once this authorization has been obtained, the corresponding visa that allows entry into Spain must be obtained.

Residence in Spain can be temporary or permanent.

Temporary residence is the situation that authorizes you to stay in Spain for a period of more than 90 days and less than five years.  Authorizations for a duration of less than five years may be periodically renewed, at the request of the interested party, taking into account the circumstances that led to their granting.

The initial authorization of temporary residence that does not include a work authorization will be granted to foreigners who have sufficient means for themselves and, where appropriate, for those of their family.

The regulations in force establish the procedure and requirements necessary to obtain a residence and work authorization in Spain for the performance of lucrative activities both as an employee and as a self-employed person.

Long-term residence is the situation that authorizes you to reside and work in Spain indefinitely, under the same conditions as Spaniards.

Foreign citizens who have had temporary residence in Spain for five years continuously and who meet the conditions established by law will have the right to long-term residence.  For the purposes of obtaining long-term residence, periods of previous and continuous residence in other Member States will be counted as holder of the EU Blue Card.  It will be considered that the residence has been continued even if for vacation periods or other reasons established by regulation, the foreigner has temporarily left the national territory.

What is meant by 100 pc medical cover with no exclusions ? From the homecountry??

Sorry but it is what it says

The insurance policy must cover you in full for all medical situations, without any condition excluded and without the requirement for you to contribute towards the cost.

Hi Johncar
As I can see some of your comments they are pretty useful.
Sam question about taxes as well.
We have a dilemma. Let me explain my situation
I am 64 and British citizen and full UK resident.
My wife is 61, British and Croatian ( EU) national, full resident in UK.
Our private and state ( once we both reach 66 age ) pensions are not enough   to live comfortable in Spain and cover our cost of living and fix costs in both countries. So we will rely on  rent income  from our residency property   in UK once we are in Spain.
As you can see our model is not like typical  Expats. Sell every assets you have  before become  Tax resident payer in Spain. we prefer to stay unlimited amount of time in Spain. Taxes are biggest problem.
What would be tax implication in UK and Spain if we choose the following two options
a) non resident and stay no more than 183 days
b) tax resident and stay over 183 days

thanks in advance