How to retire in Spain from the USA?
Spain has always been one of the favourite retirement destinations for foreigners, especially for the British, now that the UK is not part of the European Union. However, this is also the case for Americans, as more and more of them are falling for the charms of the Mediterranean and decide to spend more than just a vacation in Spain, so how to retire in Spain from the USA?
Firstly, it is important to know that American citizens must also go through the same process as any non-EU citizen. Thus, they can stay in the country of destination without a visa for 90 days in a period of 180. To extend this stay, a visa related to the conditions under which they have entered the country of destination must be requested. So American who plan to retire as an expatriate in Spain, for example, will have to apply for a residence visa. In fact, two of the most common retirement visas today are: The Golden Visa and the Non-lucrative Visa.
Secondly, and answering in large part the question at the top of this article, it doesn’t hurt to know that current estimates suggest that a comfortable retirement costs $25,000 a year. Considering that the Spanish pace and lifestyle is very different from the American one, this is also very much reflected in the quality of life and cost savings. In fact, one aspect of Spanish society that retirees will enjoy is the low property tax rate, as property is valued and perceived differently in Spain.
In certain cases, it is necessary to fill out a Spanish tax return if you intend to live in Spain. In the vast majority of cases, this declaration is only required if you have resided in Spain for more than 6 months with an income of at least $24,000, or if you receive rental income of more than $1,100 or income from savings or capital gains of more than $1,700. It does not matter if most of this income comes from the United States, since the income tax is still included in the income tax.
In this sense, it is also important to know that the sales tax in Spain, the Value Added Tax (VAT), is usually quite high, but both the United States and Spain are working together to make Retirement in the latter a real possibility for many.
In short, Spain is not only one of the main countries where retirees wish to spend their best and golden years, but it is also a territory where the quality of life is increasingly valued and reaches by far the European standard, since the most ordinary costs and, in general, the cost of living and maintenance is relatively cheap compared to other countries. It is clear that everything depends on the person, his/her income and how he/she wants to start his/her life in this country, but what is certain for everyone is that Spain is already a common place for foreigners to start a new life.