Money in Bank

Has anyone heard about a new legislation due to come out in Spain about people who intend moving to Spain to live having to have a certain amount of money in the bank? Would appreciate some information as my husband and I plan on doing just that when we sell our house in UK

Diana,  This is from an earlier post:-

Thanks for the reply so glad we don't need millions in the bank as pensioners I'm afraid that would be a no no lol

Do you really think this is a good time to move to Spain? Don't be in a hurry to sell your house and burn your bridges. At least if you have your house you can rent a villa here for a few months each year and enjoy Spain without all the pain!

 in reply to camposol there is nothing wrong in moving to Spain now ( or when your house is sold) The weather here is much better than U.K all year round. However the winters are cold and most houses do not have central heating.  The cost of living is much cheaper, so long as you do not go to the British type shops and buy your British brands. However as a word of advice I would certainly not BUY a property now. I think the market has not bottomed yet. Also you need to understand the Spanish way of doing things which is totally different from the British and you will also avoid some of the pitfalls we all have made when we first came here. I would suggest that you rent a property for at least 6 months if not a year before thinking of buying. That way you will get to know the area and the way things are done. Also if you dont like the area then you just upsticks and move to another area. You should also go on a 'grand tour' of Spain and then you should find the area you like. Just remember to do your research. At the moment I personally would not convert my sterling (from the sale of your house) to euro. Just bring over enough for say 3 months and top it up as and when you need it.

Good luck and enjoy the good life we have over here but don't wear rose coloured glasses

error

Tut tut, John, you've just steered this thread WAY off topic....but now that you have (yeah, I know, it wasn't you) we might as well continue with the ol' chesnut that is UK v Spain for cost of living. It is a goodun'!

I just read something online about car insurnace in the UK. Apparently an average fully comp policy can now cost over £1500.  That's incredible if it's true. My (IMHO) distinctly average 2.0 litre motor costs me about €450 a year fully comp here. My annual road tax has been the same €80 for years. God kows how much rates are in Blighty now, but I just got my annual bill, expecting a massive hike due to the austerity measures etc., but was pleasantly surprised to find it had only gone up about €50 - to about €340. I don't know how much a TV licence runs to these days - I never had a TV in England so have never paid for a licence and can't imagine having to.

I wonder if car insurance, road tax, rates and TV licences are included in that survey's "basket"? I suspect not. Probably stuff like Big Macs and cans of Coke and other stuff we can't live without.

 I think you'll find that £1500 is before no claims discounts.  At least, I hope so.  Last year my insurance went from £340 to £372 even though I was with the same company.  My insurance here, which includes breakdown cover for which I was paying about £70 for in UK, is €350 for a 1.6.  I think a TV license costs £145 a year in UK but considering people will pay £500 a year for Sky it's not  too bad.  And the number of people here who pay 30 to 40 euros a month to get rebroadcast signals would also think it a bargain.  We have a sat dish but that cost the equivalent of 4 years license fee to get installed.

Well off the original topic, I know.  As the OP can glean from other threads, Spain has introduced rules saying you need to be able to support yourself and have medical cover.  Others have said this is against the EU rules but all these rules, if you read them, say "without prejudice to National Border Controls".  Anyway, it's for new residents and the amount required is quite low (I've seen €5,100 a year quoted which is only just over £4,000 a year).  If you don't get that, you shouldn't really be thinking about coming to live in a foreign country as electric, water, community charges, IBI etc would take a big chunk out of that even before you think of buying things like food.  

Again, to the OP, it's great here in Spain.  Still cheap (relatively), good lifestyle, good weather, good friends.  Property is very low at the moment (around where I used to live a one bed apartment has just sold for €36,000 (£28,000) and a really nice, 2 bed apartment on a good community with large sun terrace has just been sold for €52,000 (£41,000)).  Now, ask yourself, what would 41k buy you in UK?  Certainly not on a community with swimming pools, gardens and close to beaches?  Plus mortgages are not much more than half the UK rates if you need one (although they are difficult to get).  

If you do move over, try and bring quite a bit with you as household items can be quite expensive.  Well worth the 1500 quid or so to ship it over (No DFS, Harveys or Wilkos over here).  Fortunately, you don't buy the household goods every week.

"the amount required is quite low (I've seen €5,100 a year quoted which is only just over £4,000 a year). If you don't get that, you shouldn't really be thinking about coming to live in a foreign country"

 Excellent point! And you're spot on - our expenses last year, including electric, water, basura, phone & internet, IBI, community fees, home insurance, plus car tax, ITV and insurance (and a service) came to about €4,700 (couple living in a 2/2 town centre)

The amount you have seen quoted is in the list of requirements which I copied below.:-   Proof of sufficient resources (minimum 5.007,81 EUR)

My last UK OAP was just over 1,000 euros. That was  for 4 weeks for me and my dependant wife..