My name is Jonny, I'm a financial analyst from the UK, currently living and working in Spain.
I created this channel to help and inspire young people to improve their financial situation and live life to the full by sharing my own experiences with money and living abroad.
I upload content on a weekly basis about personal finance, how to invest your money, tips to help you save more money, real estate and property, and travel and living overseas.
Everybody is welcome in the Millennials With Money community! Let's get this money!!!
DISCLAIMER: The opinions and views shared on this channel are for entertainment and educational purposes only and are not to be taken as financial advice. Always conduct your own research prior to making any financial decision.
This was a great video and really helpful. We're considering moving to Spain (probably Almeria or Murcia) and the costs you've described really help us. One question for you, what about healthcare costs ? We're both retired and need several items of monthly medication. I've seen it's necessary to have medical insurance but can't find any details about cost. Also would we need to pay for our monthly prescription items and if so could you give any idea of the likely costs ? Thanks for any help you can provide.
Hey so, my employer has said I can work in another country if I wish (I am full time employed UK) What is confusing me is - when my UK payroll process my pay do I pay 2 lots of tax???
You should speak to a tax professional about this - normally no as Spain and the UK have a double taxation treaty but a tax expert will be able to explain the specifics. Hope this helps!
Hi, you mentioned not having money for the airport train? Why didn’t you withdraw using your WISE card? 1. Can I put a SIM card in the phone at the airport and buy data package?
Hey, so the full story is that I found that out at the metro station, so went to withdraw the cash with my Wise card, but 3 out of 5 different cash machines I tried weren't working. Then I finally got the cash, started running back to the metro and when I arrived realised the money had fallen out of my pocket on the way back 😭😭 moral of the story is to carry cash or have the Istanbul Card at all times (and take care of your money!).. for your phone, I imagine there probably are SIM cards at the airport, however I used a Ubigi e-Sim which you can download and top up the data you need in advance: few.cellulardata.ubigi.com/?P512C3F57DBF5191&redir=https%3A%2F%2Fcellulardata.ubigi.com%2F Hope this helps!
It’s very unfortunate indeed, though for an ordinary resident living in Spain I would expect a deposit of €50k for a property that price, plus closing costs. Fortunately there are regional guarantor and/or bank initiatives (e.g. Young people mortgages) that make it a little more accessible. Hopefully it will make things better in the long run
@@MillennialsWithMoney That is not the experience I see. Most banks only offer up to 80% mortgage but it is them who accessing the value and I have see a LOT of cases where they just say, nope, we think its only worth xyz so we only lending you up to 70% of the purchase value. plus the 10% cash fees on top of everything like laywers etc. It is really scary, and it is 250K now, in 5-10 years by the time people actually saved up the 50K it is likely going to be 400K purchase price :( Just messed up, I wish there was a 10% option for first time buyers.
The golden visa via property investment is set to be discontinued but the legislation hasn't been passed through parliament yet. It's not clear whether the other investment options (govt debt, bank depsoit, investment in Spanish company) will remain available but for now there has been nothing to say that they will also disappear.
It's worth moving to live in Russia. Here are some advantages of living in Russia: - High-quality free education. - Gradual income growth. - Free medicine. - Cheap high-speed Internet. - Opportunity to find a job. - Little competition. - Low taxes (up to 18%). - Dynamics of development of the middle class. - Many walking places: parks, squares. - Paid parental leave for up to one and a half years. Here are some things that foreigners value about life in Russia: - Free, accessible and high-quality medical care. It is difficult for foreigners who pay for insurance themselves or through employers to imagine that medicine can be publicly accessible. - Vibrant culture. Russian ballet, theater, literature, painting, and impressive architecture have firmly settled in the hearts of foreign-language guests. - Cheap and fast Internet, low prices for cellular communications. - Commitment to family values. Foreign men are amazed that there are still women in the world who dream of getting married and caring for their husbands and children. - Russians love their history, respect for traditions. The way of life of Russians is closer to their spirit than the life and thinking of their fellow countrymen. Many would even like to live in Russia, because life here is much richer, more spiritual, and more interesting than in bourgeois Europe or America. Russia in ratings: - in terms of availability of natural gas for the population in 2nd place out of 30 European countries in 2024 - ranked 5th out of 38 European countries in terms of electricity availability in 2024 - ranked 6th out of 117 countries in the world in terms of Internet availability - ranked 15th out of 32 European countries in terms of gasoline availability in 2024 - in terms of unemployment rate in 4th place out of 34 European countries in 2023 - ranked 26th out of 153 countries in the world (ranked 4th out of 38 European countries) in terms of income tax rate Affordability refers to how much electricity, natural gas, gasoline, and Internet can be bought for the average salary in a given country. Thus, the average salary in Russia can buy more electricity, natural gas, gasoline or the Internet than in more than half of the countries in Europe. About 40 million Russians have garden plots - this is not the case in any other state in the world. Russia also has a unique situation with housing ownership: 84% of housing is owned by the population. No other country in the world has such numbers. In Russia, without any property at all - apartments, dachas, cars - only 7% of the population. For example, the United States has more homeless people per capita than countries like Vietnam, India, Iran, and Kazakhstan. According to official information, in the US between 550,000 and 3.5 million people do not have a normal home. These Americans live in tent cities, cardboard box houses. More than 20 million Americans live in trailers. Russia is rich in social benefits. The volume of social