Retirement in Spain

Spain is the ideal place to live when you retire.  Approximately 2 ½ hours flying time from the UK.
The mild winters appeals to many Europeans wishing to live in Spain, the majority move to coastal areas, although living inland is becoming more popular.
Property prices in Spain are slightly lower than the UK as is the cost of living, good reasons for retiring in Spain.
During winter the average temperature is 16c and more often than not, much warmer in the sun.
The Costa Blanca and Costa Del Sol are still among the favourite areas for the British, Irish, Germans and Norwiegens to settle.
If you want to live in Spain permanently you will be required to register on the Padron at the Town Hall, this is similar to the Electoral Register in the UK, thus the Town Hall can provide the services you need to enjoy you retirement.
You may want to apply for residencia, although this is not compulsory anymore. The Residencia card entitles you to equal treatment with Spanish citizens.
If you are not of retirement age, you should ensure you have private health insurance. You can contact Bupa International who cover you in Spain, the insurers are known as Sanitas. If you shop around you can find other health insurance companies, I can personally recommend Sanitas as I had a bad fall and a cancer scare, immediate treatment and care, fantastic. You just call them direct, they offer you a choice of hospital or specialist in your area and you just go, you do not need to see the local Doctor and wait for hours or months for treatment.
The hospitals in Spain are of a high standard. About 5km distance from Flamenca Beach the new Torrevieja Hospital opened in October 2006, with state of the art technology, experienced multi-lingual staff who deal with private and state care.
The general opinion so far is that the service is far better than the UK, so do not be put off considering living in Spain because of healthcare or language difficulties, the Spanish staff are very helpful and most of them do speak English anyway, wonderful! You will need to apply for the E111 card and you need to carry it with you at all times,. The E111 card guarantees free healthcare across the EU which can be interpreted differently from country to country and in Spain, from hospital to hospital. The E111 is mainly for emergencies but may not cover you for everything, so it is best to take out private health care if you are not eligible for state care.
Some hospitals in Spain do not offer after care services, they expect relatives to bring meals or wash patients and a charge for all ancillary services. If you move to an area where English is the main language, you most probably will feel that you do not need to learn Spanish, but when you need to speak to Spanish companies, you will find it hard to be understood, so it is best to try and learn the basics of Spanish.
There are Spanish courses and translators advertised in local papers. Lifestyle For generations, Spanish families have enjoyed unspoilt beaches, stunning scenery and a gentle pace of life - and this same lifestyle is now readily available to overseas buyers.
The Spanish lifestyle is relaxed and unhurried, everything is ‘manana’ - tomorrow. The characteristics of the people who live here, for whom life is definitely for living and enjoying, more than matches the warm, sunny climate. Spain comes alive when the sun sets.
There is a wide variety of social activities and groups for International communities and Spanish alike. Over the years and more so recently, thousands of British people have settled in Spain, opening restaurants, clubs and other businesses, many with young children hoping to give them a better way of life, people retiring early and many having a holiday home in the sun. If you are considering retiring to Spain, the warm weather and easy lifestyle makes the Mediterranean Costa’s the perfect setting.
Winters are always mild, the coldest month is normally February. During the months of November, December, January and most of March, you can relax on the beach or your solarium, it never gets cold like it does in the UK. Summer is very hot and whatever time of year it is, you can sit and imagine what was like in the UK. When you hear people say ‘back home’ its windy, rainy and cold on a summers day you realise that you have forgotten that awful weather.
Many arthritic sufferers have said their aches and pains have gone and those who had bad health in the UK say how much their health has improved within 3 months - wonderful! . The Costa Blanca benefits from more than 320 days of sunshine every year.
Visit the local street markets where you will find locally grown fresh fruit and vegetables cheaper than the UK and tastier too. You will find many restaurants offer ‘menu of the day’, 3 course meals for less than 10 euros. At a Chinese Wok Restaurant you eat all you can for 8-10 euros, what more could you wish for and you do not have to wash up!!!.
Substantial EU investment over the years mean that the infrastructure on the Costa’s is excellent. Sanitation is now good, the beaches fly Blue Flags for cleanliness, the drinking water is crystal clear, the roads are superb and public transport is excellent. Put this all together and you have a perfect environment, just 2.5 hours away.
Your family and friends are only ever a half day's travel, with air fares becoming easily affordable the dream of a life in Spain is ever more achievable - come on and live your dream!!

