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Pensions and taxes in Spain

brief overview

Many seniors, instead of having to shovel at minus degrees in the home snow, put their food point on Spain's Mediterranean coast, on Mallorca or on the Canary Islands. The mild climate with over 300 sunny days, long beaches, large golf course density on the doorstep are attractive reasons for moving to southwest Europe. Hundreds of thousands of Europeans from all countries and Swiss are to be found here.

1. Pension payment

For the pension payment of a foreigner to Spain there are forms, so that the pension payment can be transferred easily by bank transfer to Spain. In case of a change of residence to Spain, a Spanish bank account must be opened.

2. Sickness insurance

In order to be able to apply medical, hospital bills and medically prescribed medications to health insurance, the existing health insurance must know that you live abroad. There are also corresponding forms and in Spain on the spot, the Spanish insurance carrier (on the note of the existing health insurance) must be visited to know that you are in Spain.

3. Tax

In Spain, pensioners have to pay taxes on pensions. These must be stated on the tax form. There are allowances which can be used to reduce the amount of tax to be paid. Spanish tax rates are comparatively high and start at net €12450.--with 19% tax. At €35000.--it's already 37%. Therefore, it is best to go to a German-speaking tax advisor to clarify how much the net senior income is and what deductions are possible.

Before you emigrate to Spain, the above points should be taken into account so that there are no surprises on site.