benefits in Russia amounts to more than 20% of GDP. There is free healthcare in Russia. For example, in Russia the removal of the appendix costs about 100 times cheaper than in the USA, this is in a fully paid clinic. Nearly a third of Americans say they have not sought medical attention for health problems in the past three months due to concerns about the cost of these services, according to CBS News, citing a new study by Gallup and West Health. About 23% of Americans say that paying for medical services is a serious financial burden for them. However, as the article highlights, refusing treatment can have dire consequences, and a study found that nearly 13 million Americans have either a friend or family member who died because they couldn't afford medical care. In addition, 20% of adults in the United States say they or a family member experienced a worsening health problem after delaying treatment because of the cost. From 2009 to 2020, medical bills were the largest source of debt in the US, with a record $140 billion in debt last year, according to a July study published in the Journal of the American Medical Association. In Russia, higher education is free. Russia ranks first in the world in terms of the share of people with higher education. In the United States, only 55% of those who enter universities receive a diploma of higher education, American experts note the Spencer Foundation Emeritus Chairman and former co-chairman of the Commission on Bachelor Education of the American Academy of Arts, economics professor Michael McPherson and head of the program for education and development of competencies of the American Academy of Arts and Sciences PhD Francesca Purcell. However, the average dropout rate is also significant. In Russia, this figure is 21%, at the level of France and Belgium. In Denmark, Korea and Japan it is lower - from 11% to 17%. The average figure among OECD countries is 31%. Against this backdrop, the American dropout rate of 45% is almost a record. McPherson and Purcell explain it by the high cost of higher education in the country and the insufficient quality of teaching. More than 20% of American adults have difficulty writing, and some can't even read a newspaper, ABC reported. This was shown by a study of the International Program for the Assessment of Adult Competence (PIAAC) under the auspices of the US Department of Education. According to the study, one in five adults in the US has a very low literacy rate. 43.5 million Americans experience difficulties with writing and reading. And we are talking not only about migrants, but about people who speak English from birth. “The historical and political illiteracy of the population is quite high in North America. This must be fought, taxpayers' money must go to eliminate this illiteracy, and not to enrich the class of oligarchs, ”Mark Tagliano, a US writer and author of several books on geopolitics, told 360. Rating of countries based on the results of international studies PISA, TIMSS, PIRLS, ICILS, PIAAC, the share of people with tertiary and higher education, Global Skills Index, by the number of weighted victories at international student olympiads, by the total number of gold medals received at the International Mathematical Olympiad (IMO ), International Olympiad in Informatics (IOI), International Physics Olympiad (IPhO), International Chemistry Olympiad (IChO), International Linguistic Olympiad (IOL/ILO), International Olympiad in Economics (IEO), International Biological Olympiad (IBO), International Geographical Olympiad Olympiad (IGeo), International Science Olympiad (IJSO), International Olympiad in Astronomy and Astrophysics (IOAA), International Earth Science Olympiad (IESO), International Astronomy Olympiad (IAO), International Philosophy Olympiad (IPO), WorldSkills competitions : 1 . Russia 2. Singapore 3. Japan 4 . South Korea 5 . Great Britain 6. Finland 7. Australia 8 . Netherlands 9 . Switzerland 10 . Canada 11 . Germany 12 . USA 13 . Poland 14 . Sweden 15 . France 16 . Austria 17. Hungary 18 . China 19 . Denmark 20 . Bulgaria And at the end of 2023, the World Bank included Russia in the list of high-income countries. According to the World Bank, in 2023, the share of the population of countries in the world whose GDP per capita, taking into account PPP, is lower than that of Russia, is 83.59%. Japan's GDP per capita, taking into account PPP, is 15% higher than that of the Russian Federation. But in Japan, there are long hours of overtime, office work on weekends, refusal of vacations and forced drinking sessions with bosses, and all this is the reality of the Japanese labor market. Millions of local clerks complain of chronic fatigue, burnout and depression. Every year, hundreds of them literally die from overwork: in Japan there is even a special term for this phenomenon, “karoshi” - “death from overwork.” In Russia, it’s the other way around; as a rule, there’s freebies at work. The actual time worked is several hours, and it is not a problem to ask for time off or to de facto leave work home early! Feedback from a programmer who left Russia for the USA: “When you travel outside the country, you begin to see things there that were the default in your life: free medicine, a 4-week vacation, clean streets, not scorching sun, convenient transportation, delicious food, the ability to get documents done quite quickly . And here - systemic loneliness, a lousy lifestyle, low illumination of the city, backwardness of everyday life, outdated infrastructure, no schools, you walk around the city and see schizos of different stripes, it’s scary, you live side by side with inadequate people. Got a bill: $1,500 for 15 minutes with a doctor? Fuck this kind of medicine! And we also have insurance! We were surprised by the noise of the local metro, it rumbles like a train. What's up with rats, urine and vomit? Along the walls from the 30s, from which the paint has fallen off, along the wires stretching along the ceiling? Try going to Manhattan at 8 am to understand what “packed” means. Expensive, hot, boring, stinks, I wash my clothes in the common laundry area, and I curse the decision to move to this garbage dump. Only after being here you understand what a circus it is, here you can choose your gender, not politicians. I thought that I would wake up in tears from dreams in which I came to Russia and could not leave there. As a result, I wake up in tears because I was there in a dream and realize that I am now in the States." Watch the video on RU-vid "🇷🇺After the TUCKER / PUTIN Interview: Do YOU want to Move to RUSSIA?! People Around the World do!" on the "EXPAT American" channel. In it, foreigners talk about their life in Russia.
