Moving out Permanently

Hello Everyone

I have a friend who is 62 with quite a bit of savings but very small pension who wants to reitire in Spain. Is there any Financial minimum now that he would need to reitre here on a permanent basis being a single person? He has no family here. Nor would he be working again.

Apologies if already asked before.

1. Is he from UK?
2. If UK the minimum income is €28,800 per year plus, as under retirement age and no state pension, private medical insurance. Interest savings and being able to prove access to 28,800 per year for the first 5 years is necessary.
3. If from EU (which includes holding an Irish passport) then 600 euro a month income plus private medical insurance.

4. Again, if from UK, has to apply for a visa in UK before coming to Spain to apply for residency.
5. And, from EU, can come to Spain and apply for the EU register within 3 months of arrival.

There are other "hoops" such as criminal background checks, medical certificate stating no communicable diseases etc.

Buying property in excess of 500,000 euro (not necessarily one property) will give access to a golden visa which gets around the income aspect but must still have private health insurance.

Thank you so much Marcliff. I think his pension may be below that threshold and he is from the UK. But will qualify with his savings.

Savings are only counted if the income from interests or investments are received so that you can show, along with your pension, that your bank account will receive 28,800 euro a year from that income.

That is, a guaranteed income of €2,400 every month.
For example, your pension, interest from savings, guaranteed rental income and so on. The amount of savings would have to be as much as 5 times the 28,800 euro to start to show that you have that money each year, less the pension amount.

I would try a company called upsticks they were excellent for my mum.