This article analyzes social capital among European pensioners retired in Valencia. The objects of the study are associations and clubs for European retired migrants. We analyzed the self-advertisement of these associations and conducted 18 structured interviews with key informants. In addition, we also conducted a case study of an association whose objective is the improvement of the access to health services. We found a predominance of bonding capital: strong intra-group identity and lack of contact with the host society. We suggest that this transnational social
space of retirees causes a fourth form of social capital, linking bonding capital, through the setting of vertical links to strengthen the group, based on the perception of a similar identity and trust in power and resource endowments.