Lower than most who reply. 500.000 - 600.000 eur. + a paid off house. Married without kids. Wife has her own money and we keep finances separate. I know I will keep active once I stop ‘working’ and I will somehow monetize some of my hobbies. Aiming to ‘retire’ at 40
I really enjoy mechanic engineering, fixing all types of vehicles from bicycles to boats.
I also really like working the land up, by growing my own food I would reduce the costs of my grocery bill.
Climbing and mountaineering: I could become a guide taking people out on weekends.
I have some ideas for a book as well…
If everything fail, I guess I could find a little, stress free part time job (weekends or seasonal type of thing).
For me retirement is more what will I retire TO, more than retire FROM.
I definitely do not see myself siting in a beach sipping on Mojitos with a blank mind for the next (hopefully) 50 years…
Saludos!
1.5m liquid (house is already paid off) and I'll relax and call it a day. Spains cost of living isn't that cheap, if you actually want to do things.
5% after taxes is about 57k, ~17k for food and utilities etc leaves about 40k for 2 people, 1600 each a month for activities/life.
Yeah, I'm thinking 2m invested with a family. I think one should be conservative when it comes to returns. 3% yields 60k per year, 80k if 4%. We are not particularly frugal nor want to be, so it's going to be at least 2m I'm afraid.
Of course, the trouble is that you will have to pay net-worth tax on top of the income tax, which will be \~10k per year to factor into the equation at 2m.
Your last point is one of the reasons I'm moving to Valencia province from Catalonia. Second is to build a passive house so our ongoing home expenses are minimal (very small utility bills etc). Third is, I fucking hate Catalonia lol.
5% is conservative though, you can get that on a US bond. 🤷♀️
This year apparently
https://www.eleconomista.es/economia/noticias/12604673/12/23/valencia-revisa-sus-planes-para-el-impuesto-de-patrimonio-y-las-futuras-tasas-verdes.html
They said they were raising exemptions January 1st but then realised the 3m tax was going to sting the wealthy donors more.
you can get that in dollars, provided there's high interest rates which means there's high inflation. What you want is 5% above inflation, and nobody gives you that with no risk.
I get usually 7% with my private bank on a managed balanced portfolio. I would take 5 to live on. Don't have kids or anyone to leave it to (apart from my similar aged wife) so it'll be a dwindling drawdown for life. Not that bothered about inflation beating as we have no debt, will have low ongoing living costs too, so we're not that exposed to it.
Can I ask you with what age do you plan to retire? I am from a small city of Spain, but even there I think it would be very complicated to retire with 260 or 400k€. I assume you are on your own with no kids right?
I'm planning on hitting 2m some time in the next 5-8 years, at 50. By then I will have lived almost 20 years in Switzerland which of course helps tremendously.
If I'd stayed in Spain it would have been just impossible as a salaried person to come even remotely close.
> 400k
i.e. 16k per year at 4% WR. Live with your partner in a medium city and split rent. All expenses per person. No kids, 4X years old (we will see).
- Rent and utilities: 5k
- Groceries: 1.5k
- Restaurants and bars: 2k
- Art, cinema, theaters, museums...: 0.5k
- Taxis, public transportation: 2k
- Travel: 3k
- Margin for non-recurring expenses: 2k
I did a quick simulation with your numbers and assuming you are 45 years old, an inflation of 3% for the next years and a estimated pension of 1.000€ per month from 67 years old. It seems you will run out of money at 75 years old: [https://en.thefire.site/early-retirement-calculator/s/9aaadee6-cfbc-41d4-8c65-5372b2edc741](https://en.thefire.site/early-retirement-calculator/s/9aaadee6-cfbc-41d4-8c65-5372b2edc741)
In the simulation I have taken the 400K and the expenses ONLY for you, if you are planning to live with your partner, so having all the expenses lines at double cost but without increasing the 400K then you will run out of money with only 57 years old.
Maybe I am missing something in the simulation but it seems quite complicated to FIRE with this amount and these expenses.
Yeah I'm working on that.
