Immigrants who work and settle in Spain are entitled to request Spanish pensions, provided they meet certain criteria. In some cases, international pensions can be transferred or counted towards your retirement in Spain.
Who Can Apply for Pensions in Spain?
To qualify for the minimum Spanish retirement pension, one must work and pay social security contributions in Spain for 15 years. However, to request a full Spanish pension rate, one must have worked and contributed for at least 35 years. Another condition is that at least two years must be within the 15 years prior to the pension claim. There are also some exceptions, such as special periods like maternity leave, unemployment, or certain workplace hazards.
However, by 2027, the government plans to raise the minimum contribution period from 15 years to 25 years and increase the maximum salary for the highest Spanish pension from 35 years to 38 years.
If you immigrate to Spain from another European Union country, your insurance from other EU member states will be counted towards your eligibility for a Spanish pension. Spain has signed bilateral agreements with several non-European countries.
Age for Receiving Pensions
Currently, the pension age in Spain is 65 for men, gradually increasing to 67 by 2027 (see the exact retirement age in Spain each year). If you have paid social security contributions for 38.5 years, you can retire at 65.
If you have a disability or work in certain high-risk jobs, you may be able to receive the full Spanish pension from the age of 60, or even retire early at 52 in certain cases.
Pensions for Foreigners in Spain
Spain has signed bilateral social security agreements with many countries around the world, allowing citizens to combine or transfer pension benefits to obtain a Spanish pension or achieve a higher Spanish pension rate.
If you are a citizen of the European Union, then each year you work and contribute to social security in a member state can be counted towards your pension. Once you reach the legal pension age in each country, you will begin to receive these pensions, so if the pension ages overlap, the amounts you receive may vary. Different conditions apply to pension and social security benefit systems in different countries.
Pension System
The pension system in Spain consists of three main pillars:
1) The Spanish national pension constitutes the first pillar for all residents working in Spain;
2) Company and employee pensions form the second pillar, with conditions and feasibility depending on the employer;
3) Private pensions constitute the third pillar, which is voluntary and usually has more flexible conditions than the Spanish national pension.
Now, you only need to purchase a property worth €500,000 in Spain to quickly obtain residency for your entire family, enjoying top-tier global air quality while receiving benefits, healthcare, and education equivalent to nationals, paving the way for a quality life, with the property also having appreciation and value retention characteristics, ensuring immigration value enhancement. For more details on investment immigration to Spain, please consult the WorldWay Immigration Group: 400-138-2929.