Sun, Savings, and Spain – A Canadian’s Guide to Retirement in Europe

Spain, with its sunny weather, delicious cuisine, and welcoming communities, has become a top retirement destination for Canadians. But let’s be real, uprooting your life and moving halfway across the world isn’t as simple as booking a one-way flight. You’ll need research, a plan, and the right visa. Thankfully, there are two main options for those moving to Spain from Canada: the Non-Lucrative Visa (NLV) and the Golden Visa.

Non-Lucrative Visa (NLV)

Perfect for retirees with passive income, the NLV has a few key requirements:

1. You need proof of financial stability. For the main applicant, an annual income of at least €28,800 is required (4x IPREM). Add €7,200 per dependent.
2. Working is prohibited—both in Spain and abroad.
3. You may apply on behalf of your immediate family.
4. Private health insurance in Spain is mandatory. You will be ineligible for public healthcare.
5. You must apply for this Spain retirement visa before entering the country. Applications are made from Canada.
6. Long-term, this visa opens the door to permanent residency and even Spanish citizenship.

Golden Visa

If you’re open to investing in Spain, the Golden Visa might be a better fit. Here’s how it works:

1. You must invest at least €500,000 in real estate. Other financial investments require €1,000,000.
2. You’re allowed to work—whether as an employee, employer, or freelancer—both in Spain or internationally.
3. Immediate family members can join you under this visa.
4. Private health insurance is still required. Public healthcare depends on employment contributions.
5. Like the NLV, applications for this visa are made before moving.
6. The Golden Visa offers flexibility, eventual permanent residency, and a path to Spanish citizenship.

We suggest you consult with a reputable immigration firm like My Spain Visa to find out the best visa option before applying.

Top Places to Retire in Spain

Spain’s diverse regions mean there’s something for everyone. Whether you want beaches, history, or peace and quiet, here are five top picks for retirees:

• Alicante (Costa Blanca): Known for its 320 days of sunshine, beautiful beaches, and lively atmosphere, Alicante is a retiree favorite and the cheapest city in Spain to live by the sea.
• Javea: Another Costa Blanca gem, Javea offers a quiet, traditional feel with a large English-speaking community and a milder climate.
• Malaga (Costa del Sol): A vibrant city full of history, art, and sandy beaches, plus excellent transport connections to explore the country.
• Marbella: Upscale and charming, Marbella blends luxury living with a mix of modern and historic Spanish culture.
• Torrevieja: Affordable and welcoming, this coastal town is popular among expats for its pleasant weather and relaxed lifestyle.

Cost of Living

For Canadians, life in Spain is much more affordable. In Madrid, for example, you can rent a one-bedroom apartment starting at €600/month. In comparison, Canadian cities often charge between C$1,750 to C$4,600 for something similar. Utilities are cheaper, too—around €125/month versus about C$184 back home.

Southern cities like Granada or Seville offer even lower living costs with excellent quality of life. Meanwhile, places like Madrid or Barcelona provide a vibrant urban experience but at slightly higher prices.

Final Thoughts

Retiring in Spain gives you sunny weather, a rich culture, and a relaxed lifestyle—all for less than you’d spend in Canada. Whether it’s lounging on the Costa Blanca or exploring Madrid’s lively streets, Spain has something for every retiree. With careful planning and the right visa, your dream retirement is closer than you think.