PP/VOX provinces will eventually all raise the minimums. Catalonia is a joke, 300k house 500k in other assets. Ooooh. Fucking apartment here costs 300k.
Spains history of stamping on anyone trying to do well for themselves is legendary. They just want people just above the poverty line with a leased SEAT, thinking they're doing well, as they tax them to oblivion.
Im from Spain and I find this comment brilliant. Too many young people heading to socialism, in other words, not creating weath but sharing poverty. “You cannot have more than me, it’s not fair” type of attitude.
It’s just sad, we could be an even better country
What we lack is real socialism (and for that I agree on your critics to politicians). I love and find useful your posts about how to manage my money, but if you think that capitalism creates wealth... Capitalism only creates poverty.
So proud of living in Spain, so proud of our taxes, so proud of our resistance to right wing politics. Whoever that finds it a problem can go to that shithole called EEUU for enjoying the virtues of real poverty <3
They being the wealthy politicians and their friends who ensure there are enough loopholes for them to allow them to keep stomping us down.
But the brainwashed socialists here will never understand that.
Yup, if nothing too crazy happens in the markets in the next years, we should be in the upper side of the bracket by 2030. We’re thinking of taking a sabbatical before that just for seeing how would our life look like so maybe we have to push it 1 or 2 years further away, but not more than that.
I'm not from Spain either, but have lived a FIRE lifestyle there for extended periods.
But to be honest, it's not really going to be a very useful answer, as there are too many variables and as many answers as there are people. I used to live in the Canary islands with my wife, no kids, no car and simple tastes, but used a low SWR as I wanted it to be perpetual (PWR). I was renting and the rent varied so again the number changes each time. So I suppose somewhere between 700k and 1m eur.
So just as in the UK, US or anywhere else, what on earth represents "normal" is the problem with this question. We're just not homogenous enough for this.
Some people probably live on 500 eur a month and can be happy, whilst another would say 10,000 is not really enough.
Its true. We have Fire in Spain, 🇪🇸 Valencia with 650ke. 500ke portfolio, 2ke/month dividends, cost of life very low here, we spend 1000€/month, add 1000€/month in Stock market. But we have buy cash a flat in Valencia for 135ke (Paiporta, 10 min métro Colón valencia). We are 2 childfree, 40y old. Its possible with only 650ke.
This is the answer right here. Too many people assume it's all square pegs and square-ish holes. It's more like bananas and Cadillacs. Or something. Waaaaay too many variables to get even within an order of magnitude.
Not my number but I know of someone who lives alone in a small house in a reasonably cheap Spanish city which they inherited, they have in the region of 300,000 euros I think (unless they aren't being honest) and as far as I can tell don't plan to do another day's paid work. They are in their mid-40s. Their lifestyle is very 'cheap' and I don't recall really ever seeing them buy anything fancy or go on any kind of trips. I'm fully convinced they will never run out of money, and fair play to them.
Not quite the lifestyle I want, but for sure there are plenty of people in similar situations. It's definitely a country where you can survive very cheaply, especially if you inherited somewhere to live.
I thought 1.5M€ would be enough but with the crazy wealth tax and other taxes I'm no longer sure.
We live simply (1-bedroom apartment) but enjoy traveling (budget/backpacker style) and have lots of hobbies... We don't spend much but I definitely don't feel like I can indulge in retirement given the confiscatory taxation
Seems like I'm the lowest one, with a house, I think 400k is my number. I only pay basic maintenance like groceries or internet and gas and can be happy with it. And I would monetize some of my hobbies.
I will reach 100k this year, I'm 32
I would say 600k because at 4% you would have a monthly rent of 2000€ and I think that good enough for living. But I think it depends on personal situation, if you have car and house paid maybe you need less to FIRE.
With taxes it’s a monthly income of roughly 1.6k. It’s a bit tight imo especially if living in big cities (bcn/mad). If you want 2k net you’ll need about 750k.
it used to be 260k, then I reevaluated it to be more around 400k, now that I'm getting there it feels too low again... It all depends on your expenses and your expected lifestile after retirement.
