Applying For A Non Lucrative Visa For Spain?

Applying For A Non Lucrative Visa For Spain
Proof of Sufficient Funds to Sustain your Stay in Spain – The residence authorization in Spain requires applicants to demonstrate that they have enough money since they are not allowed to work in Spain or working remotely in other countries(Much depends on the consulates, contact our lawyers.

  • This process is one of the main requirements since Spain’s government does not want to permit residency to people who will turn to the government for maintenance;
  • To ascertain that you have enough funds to sustain yourself in Spain, IPREM , an indicator used in Spain to determine minimum income for an individual annually, is used;

The non lucrative visa Spain applicants must have at least 400% of the IPREM value in their bank account every year. Currently, the 400% IPREM value per month for 2022 is €2. 316,08. This gives an IPREM value of €27. 792,96 (minimum) per year. Having 400% of the amount means that your bank account must have €27.

792,96 or more if you include your family members for your visa application to be approved. An additional €6,948. 24 is required yearly for each additional family member under the Spanish non lucrative visa.

Euro is the official currency used, which means applicants’ bank balances should be in Euro or another international currency convertible to Euros. Different documents are admissible as proof of your financial means within the period of your stay in Spain.

These documents include the bank statements for the last 6-12 months before the date of application at the spanish consulate, the employment letter for individuals who will be receiving their salaries while staying in the Spanish territories, proof of investment, and income from other avenues, including rented houses.

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However, a validation document from your bank that shows your credit cards’ validity or property values is required. Notably, the required amount of money can be in multiple bank accounts. The bank statement should not be older than 6 months. Besides, the main visa applicant must have the funds under or on behalf of their name.

Who can apply for a Spanish non-lucrative visa?

The Spanish Non-Lucrative Visa can be applied for by any third-country national who wishes to reside in Spain, without engaging in any work or professional activity. This visa does not apply to EU citizens or to nationals of countries to whom EU law applies.

What is proof of funds for a Spain non-lucrative visa?

Sufficient Economic Means – The main requirement to get the Non Lucrative Visa in Spain is to have enough economic means to stay in the country. You must have sufficient funds to cover your maintenance and stay expenses, including, if applicable, those of your family , during the period of time for which you wish to reside in Spain, without the need to carry out any work or professional activity. In 2022, the Spanish Government dictates that you must prove having the following income:

  • Monthly Income of 2316,08€
  • Monthly Income of +579,02€ for each family member in your care.

How long does it take to get a Spain non-lucrative visa?

What Is the Duration of a Spain Non-Lucrative Visa? – A Spanish non-lucrative visa is valid for three months and 15 days. During this time, you need to apply for a Spanish non-lucrative visa residence permit. The non-lucrative visa residence permit is initially valid for two years.

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Can a retiree work in Spain on non-lucrative visa?

Spain Non-Lucrative Visa for Retirees – The Spanish non-lucrative visa is perfect for those who want to retire in Spain because you can easily meet the requirements once you prove that you have enough money to live there. As a retiree, you need to prove that you have more than 27,792.

96€ in a bank account, plus 6,948,24€ monthly income for each member you bring with you. The Spanish non-lucrative visa doesn’t allow you to work, and as a retiree, you probably don’t plan on working there.

As a retiree, you can stay in Spain on a Spanish non-lucrative visa for one year, but you can renew it for another two years. You can also bring your immediate family members with you after you prove that you can financially support them as well.