Mediterranean retreat only for the “rich above the average”
According to Blevins Franks, retirees who want to spend their later lives on the shores of the Mediterranean will likely have to shell out a significantly higher sum now that the UK is not part of the EU.
First, they will have to provide a lot more documents than before; and potential delays in systems or in getting the right documentation may well require them to request multiple times, which will come at a cost.
Depending on the country they choose, clients may need to have their documents translated and they may also have to hire an immigration specialist.
In addition, many EU countries now require Britons to have private medical insurance and demonstrate that they have sufficient income to support themselves and / or their families without depending on the state.
Blevins Franks explains that in order to move to Spain, for example, they will need to prove a minimum annual income of â¬ 27,115 (Â£, $), and if they have family members moving with them, they will need 6,778 â¬ additional per person.
An expensive process
“All of this means it’s the preserve of the above-average wealthy,” said Jason Porter, director of specialist financial advisers for Blevins Franks expatriates and head of the company’s European emigration advisory service.
âMake a mistake in the residency application and in most cases it is void and the application fee is forfeited. Not only will they have to start the process over from scratch, but they will have to find more money for a new application.
One route which was already popular but which is becoming even more so was that of golden visas. They require investing a substantial amount in property or other parts of the local economy to gain residency rights or citizenship in that country.
Porter added: âThey certainly wouldn’t want to try to get a golden visa on their own, as they cost on average â¬ 5,000-6,000 each, and an application that needs to be resubmitted would cost â¬ 500 each time. . One of the EU Golden Visa applications, if not done correctly, could cost â¬ 40,000 in lost fees. “