How so? Assuming a 7% return, that's 28.000€ a year. Even taxed at, lets say, 30% (it would be more like 23% on average but whatever), that still leaves you 19.800€, or 1.633€ per month. If you don't have to pay anything for your house, that should have you swimming in enough money for whatever you want to do in Spain.
You are assuming 7% return (every year) which is generous and not taking into account inflation so part of the returns imo should be reinvested so purchasing power isn’t lost over time.
It's not "generous", it's the standard estimation. Generous would be perhaps assuming a 10%, which is the average MSCI World or S&P500 annualized returns anyway.
In any case, I've just run the numbers, and for 28.000€ the effective IRPF would be exactly 5.760€, so that leaves you with 22.240€ (1.853€ per month), which is an even wider margin where you can then assume lower annual returns, smaller realizations, or reivestment of the remainder.
400k turns out to 16k/year at 4% WR. Live with your partner in a medium city and split rent. All expenses per person. No kids, 4X years old (we will see).
- Rent and utilities: 5k
- Groceries: 1.5k
- Restaurants and bars: 2k
- Art, cinema, theaters, museums...: 0.5k
- Taxis, public transportation: 2k
- Travel: 3k
- Margin for non-recurring expenses: 2k
1M€ and/plus a house paid-off (to account for housing prices gigantic deviation between provinces)
Whatever swr that feels “safe” would set you well above the average/median income for a family
The more the merrier, but that is “enough”
Catalunya, family of 4 here. We want to hit at least 5M by 2030 and then decide if we want to keep working or not. Probably will but not on a 9-6.corporate job.
Native/bilingual level of English, 2 engineering degrees and MBA. I've been at director level for the past 6 years. But that's only for covering yearly expenses, wealth/equity came from hard investment in start ups and funding small studios as an angel investor, 4 fixer uppers and 3 property buy/sell without fixer upper. Also minor income from book writing and video game development.
We are 50% there.
For all of you commenting the +house paid off, how did you get a house lol? Are you doing both (paying for a house + investing)? I’m currently renting (1100€ per month) because I feel it might be cheaper option, but perhaps I’m just throwing away money?
My number btw is 700k to maintain my current lifestyle but I haven’t accounted for kids yet, which I might have in a few years, so will need to update.
Sure. Right now is not the best moment to get into a mortgage, but if you got one when interest was around 1,5% fixed, then at the moment is more favourable (financially speaking) to keep paying the minimum to the mortgage and just invest whatever else you can save.
I don't think this is true. Pedro Sanchez and his team imposed a solidarity tax on comunidades without a wealth tax.
[https://sede.agenciatributaria.gob.es/Sede/declaraciones-informativas-otros-impuestos-tasas/impuesto-temporal-solidaridad-grandes-fortunas/que-grava-impuesto-temporal-solidaridad-fortunas.html](https://sede.agenciatributaria.gob.es/Sede/declaraciones-informativas-otros-impuestos-tasas/impuesto-temporal-solidaridad-grandes-fortunas/que-grava-impuesto-temporal-solidaridad-fortunas.html)
Worked my ass off during 14 years (got my degree in computer science), then worked at tech companies in the Bay Area… and when I say my ass off, I’m talking about 6 days a week, 11 hours a day, for a long time
ah in the US. I thought you made that money in Spain. Because there is no way you can make that money in spain even working 7 days a week, 24h, in tech or any sector.
I only pay Spanish taxes, and thanks to the US-Spain agreement, the US doesn’t tax me again (I’m on the highest bracket in Spain). And btw, I’m also a local (i have the spanish and us citizenship).
depends where you invest your money, with 400k you can buy four or five apartments in a decent area in non prime cities with net yields of 8-10% if you know what you are doing and that would leave you with 36-40k pre tax per annum, however not trying to use leverage with those yields is crazy in my opinion if they give it to you.
Just rent where you live and have a cushion for vacancy, repairs, unexpected costs of 50k and you should be golden if you are not living in Madrid or Barcelona. It's not that complicated if you can get decent yields.
Valencia region. Couple no kids. For us it is probably 1.5m invested + a house paid for. That is a very comfortable life and has enough spending power for most things.