Buying a property in Spain if you are non resident

 Steps to Buying

There are a number of steps to go through before you pick up the keys to your Spanish home. We'll go through these in detail once you've found somewhere to buy but, until then, here's a guide to how the sales process unfolds.
1. Find out how much you can borrow

This is dependent on your income and the type of mortgage you want. Bear in mind the maximum "loan to value" amount (how much of the property value the bank would be prepared to lend you) and that you should not over-stretch yourself to make the mortgage payments
2. Set your budget

Be realistic as you calculate all the costs involved. You'll have a variety of professional fees, taxes and charges to pay on top of the price of your property. See our Costs to consider page for a breakdown of the costs involved in buying a property in Spain.
3. Search for a property

This is the most exciting part of the buying process. When it comes to finding a property, nothing beats actually going to a location to check it out in person. If nothing else, it's a great excuse for another holiday! The sheer choice of property out there is pretty daunting, so ask yourself some basic questions about what and where to buy so you can narrow down your search. Buyers with a young family looking for a holiday home are bound to have different requirements to retiring couples and investors. Ask yourself practical questions about airport, road connections and local amenities. Use the wealth of magazines, books, exhibitions and websites available to get inspiration and to focus on what you want from your Spanish home.
4. Carry out a price check

It's so easy to find yourself falling in love with the first property you visit, particularly when you are buying re-sale property, but do some research on prices for comparable properties in the area where you want to buy. This will make sure you don't pay over the odds for your dream property. Unfortunately, some sellers assume that a buyer, particularly from overseas, may not know the local market and set an unreasonably high sale price - don't get caught out!
5. Obtain your N.I.E.

If you're serious about your property search, apply for your "Numero de Identificacion de Extranjeros" (NIE), or Foreigner's Identification Number, as soon as you can. It's a legal requirement when buying a home in Spain. Though you can wait until you've found a home, the earlier you arrange it the better.

With these matters dealt with, you're in a much better position to go ahead with the purchase once you've found your ideal property. The next steps for you are:
6. Appoint a lawyer

Your first step should be to hire a reputable and independent lawyer ("abogado") who knows the Spanish legal system and property laws (both national and regional). Unless you speak fluent Spanish, a bilingual lawyer is essential to translate and explain the documents for you. The Relationship Manager in your branch can recommend a good lawyer to you.
7.

    Sign a reservation contract (off-plan)

    If you're buying an off-plan property, at this stage you sign an agreement and pay a small fee in order to reserve the property. You will usually be asked to make payments in stages throughout the construction of the property.
    Make an offer

    you can make an offer on a re-sale property at this point, subject to survey.

8. Carry out a survey

This is compulsory if you are intending to take out one of our mortgage products, but a sensible precaution if you are buying in cash for your own peace of mind.
9. Obtain a "nota simple"

The "nota simple" is a Spanish Land Registry Certificate that confirms the legal owners of the property you're buying and shows any debts that exist on the property. This can be alternatively your lawyer or estate agent will be able to obtain this. You'll need to provide a recent version of this document when applying for your mortgage.
10. Arrange your mortgage, or alternative finance


11. Arrange a valuation

12. Set up a local bank account

You'll need a bank account in Spain during and after the buying process. Apart from the property itself, you'll need to pay professional fees, taxes and charges on the purchase and utility bills and potentially management fees once the property is yours. Look at our Accounts section to find out more.
13. Instruct your lawyer to complete legal investigations

your lawyer will do the necessary checks on the owner and title deeds to ensure that the sale is legal. Insist on seeing other documentation pertinent to the property - your lawyer will be aware of the documents that are necessary to check to safeguard against illegally registered properties or unpaid tax or utility bills. These include:

    Registered title deeds ("Escritura Publica")
    Annual Property Tax receipts ("Impuesto sobre Bienes Inmuebles", often referred to as the "IBI")
    Property Registration Certificate ("Certificado Catastral")
    Plan of building plots ("Plan Parcial") for properties located on urbanizations
    Paid-up Community fees for properties located on urbanizations ("Comunidad de Propietarios")
    Paid-up Utilities bills (e.g. electricity, water, rubbish collection)

14. Appointment of a notary

A Notary ("Notario") is a government official who oversees the completion of the property transaction ("escritura de compraventa"). His duty is to ensure the legality of the contract, but importantly, is not responsible for verifying the accuracy of the statements within the contract (which must be undertaken by your lawyer). If you sign a mortgage with us, we will engage the notary on your behalf in order for the contract to be signed and the transaction completed.
15. Pay a deposit (re-sale)

If you're buying a re-sale property, you are now able to negotiate a final purchase price in light of the findings from the survey. You will then sign a private purchase contract and pay a deposit, usually 10-20% of the agreed price. Make sure you fully understand the contract - at this stage, if you pull out of the sale, you will forfeit your deposit. If the seller pulls out, he must pay you double the value of your deposit.
16. Arrange a date for completion

On the completion date, the notary will read the property deed aloud and ensure you understand the commitments you're taking on prior to you signing it. You should have an English translation of the deed.
17. Pay for the property and applicable taxes

At this point you'll pay the remainder of the purchase price plus all the charges, taxes and fees detailed in the 'Costs to consider' section.
18. Title will be registered at the Land Registry

The very final step of the buying process is for your lawyer to advise you when you can expect to receive the full title deeds ("escritura publica"), which usually takes a few months to process. When these documents have been completed and returned by the local registry office, you will officially become a homeowner in Spain - congratulations!