Retiring to a foreign country is a big step and should not be entered into lightly.
Here are some tips for retiring in Spain:
1. Take your time – Don't act on a whim and buy a property while you are on holiday. Spend plenty of time discussing your dream, looking at the advantages and disadvantages, reading books on the subject, researching on the internet and really thinking things through.
2. Get your finances in order – Relocating abroad always costs more than you think so budget carefully. List the costs involved in moving and buying a property and remember to set aside 10% of the value of your property in Spain for fees and taxes.
Make sure that your pensions or other income will meet your cost of living in Spain and that you can afford the type of property you are interested in.
3. Facilities – Make a list of the facilities and amenities you want to live nearby. Do you need to be near medical facilities? Would being near public transport and shops be a good idea? Would you like to have communal facilities like a swimming pool, golf course and gym? Use this list to help you choose an area.
4. Illness and death – These are horrible things to think about, but they need to be considered. If your husband dies and you cannot drive, will you be near enough to facilities and public transport to manage your life? In case of illness, are you near to a good surgery and hospital? Don't bury your head in the sand, think things through – hope for the best but plan for the worst.
5. Make a will – You may have made a will in your home country but, when you move to Spain, you will need to make a Spanish will to cover your assets in Spain. Consult an abogado and tax adviser for advice on inheritance planning and making a will.
6. Health – Before you make the move to Spain, make sure that you have some kind of health cover whether it is through the social security system or by private health cover. Get advice from the social security or pensions department in your home country and make sure you complete all of the relevant paperwork.
7. Rent – Consider keeping your home in your native country and renting in Spain for a trial period. Not only will this help you to be sure about your decision but it will also mean that you can do further research on the area and view plenty of properties. If things don't work out for you in Spain, you haven't lost anything, you still have a home to go back to.
8. Get professional advice – Get tax advice and financial advice before your move, hire an abogado to help you with your house purchase and use a gestor to help you with all of the paperwork involved in living in Spain. Using a good abogado to check all of the legalities of a property is essential when there have been so many stories about illegal properties.
These tips for retiring in Spain should help you with your planning and decision making.
