Non-Lucrative Visa

Non-Lucrative Visa and what is it?

The Spanish lifestyle is famous the world over, but there is more than just a sunny social life on offer here. Ranked by HSBC as 2nd in the world for experience the country appeals to those ready and with the time to enjoy it.

Most of the expats here (55%) are retired while a growing segment are in full time employment, especially now with remote workers and digital nomads.

With its fantastic climate Spain delivers on its promises. Three quarters of the expats here have lived in the country for at least five years and most have stayed because their quality of life is so good and they enjoy immersing themselves in the local culture. By far the largest group of expats living here comes from the UK, but with a growing presence among French, German, Italian, Dutch and American citizens everyday life here appeal to a wide range of backgrounds.

What is the non-lucrative visa?

One of the most accessible Spanish residence permits, the non-lucrative visa is:
A visa that allows you and your family to live in Spain but not to work for Spanish companies. However, you can work remotely to foreign companies.
Europeans do not need one, only if you come from outside of the EU.
You can invest in Spain, like buying a property or own shares of a Spanish company.
It also works as a tourist visa for the rest of Europe.
First for one year, then renewable every 2 years.
If you live in Spain 5 consecutive years, you can convert it into a permanent residency permit, and can start working in Spain as well, if you like.

Who is this non-lucrative visa for?

Anyone who plans to retire in Spain.
Foreigners who want to get to know the country first before investing.
Foreigners who are on a sabbatical year.
Digital nomads who want to work remotely for companies in other countries.

What are the benefits of the non-lucrative residence permit?

You can move with your family – unlike in some visas where you have to live in Spain first for a year before you can bring your spouse and children.
You can study and do paid internships in companies in Spain.
Even if you cannot work in Spain, you will be allowed to work for foreign companies remotely.
There is no need to invest to obtain this permit.
Each year you live consecutively in Spain with the non-lucrative visa, counts towards the permanent residency permit which you can get after 5 years and if you wish it’s possible to apply for Spanish citizenship after 10 years.
If you are a Latin American citizen or from the Philippines you will only need 2 years with the non-lucrative visa to obtain citizenship.

The requirements are easy to fulfil

Main Requirements

Having enough money in your bank account is the primary factor in the consideration of your application for the non-lucrative residence permit. Having enough money on your bank account. The official minimum amount of money you must have to get this residence permit is approximately 26.000 €.
Nevertheless, the more you have the better for a successful application.
In addition, each family member should have minimum 7.000 € on their account.

Proof of funds

For your application for the non-lucrative visa to succeed the best way to show that you meet the financial conditions is to have your bank provide a certificate of cash on your account. This certificate should be dated as close as possible to the date of submission of your application.
Some consulates will also allow you to submit bank certified documents regarding assets (stocks, bonds, real estate value).
Depending on the consulate there may be a requirement to look at bank statements for the last 6 months – this is to see the normal activity and to catch” in-and -out” funds transfers that bring you up over the fund’s threshold.
And don’t forget, the name on the bank statement must match that of the main visa applicant.

Does all the money I show need to be in one bank account?

Not at all. You can have part of the money in an American bank account and the remainder in a Spanish bank account and the consulate will accept it.
Keep in mind though, that depending on your country of origin, the Spanish Immigration Office can request you to have the exact amount in a Spanish bank account. This can happen to applicants from Russia, for example.
Our advice is to open a bank account in Spain as soon as possible
(Tacs4Expats can help you with this, contact QUOTE reference SPT2023) and transfer the money there.

Bringing your family requires a joint application

The retirement or non-lucrative residency allows you to do a joint application. This is simply done by including your spouse and children that are under the legal age just by adding them to your application.

Keep in mind, if you do submit a joint application in order to bring your relatives, the minimum amount of money you are required to show as available to you increases. For each member you are bringing with you, you must demonstrate an additional 100% of the IPREM, which is currently equal to an extra 6.454,03€ annually per additional family member on your application.

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