How much money do I need to retire in Mallorca?

Financial requirements for retiring in Spain If you're a non-EU/EEA citizen who wishes to retire in Spain, you'll need to prove you have enough income to support yourself without income from employment. As of 2021, the minimum figure for this is currently set at €2,259 per month or just over €27,000 per calendar year.



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We recommend budgeting between 800€-1500€ per month to live comfortably in Spain.

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According to property website Idealista, Petra is the cheapest place in Mallorca to buy a home. The average price per square metre in Petra is 1,173 euros. This is more than 200 euros cheaper than the second cheapest - Felanitx at an average of 1,383 euros.

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The average cost per square meter in Spain at the time of writing (January 2023) is 1.921 €/m2, and in Mallorca — 3.706 €/m2. It is 48% higher than the average in Spain. Over the past 2022, the difference in these indicators has increased by 7%.

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Where is the best area to live in Mallorca as a foreigner?
  • Pollensa and Puerto de Pollensa. ...
  • Artà and Capdepera. ...
  • Marratxí ...
  • Santanyí ...
  • Andratx and Port d'Andratx. ...
  • Calvià ...
  • Llucmajor. ...
  • Santa María, Binissalem y Alaró (central zone)


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Pensioners are categorised as “economically inactive” in Spain, which means they have to fulfil extra requirements to stay in the country, compared with working age people. There are two types of visas to earn the right to live in the country: the “non-lucrative visa” and the “golden visa”.

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Typical house in Mallorca Average buying price — 650 000 – 750 000 €.

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Overall, total living costs in Spain are an incredible 21% cheaper than in the UK. This represents the average for the whole country, and depending on exactly where you are relocating from and to, this could be even higher.

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The standard running costs of your Spanish property are:
  • Local Property Tax.
  • Rubbish Collection Tax.
  • Community Fees.
  • Electricity fees.
  • Gas and Telephone.


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