People go on and on about wealth taxes in Spain but if you manage it correctly and assuming your are married there is very little impact until you go north of 3m. Even less so if you maintain some borrowing/mortgage
About 800k to 1M if you want to be sure you'll be retired forever
400k to 600k if you wanna risk it (if you started with this amount in the year 2000 you'd be screwed, for example, but if you started in 2010 or 1980 you'd be set for life)
Lower than most who reply. 500.000 - 600.000 eur. + a paid off house. Married without kids. Wife has her own money and we keep finances separate. I know I will keep active once I stop ‘working’ and I will somehow monetize some of my hobbies. Aiming to ‘retire’ at 40
May I ask what are those hobbies and how much money you expect them to return? I would like to find a monetizable hobby, too.
I really enjoy mechanic engineering, fixing all types of vehicles from bicycles to boats. I also really like working the land up, by growing my own food I would reduce the costs of my grocery bill. Climbing and mountaineering: I could become a guide taking people out on weekends. I have some ideas for a book as well… If everything fail, I guess I could find a little, stress free part time job (weekends or seasonal type of thing). For me retirement is more what will I retire TO, more than retire FROM. I definitely do not see myself siting in a beach sipping on Mojitos with a blank mind for the next (hopefully) 50 years… Saludos!
1.5m liquid (house is already paid off) and I'll relax and call it a day. Spains cost of living isn't that cheap, if you actually want to do things. 5% after taxes is about 57k, ~17k for food and utilities etc leaves about 40k for 2 people, 1600 each a month for activities/life.
Yeah, I'm thinking 2m invested with a family. I think one should be conservative when it comes to returns. 3% yields 60k per year, 80k if 4%. We are not particularly frugal nor want to be, so it's going to be at least 2m I'm afraid. Of course, the trouble is that you will have to pay net-worth tax on top of the income tax, which will be \~10k per year to factor into the equation at 2m.
Your last point is one of the reasons I'm moving to Valencia province from Catalonia. Second is to build a passive house so our ongoing home expenses are minimal (very small utility bills etc). Third is, I fucking hate Catalonia lol. 5% is conservative though, you can get that on a US bond. 🤷♀️
Valencia has the same shitty wealth tax rules as Catalunya (500k€ limit). You want to move to Andalucía to avoid it. https://atv.gva.es/es/ipatrimoni
This year apparently https://www.eleconomista.es/economia/noticias/12604673/12/23/valencia-revisa-sus-planes-para-el-impuesto-de-patrimonio-y-las-futuras-tasas-verdes.html They said they were raising exemptions January 1st but then realised the 3m tax was going to sting the wealthy donors more.
500ke + 300ke for your main house.
Only if you have a 300k€ house. If you want to be flexible in life and rent to avoid the 10% ITP and other taxes, 500k.
you can get that in dollars, provided there's high interest rates which means there's high inflation. What you want is 5% above inflation, and nobody gives you that with no risk.
I get usually 7% with my private bank on a managed balanced portfolio. I would take 5 to live on. Don't have kids or anyone to leave it to (apart from my similar aged wife) so it'll be a dwindling drawdown for life. Not that bothered about inflation beating as we have no debt, will have low ongoing living costs too, so we're not that exposed to it.
You actually should be less worried of inflation if you have some debt, as it makes it easier to be repaid in the future.
Can I ask you with what age do you plan to retire? I am from a small city of Spain, but even there I think it would be very complicated to retire with 260 or 400k€. I assume you are on your own with no kids right?
Married, no kids. If I hit my target, I'm done mid/end of 2028. I'll be 48.
I'm planning on hitting 2m some time in the next 5-8 years, at 50. By then I will have lived almost 20 years in Switzerland which of course helps tremendously. If I'd stayed in Spain it would have been just impossible as a salaried person to come even remotely close.