So just to clarify if you are successful at obtaining the digital nomad visa, straight away you need to register as an autonomo? Which will grant the public healthcare
This is what I understood yes, unless the social security convention between Spain and the applicant' shome country dictates otherwise with regards to access to the public system. Marina and the team in any case can clarify specific cases 😊
It's about €16k annually (€2.2k over 14 pay periods) at the time of writing this comment (source: La Moncloa). So a single applicant would need to be making around €32k annually. Each person on the application increases the total by about €7k if I'm not mistaken.
Hi there! Is a self-employed digital nomad eligible for Bekham Law? I'm a US citizen working for a US company but also trying to get Mexican citizenship to fast track to citizenship in Spain.
Hi Rachel! It depends - we talk about it in this video in more detail ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-rez5YmRfY68.html. Thanks for watching and hope this helps!
With the digital nomad visa I heard you can’t work a full time remote job and only as a contractor. Is this true and what can I do you think to have a company hire me as a contractor while moving abroad?
Not that I'm aware of - check out this video where you can find out all the details about the Digital Nomad visa: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-rez5YmRfY68.html
Honestly Italian banks (Cherry, for example) offer usually 4.5% (3.33% after tax) for long-term deposits like those. If you want a non-binding deposit Banca Transilvania offers 3.35% (3.015% after tax)-and you can get your money back whenever, without restrictions.
To make matters worse, laws in Spain largely favour squatters, and they actually enjoy political support in some areas. It is estimated that over 100,000 homes in Spain are currently occupied by squatters. This number has been steadily rising for the past few years. But government is busy with other things.
This is so interesting. I'm familiar with investing in storage units (from the US) but have never heard of buying an individual unit. Also, interesting that you had to rent it out yourself (vs it being a unit in a managed building of many units). But awesome that you did this experiement!
Thanks for watching Micki! Almost 2 years on now, I definitely think it makes more sense to buy multiple units (if not a full facility) because it makes management easier and of course from an overall business perspective (having more supply for customer demand)
If you would pick as a teacher to go to Portugal or Spain, what would it be? Spain is what I've recenrly been leaning towards. My wife has a masters in teaching k-12.
Thanks for watching! I found this one on idealista and then did some research on average rent prices for similar size and standard units in the same area
Dual Tax Treaty you dont mention this , I live in a Country in Europe with a dual tax treaty so I have to spend min 183 days in said country to be free of HMRC. I am tax resident of my host Country with a retirement Visa
Wow that’s crazy… there are parking apps for short term parking in Spain, depending on the neighbourhood etc can be 30-40€ as well, but this might be more for the big cities
Why are properties in the Costas of Spain so much less expensive than in Portugal? On the show, A Place in the Sun (UK) for example, they show many places in the 100-200k range but that rarely exists in Portugal unless you're in the middle of nowhere.
A very good question, without looking into statistics or data, my guess would be that Spain has a lot more coast and more coastal towns and cities than Portugal, so there are different options for people of where to settle. Whereas in Portugal attracts a lot of people to the Algarve and maybe a couple of other regions, so perhaps a higher population density as a result. Thanks for watching!
Hi, I have just discovered your channel and first like to thank you for great work... And I have a question which are the most common websites for buying/selling properties (from owners)?
Thank you! Idealista.pt (the one used in this video) is a popular site, a couple of others you can check out are Imovirtual and Properstar. On each platform you can see who is posting the adverts, whether it's an agency or an individual seller. Hope this helps!
@@MillennialsWithMoney thank you! And thank you for creating this channel, which answers the most important questions for someone who is thinking to move abroad. Most channels show how they moved their furniture to Spain or elsewhere, how their daily lives are in the supermarket and so on, but I get no answers/information about the needed paperwork and all that important stuff, which you explain perfect..
Hey Donna, check it this page where you can find everything for the NLV: www.exteriores.gob.es/Consulados/losangeles/en/ServiciosConsulares/Paginas/Consular/Visado-de-residencia-no-lucrativa.aspx
@@MillennialsWithMoney Hi good morning,. I bought your Excel file to know how much tax I will pay under the Beckham law. Is there any option to do it?
@@walterderosa1009 hi Walter thanks! If you purchased the advanced calculator yes there is a drop-down option to apply the Beckham law. You can drop me an email if you face any issues and I’ll gladly assist
