An estimated 4.6 million foreign-born individuals made Spain their new home based on 2017 data from the Instituto Nacional de Estadistica and you can move to Spain, a beautiful country, too as long as you do your financial planning ahead of time.
According to finance management expert Miriam Caldwell, planning ahead can reduce the risk of financial stress, something that is experienced by many foreigners who move to the country each year.
Do Your Research before you move to Spain
To get a head start, Crediful recommends that you list all possible expenses to ensure that you have an overview of what you will need to prepare and save for. It is important to dig deep so that you won’t have to contend with surprises. Finding out that the average moving cost for a 1-bedroom flat from any point in Europe to Spain is £2,700, for example, will be quite helpful. Once your research is done, it is time to start saving.
Taking a look at financial services providers, some will give you information on which bank accounts have the best annual percentage yield. Comparing all offers in one place will not only help in your decision making process, it can also help you save time. Aside from this, such websites will also give you access to a range of products that you might need before you move to Spain.
There are a number of financial considerations that every would-be expat should take care of before the move. This includes setting aside money for moving all your belongings to Spain, budgeting for your airfare and that of your family members, and preparing money for fees for your foreigner’s identification number referred to as the Número de Indentidad de Extranjero (NIE) in Spain. You will also need to set aside funds for work permit fees (dependent upon your original country), funds for the Spanish bank account you will need to open once you are in the country, money for your temporary accommodation while sorting out your permanent living arrangements, budget for transportation, food, medical needs, funds for your rent or for buying a home, and a bit of cash for spending money.
Planning ahead will not only help you save for the money you need for the move, it will also help you prepare for other financial considerations such as the average salary in Spain and the taxes that need to be paid annually.