How much cash do I need in the bank to live in Mojacar - Page 3

Bobbyweaf wrote on Wed Aug 25, 2021 12:40pm:

You need a gestor and your Spanish Lawyer should have a contact or two. No-one seems to say that Spanish Layers are a very mixed bunch, some of whom I would not trust for an instant. Also, you will probably if not certainly pay tax on your UK pension(s). The allowances in Spain are a lot less tha...

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...n in the UK. Check this out with a tax accountant only. Personal opinions by anyone else do not count, it must be a tax accountant.

Janis wrote on Wed Aug 18, 2021 4:04pm:

Hello I hope to move to Mojacar permanently and whilst I have a British state pension I will not have the required€27,000 ( I think that’s the amount)per year coming in. However I will have a substantial capital amount and wonder if anyone knows what the minimum amount would be to be allowed ...

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...to live in Mojacar permanently please?

Terry55A wrote on Fri Aug 27, 2021 9:05am:

Hi Janis, we are looking to move next year. I have been looking at the financial requirements for the NLV. A single person requires 4 x Spanish minimum wage which is around €27,000 and 1 x extra for each additional person, so about €33,000 for a couple. You need to show that you have access t...

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...o this amount for the first year, this can be made up from pensions coming in and savings in the bank.

Simply  deduct the amount of your state pension from the €27k and that's how much you need in the bank. As previously stated after year 1, you need to show amounts for years 2 and 3. Naturally you will have 2 years pension coming in during this time. So €54,000 less 2 x annual state pension = savings required in bank. You then do the same for years 4 and 5.

Hope this helps

Leslea wrote on Sun Aug 29, 2021 6:36am:

Not sure about your area  but we have just got our Residencia in the Granada area and as we had state pensions and a couple of private pensions coming in in our UK banks we were accepted with just those and the €2000 that we had in the bank over here. Have you got your S1 forms for medical...

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... expenses we have those as that will help too? We received our cards with in the 45 day period after signing and fingerprinting. Good luck hope this helps.

Leslea wrote on Sun Aug 29, 2021 6:37am:

Have you been staying in Spain before the end of Brexit as that assists with residencia too.