There are things in life you need to plan, but you have to do it very carefully if you want everything to go according to smoothly. Thinking about retirement and doing it as you always thought it would be requires a great deal of timing and crucial financial planning, and even more if you’re thinking of doing it in a foreign country. So, in a bid to make the decision/planning process that little bit easier, let’s take a look at retiring in Spain pros and cons.
One of the most important things to keep in mind is that as soon as you start thinking about retirement you must know that this is one of the most delicate steps you’re going to have to take. Some wait until their obligated to do so, but others believe that after a hard working life, they deserve to reward themselves and their families by giving them not only 100% of their time, but also a timeless vacation of their lives.
Spain is one of the countries of preference for Europeans that want to retire. Many see the Spanish lands as a near paradise for its beaches and food, its 300 days of sun, and its economic and relaxed lifestyle. This is why places like the Balearic Islands, Costa del Sol in Andalucia, and many others, are filled with expats that are enjoying from their free time under the sun. Here are several things you need to keep in mind when you’re starting to consider retirement in Spain.
To achieve the retirement you want, when you want it, the key is to start planning as soon as you can. It may sound obvious, but this specific matter takes time. And if you want to do it in Spain, the downside is that it might take a little bit longer than you thought.
For those who have been living in this country for some time, it’s going to be easier. You may already know how and where to get all the necessary Spanish paperwork and maybe you already manage the local language like a native. But for those who only have visited Spain for holidays or business, you will have to get your NIE, understand how to rent or buy a house depending on your needs, and you will also need to start learning castellano if you want things to go smoothly in the new city you will call home.
As we said before, many expats look to the beach and the sunniest places when they decide to move here. Mallorca, Menorca and Ibiza, best known as the Spanish paradise in the Mediterranean Sea, have a unique mix of Spanish traditions with a perfect weather and local people who can speak English, a little bit of French, and maybe some Dutch.
There are also beautiful options like the Costa Brava in Barcelona, Valencia, Málaga, and Granada. These cities are made for giving expats a warm welcome with the soft waves of their beaches, a multicultural ambiance, cheap lifestyle, and a comfortable new way of living.
Every Spanish city will offer you a rich history hidden beneath its walls, art, traditions, and gastronomy, and most of them have perfect weather.
The most thing important of all is your health. Spain has a very well developed Spanish healthcare system that everyone can access. But a lot of expats decide to purchase private healthcare because of the high demand that exists with the free healthcare system. If timing is of the essence, you have to know that if you decide to stick with the free, public healthcare system, you will need to get the “Tarjeta de Sanidad” (health card). You can ask for one if you have your Spanish Social Security Number.
But if you’re planning on looking into private healthcare, you don’t have to worry about your wallet because Spanish insurance plans are cheaper than companies elsewhere in Europe. And of course we recommend Caser Expat Insurance where you can find 24-hour assistance in English. Click here to discover all the information you need to know about Caser.
In Spain, you can find your dream house next to the Mediterranean Sea. There are lots of expats that choose the Balearic Islands and the Costa del Sol because of their paradise ambiance, and because of good infrastructure and English-speaking citizens that have filled those cities. This fact make these places a treasure for those who don’t want to feel that far away from home.
But others may want to be part of their new community, learn the local language, and take part in Spanish traditions. They want to feel as far away from their hometown as possible. So they decide to live downtown in cities like Barcelona, Madrid, Valencia and Málaga.
It's also true that there are some expats that may decide to return back home to be close to their culture, traditions and family. In the end, most of them decide to stay overseas. “Home is where your heart is”, so after many years living Spain, why leave?
From bureaucratic timing to idyllic properties and free healthcare, it’s clear that there is a list of retiring in Spain pros and cons that anyone with hopes or doubts about retiring in the country should sift through. We hope we’ve made the decision-making process that little bit easier. Ready to make the move? Learn how in our guide below: