I received an answer on another forum. Some excerpts from 2 threads by the same author:

NOW, once you have EU PR [Permanent Residency] - by accumulating 5 yrs whether via regular residence permits or via EU blue card or via combination - YOU CAN more easily move to another EU country. This again excludes UK, Denmark, Ireland.
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The permanent residence is Directive 2003/109/EC - link here: http://eur-lex.europa.eu/legal-content/en/ALL/?uri=CELEX:32003L0109

The permit has different names in different countries - which makes it hard to find information. I have to say I am completely clueless how it works for EU nationals, the directive talks about third-country nationals (thus non-EU I believe). I was under the impression that EU citizens didn't need to become residents in their 'second' country (just perhaps report themselves but nothing else), so I'm definitely not knowledgeable on the matter.

Anyway, see for example points 19, 22 and 23 of 2003/109/ec:
(19) Provision should be made that the right of residence in another Member State may be exercised in order to work in an employed or self-employed capacity, to study or even to settle without exercising any form of economic activity.

(22) To avoid rendering the right of residence nugatory, long-term residents should enjoy in the second Member State the same treatment, under the conditions defined by this Directive, they enjoy in the Member State in which they acquired the status. The granting of benefits under social assistance is without prejudice to the possibility for the Member States to withdraw the residence permit if the person concerned no longer fulfils the requirements set by this Directive.

(23) Third-country nationals should be granted the possibility of acquiring long-term resident status in the Member State where they have moved and have decided to settle under comparable conditions to those required for its acquisition in the first Member State.

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You can do this 2 ways: Firstly, you are actually allowed to use your PR from your original EU country in another EU country for UP TO 6 years. Alternatively, you request that your original EU PR be transferred to a EU PR of your new EU country. In the case of Spain this is simply filling out a form.
The form to fill out is the Modelo de Solicitud EX-11 available here: http://www.interior.gob.es/web/servicios-al-ciudadano/modelos-de-solicitud/extranjeria

There, you can check the box which states you are a EU long term resident in another country and are renouncing to that status in that country in order to apply with this form for the same status in Spain (sort of transferring the status). It appears that for this permit the level of funds to be shown is around 800 EUR per month, based on the original webpage I found linking to this form.

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