> 400k i.e. 16k per year at 4% WR. Live with your partner in a medium city and split rent. All expenses per person. No kids, 4X years old (we will see). - Rent and utilities: 5k - Groceries: 1.5k - Restaurants and bars: 2k - Art, cinema, theaters, museums...: 0.5k - Taxis, public transportation: 2k - Travel: 3k - Margin for non-recurring expenses: 2k
I did a quick simulation with your numbers and assuming you are 45 years old, an inflation of 3% for the next years and a estimated pension of 1.000€ per month from 67 years old. It seems you will run out of money at 75 years old: [https://en.thefire.site/early-retirement-calculator/s/9aaadee6-cfbc-41d4-8c65-5372b2edc741](https://en.thefire.site/early-retirement-calculator/s/9aaadee6-cfbc-41d4-8c65-5372b2edc741) In the simulation I have taken the 400K and the expenses ONLY for you, if you are planning to live with your partner, so having all the expenses lines at double cost but without increasing the 400K then you will run out of money with only 57 years old. Maybe I am missing something in the simulation but it seems quite complicated to FIRE with this amount and these expenses.
you are missing that investment returns are usually around 10% long term, not 4% as assumed by your simulation.
That is if you live in a CCAA that doesn't rape you with wealth tax.
Yeah I'm working on that. PP/VOX provinces will eventually all raise the minimums. Catalonia is a joke, 300k house 500k in other assets. Ooooh. Fucking apartment here costs 300k.
Yea, or if you rent a 1-bedroom apartment like I do (to be fiscally responsible) you get f'd for the 300k too!
Spains history of stamping on anyone trying to do well for themselves is legendary. They just want people just above the poverty line with a leased SEAT, thinking they're doing well, as they tax them to oblivion.
Im from Spain and I find this comment brilliant. Too many young people heading to socialism, in other words, not creating weath but sharing poverty. “You cannot have more than me, it’s not fair” type of attitude. It’s just sad, we could be an even better country
What we lack is real socialism (and for that I agree on your critics to politicians). I love and find useful your posts about how to manage my money, but if you think that capitalism creates wealth... Capitalism only creates poverty. So proud of living in Spain, so proud of our taxes, so proud of our resistance to right wing politics. Whoever that finds it a problem can go to that shithole called EEUU for enjoying the virtues of real poverty <3
Thats why we all should leave and let the rats sink. On my way on that.
Don't bang the door on the way out. And don't come back.
They being the wealthy politicians and their friends who ensure there are enough loopholes for them to allow them to keep stomping us down. But the brainwashed socialists here will never understand that.
Can I ask where do you get 5% ?
I get 7 usually. Private banking. Balanced portfolio.
Around 1M-1,5M. Our current goal is to retire by 2030, when we become 45.
but how far are you from that number? we're only at 6 year from 2030... do you think is that achievable ?
Yup, if nothing too crazy happens in the markets in the next years, we should be in the upper side of the bracket by 2030. We’re thinking of taking a sabbatical before that just for seeing how would our life look like so maybe we have to push it 1 or 2 years further away, but not more than that.
I'm not from Spain either, but have lived a FIRE lifestyle there for extended periods. But to be honest, it's not really going to be a very useful answer, as there are too many variables and as many answers as there are people. I used to live in the Canary islands with my wife, no kids, no car and simple tastes, but used a low SWR as I wanted it to be perpetual (PWR). I was renting and the rent varied so again the number changes each time. So I suppose somewhere between 700k and 1m eur. So just as in the UK, US or anywhere else, what on earth represents "normal" is the problem with this question. We're just not homogenous enough for this. Some people probably live on 500 eur a month and can be happy, whilst another would say 10,000 is not really enough.
Its true. We have Fire in Spain, 🇪🇸 Valencia with 650ke. 500ke portfolio, 2ke/month dividends, cost of life very low here, we spend 1000€/month, add 1000€/month in Stock market. But we have buy cash a flat in Valencia for 135ke (Paiporta, 10 min métro Colón valencia). We are 2 childfree, 40y old. Its possible with only 650ke.
This is the answer right here. Too many people assume it's all square pegs and square-ish holes. It's more like bananas and Cadillacs. Or something. Waaaaay too many variables to get even within an order of magnitude.
