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Dual citizenship dilemma!

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Ozcelt
7/18/2022 11:44 EST

So, this is going to seem initially like one of those "good problems" to have!
We're both Australian citizens AND Irish (EU) citizens. We're keen to retire permanently in either Spain or Portugal (still deciding).
We both qualify for an Australian aged pension (at 67...so not quite yet) and have also a chunk of money in self-funded Australian superannuation (pension). So, crudely, we have a more than adequate recurring income. There is also a social security/services agreement between Australia and both Portugal and Spain (we think), which probably means we can avail ourselves of healthcare etc to some degree.
But, even so, if we come in ONLY on an Aussie passport, we have still to go through the whole non-EU citizen visa process - which seems to require a lot of up-front cash (which we really don't have).
We want to do the right thing wherever we choose to go: so, is it OK for us to claim permanent residency in either Spain or Portugal USING OUR EU citizenship - and possibly have to use healthcare etc in the (distant) future, but then still use our Australian citizenship to "prove" our income qualification etc? Anyone out there who has some knowledge or advice or expertise in this sort of juggling act?

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PoppyGalore
7/18/2022 15:09 EST

In short, yes! Aussie and Irish citizen here as well, but living in NZ. I will use my Irish citizenship to enter Spain and buy a home, but still keep assets in NZ. Take a careful look at the Spanish taxation system though, before you make a final decision. The wealth tax in particular, which varies from region to region, can be a killer. You may be paying tax in both countries plus a sizeable penalty if for example in Andalucia, your property is worth more than €300,000. Best wishes.

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Ozcelt
7/18/2022 22:27 EST

Thanks so much. Good to know we're not alone! All the available advice seems to revolve around discussions for Poms moving from the UK (and Brexit fallout) or Americans. There's little or no expert advice available for our circumstance. Mind you, at least no-one is peddling false qualifications either!
You seem quite clear and confident in what you intend to do - and how you intend to do it. Can I ask: did you get help/advice from any third party? Or, did you just plough through all the inline stuff to unearth gems?! I'd be grateful for any pointers to sources you found useful and trustworthy (and, maybe, not too expensive!!). Thanks

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PoppyGalore
7/19/2022 05:58 EST

Hi, we did a lot of online research both for real estate and financial implications. We are tossing up whether to continue with our dream due to the wealth tax. There is none in Madrid but property is considerably more expensive and we do favour Andalucia. We intend buying a property in Spain, and leave our home here rented. That means that on top of the taxes we pay on rental income here, we have to pay the Spanish government a further 10% of that income. Plus the annual wealth tax on property owned in Spain which is around 2% plus of everything over 300,000€. As I am 60 and already retired, we would be relying on our rental income from NZ to keep us. It seems a big word of our income would be going to both governments. I need to do more number crunching. Meantime, as the world is in crisis, we are staying put in our safe little corner of the world.

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