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Moving to Spain – The Spanish Pension System for Emigrants

by Justyna BartaMoving to Spain

As a working emigrant, thinking about your retirement is an essential step toward guaranteeing a comfortable future. In order to have a comfortable and secure retirement, it’s important to have a plan and vision of possible options. So whether you’re already working in Spain or are curious about retiring as an emigrant in Spain, it’ll pay off to be well-prepared.

If you are moving to Spain, you can use this article as a guide to the layers of the Spanish pension system, the requirements to become eligible for it, the benefits of having a pension plan, taxes and deductions, and the documents you need to apply for a pension.

When planning to move to Spain, one of the most important aspects to consider is pensions. If you are considering a move to Spain, you should familiarize yourself with the pension system in the country so that you can make the most of your retirement savings.

Pension for bor in Spain

For people who were born or have lived and worked in Spain, the state-funded Spanish pension system provides financial support during retirement. In general, people who have worked and paid taxes in Spain for at least 15 years can expect to receive a basic state pension from the Spanish Social Security Agency, known as the Instituto Nacional de Seguridad Social (INSS). This basic pension may vary depending on your income level and the number of years you have contributed to the system, but it is generally around 800 euros per month.

There are several types of private pensions in Spain that provide additional benefits over the basic state pension plan. These types of plans include occupational pensions, personal pensions, and company pensions. Each type of plan has its unique features, benefits, and drawbacks, including fees, tax advantages, investment options, and other features. It is important to research and compare all of your options before selecting a retirement plan.

In addition to private pensions, there are also social security benefit programs available in Spain, such as the retirement subsidy program, which provides a monthly allowance to retirees who have regularly contributed to the Social Security system. This benefit amount depends on the individual’s total income and number of years contributed, but it is usually around 250 euros per month.

Pension for Emigrants

In recent years, the Spanish government has introduced several laws designed to make pension plans more attractive to foreign nationals living in the country. One such law, the “Pension for Emigrants” law, grants foreign citizens living in Spain for an extended period the right to participate fully in the Spanish pension system, regardless of their nationality. This means that after paying taxes in Spain for a minimum of 15 years, they are eligible to receive a pension from the INSS.

Finally, there are several tax benefits available to foreign residents in Spain that can help reduce the cost of their pension plan. These include:

  • reduced tax liabilities on foreign pensions,
  • deferred taxes on contributions to personal pension plans,
  • exemptions on inheritance tax related to the transfer of pension funds to heirs.

Overall, planning for retirement should be a priority for anyone planning to move to Spain. Understanding the pension system in the country is key to ensuring that you make the most of your retirement savings and get the most out of your retirement years in Spain.


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