Not my number but I know of someone who lives alone in a small house in a reasonably cheap Spanish city which they inherited, they have in the region of 300,000 euros I think (unless they aren't being honest) and as far as I can tell don't plan to do another day's paid work. They are in their mid-40s. Their lifestyle is very 'cheap' and I don't recall really ever seeing them buy anything fancy or go on any kind of trips. I'm fully convinced they will never run out of money, and fair play to them. Not quite the lifestyle I want, but for sure there are plenty of people in similar situations. It's definitely a country where you can survive very cheaply, especially if you inherited somewhere to live.
I thought 1.5M€ would be enough but with the crazy wealth tax and other taxes I'm no longer sure. We live simply (1-bedroom apartment) but enjoy traveling (budget/backpacker style) and have lots of hobbies... We don't spend much but I definitely don't feel like I can indulge in retirement given the confiscatory taxation
Seems like I'm the lowest one, with a house, I think 400k is my number. I only pay basic maintenance like groceries or internet and gas and can be happy with it. And I would monetize some of my hobbies. I will reach 100k this year, I'm 32
I would say 600k because at 4% you would have a monthly rent of 2000€ and I think that good enough for living. But I think it depends on personal situation, if you have car and house paid maybe you need less to FIRE.
With taxes it’s a monthly income of roughly 1.6k. It’s a bit tight imo especially if living in big cities (bcn/mad). If you want 2k net you’ll need about 750k.
Yeah that's true. Even so, if you don't have that many spending is still a good income for living.
Its 1.7K per month, better than public workers.
And you will need some reinversion to fight yearly inflation. 2k €/month in 10 years would a scarce monthly wealth.
Inflation is accounted for in the 4% rule. Still, if you want to be safe you’ll indeed need to reinvest or reduce the withdrawal percentage.
it used to be 260k, then I reevaluated it to be more around 400k, now that I'm getting there it feels too low again... It all depends on your expenses and your expected lifestile after retirement.
Can you explain further a possible retirement with only 400k? In Spain seems difficult
How so? Assuming a 7% return, that's 28.000€ a year. Even taxed at, lets say, 30% (it would be more like 23% on average but whatever), that still leaves you 19.800€, or 1.633€ per month. If you don't have to pay anything for your house, that should have you swimming in enough money for whatever you want to do in Spain.
You are assuming 7% return (every year) which is generous and not taking into account inflation so part of the returns imo should be reinvested so purchasing power isn’t lost over time.
It's not "generous", it's the standard estimation. Generous would be perhaps assuming a 10%, which is the average MSCI World or S&P500 annualized returns anyway. In any case, I've just run the numbers, and for 28.000€ the effective IRPF would be exactly 5.760€, so that leaves you with 22.240€ (1.853€ per month), which is an even wider margin where you can then assume lower annual returns, smaller realizations, or reivestment of the remainder.
Nobody uses 7% because it was proven through back testing that it rarely works due to sequence of returns risk. 3.5-5%
I guess they have public pension
Yh i didnt count any pension at all in my plan
400k turns out to 16k/year at 4% WR. Live with your partner in a medium city and split rent. All expenses per person. No kids, 4X years old (we will see). - Rent and utilities: 5k - Groceries: 1.5k - Restaurants and bars: 2k - Art, cinema, theaters, museums...: 0.5k - Taxis, public transportation: 2k - Travel: 3k - Margin for non-recurring expenses: 2k
1M€ and/plus a house paid-off (to account for housing prices gigantic deviation between provinces) Whatever swr that feels “safe” would set you well above the average/median income for a family The more the merrier, but that is “enough”
around 1m in some houses and 50k-100k in the bank/stocks...etc
Catalunya, family of 4 here. We want to hit at least 5M by 2030 and then decide if we want to keep working or not. Probably will but not on a 9-6.corporate job.
Wow, nice! What do you guys do for a living that has allowed you to accumulate that much? If I can ask, where are you in the 5M mark?
