Vital pension information for Britons who move to Spain
A great many British retirees have moved to Spain in recent years, in fact it’s estimated that around half of the British ex-pat community in the country are retired. There are two distinct pension groups to be found here; those who retired with a UK pension and those who have qualified for a local pension because they have been working in Spain.
To qualify for a partial Spanish pension, you will need to have worked there for at least 15 years and made social security payments during that time. The qualifying period for a full pension is 33 years. The pension is a generous one, and despite government attempts to reduce that generosity it remains better than pensions in many other countries.
If you’re planning to retire to Spain and claim your UK pension there, you need to be aware of a few important issues. First and foremost, there are no laws against doing this, although there could be some tax implications. Given the importance of this matter, it’s a good idea to make contact with a locally based advisor to help you go through the options.
You may be required to pay tax on your pension in the UK, and in some circumstances there will be taxes to be paid in Spain as well. At the moment, Spain and the UK have a ‘double taxation agreement’ in place, so this shouldn’t be a problem. This could change in the future, so make sure you obtain the best and most up to date advice.
To find out more about pensions in Spain, why not have a chat with our friendly team? Simply Costa Developments are available on +34 682 66 22 89, and we hope you’ll make that call soon.
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