What are the benefits of applying for permanent residency after legally residing in Spain for 5 years?
Permanent residency allows the individual to legally reside in Spain indefinitely. After obtaining permanent residency you won’t need to provide any more proof of sufficient financial means or health cover, as you will enjoy access to Spanish healthcare on the same basis as any other Spanish citizen. You will also be able to leave the country for 2 consecutive years before losing your permanent resident status.
However: the Withdrawal Agreement between the EU and the UK states that permanent residency shall be lost only through absence from the host State for a period exceeding 5 consecutive years (instead of the usual 2). However, we are waiting for the Spanish institutions to reflect this information officially and we recommend caution regarding this aspect, for the time being.