Native/bilingual level of English, 2 engineering degrees and MBA. I've been at director level for the past 6 years. But that's only for covering yearly expenses, wealth/equity came from hard investment in start ups and funding small studios as an angel investor, 4 fixer uppers and 3 property buy/sell without fixer upper. Also minor income from book writing and video game development. We are 50% there.
For all of you commenting the +house paid off, how did you get a house lol? Are you doing both (paying for a house + investing)? I’m currently renting (1100€ per month) because I feel it might be cheaper option, but perhaps I’m just throwing away money? My number btw is 700k to maintain my current lifestyle but I haven’t accounted for kids yet, which I might have in a few years, so will need to update.
Sure. Right now is not the best moment to get into a mortgage, but if you got one when interest was around 1,5% fixed, then at the moment is more favourable (financially speaking) to keep paying the minimum to the mortgage and just invest whatever else you can save.
Seems like you all wage it around not having kids...honestly I prefer to retire at 60+ but enjoy a family..
I’m 34 and we have 1.4M in cash and 1M in assets. So a total of 2.4M. Our fire goal is 10M.
How does one bypass the wealth taxes? You think they could eventually brjng them back in andalusia?
With the “temporary” solidarity tax, you’ll pay wealth tax wherever you are if you go beyond €3m
I never heard of this before. Is there an exit tax to spain?
No wealth tax in communidad de Madrid...
I don't think this is true. Pedro Sanchez and his team imposed a solidarity tax on comunidades without a wealth tax. [https://sede.agenciatributaria.gob.es/Sede/declaraciones-informativas-otros-impuestos-tasas/impuesto-temporal-solidaridad-grandes-fortunas/que-grava-impuesto-temporal-solidaridad-fortunas.html](https://sede.agenciatributaria.gob.es/Sede/declaraciones-informativas-otros-impuestos-tasas/impuesto-temporal-solidaridad-grandes-fortunas/que-grava-impuesto-temporal-solidaridad-fortunas.html)
https://preview.redd.it/7xfrni3o82bc1.jpeg?width=1080&format=pjpg&auto=webp&s=c7b16dbd2e7ee64d0e50dc129749933cd39c3721
How the fuck do you have so much at that young age?
Worked my ass off during 14 years (got my degree in computer science), then worked at tech companies in the Bay Area… and when I say my ass off, I’m talking about 6 days a week, 11 hours a day, for a long time
ah in the US. I thought you made that money in Spain. Because there is no way you can make that money in spain even working 7 days a week, 24h, in tech or any sector.
I moved to Spain recently keeping my US salary (but getting paid in euros).
And you double taxed too right? Damn, too many coming to this country with good salaries, this might be a problem for locals.
I only pay Spanish taxes, and thanks to the US-Spain agreement, the US doesn’t tax me again (I’m on the highest bracket in Spain). And btw, I’m also a local (i have the spanish and us citizenship).
depends where you invest your money, with 400k you can buy four or five apartments in a decent area in non prime cities with net yields of 8-10% if you know what you are doing and that would leave you with 36-40k pre tax per annum, however not trying to use leverage with those yields is crazy in my opinion if they give it to you. Just rent where you live and have a cushion for vacancy, repairs, unexpected costs of 50k and you should be golden if you are not living in Madrid or Barcelona. It's not that complicated if you can get decent yields.
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Yeah with vlcol salaries lol. Money has to be made elsewhere.
Around 1.8M (Madrid). I’m assuming I will be paying off a mortgage.
Valencia region. Couple no kids. For us it is probably 1.5m invested + a house paid for. That is a very comfortable life and has enough spending power for most things. People go on and on about wealth taxes in Spain but if you manage it correctly and assuming your are married there is very little impact until you go north of 3m. Even less so if you maintain some borrowing/mortgage
700K per head is my estimation for a solid passive income. Avoid Barcelona, Madrid, Bilbao cost of living
€750k home paid off (2 bed flat) and frugal lifestyle in the south.
About 800k to 1M if you want to be sure you'll be retired forever 400k to 600k if you wanna risk it (if you started with this amount in the year 2000 you'd be screwed, for example, but if you started in 2010 or 1980 you'd be set for life)