How Much Money Do You Need To Start Your New Life?
Our research shows that the average amount of money people have at their disposal is around £50,000 when they arrive in Tenerife. But if you are determined to fulfil your dreams and are prepared to do whatever it takes to achieve it (within reason of course!) you could get by on far less.
Although the cost of living in Tenerife is slightly lower than in the UK, it is very easy to spend what amounts to a small fortune in a very short space of time.
There are restrictions on the amount of cash you can travel abroad with so, don’t bring thousands with you in cash. Opening a Spanish bank account should be your first priority, so that you can have your money transferred electronically. Money brokers in the UK generally offer a better exchange rate than banks for your sterling, and opening an account is easy. Once you make the final move to Tenerife and have opened a Spanish bank account, you can have all your money transferred in one go from your UK bank account via your money broker.
Your biggest expense initially will be accommodation; you will need at least 1 months deposit and 1 month rent in advance and possibly a finder’s fee if you go through an agent. If you plan to buy your own property in Tenerife, then you should consider the cost of doing this as the fees involved are higher in Tenerife.
If you have children who are attending a British school in Tenerife, you will normally be required to pay a deposit, plus 1 month fee’s in advance per child.
You will have to pay for some of the paperwork required for you to live and work in Tenerife; however the costs for these are small.
Until you begin working, your living expenses are going to come direct from your savings, so the sooner you start earning a living the better.