BRITS are urged to retire in Spain with the nation’s public healthcare system acting as a ‘major attraction’.
With the UK’s rising taxes and cold climate, residents are being encouraged to retire to Spain, says the Daily Mail.
The country has been named as one of the most ideal destinations to retire to with it offering lower taxes, the opportunity to enjoy a new life, and an attractive healthcare system.
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Once one is a resident in Spain, they can access the public healthcare system.
Retirees, and those who are unemployed, do have to pay a fee to access healthcare because they are not contributing to social security.
This charge amounts to €60 per month for those younger than 65 and €157 per month for those older than this aforementioned age.
The Spanish public healthcare system, which this monthly fee gives you access to, is generally considered to be very good.
It is the 7th best healthcare system in the world while the UK’s is the 19th best, according to the World Population Review.
In terms of finances, retirees should also bear in mind Spain’s double taxation agreement with the United Kingdom – this means that you do not pay tax on the same income twice.
Therefore, individuals living in Spain who receive pensions from the UK either pay UK or Spanish taxes.
The amount you pay does however vary, with the charge depending on the region where you live and your income level.
Beginning from 18% of public and professional pensions, the cost can increase to 54% if your annual income surpasses €300,000.
Private pensions can be more complicated and it is recommended that specialised advice is sought after in these cases.
However if you withdraw your pension while living in Spain you are charged Spain’s pension taxes on it.
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The irony of the daily mail, Brexit champion, who made it so difficult for people to retire in Europe now telling people to retire in a place where they had full rights and now have very few. It’s also riddled with on accuracies. You can’t decide if you want to pay tax in the UK or Spain, it doesn’t work that way……
Resident retirees will have no choice but to pay tax in Spain. After 183 days in Spain you become a tax resident. You’ll probably pay more than in the UK as the personal tax free allowance is a lot lower.
Waiting lists are terrible in Spain