How To Apply For A Non Lucrative Visa For Spain?
- Víctormanuel Paz
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.
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.
How long does it take to get a non lucrative visa?
How long does the non-lucrative visa application take to process? – Application processing times will vary depending on where you apply. Most applications are processed between 2 and 5 weeks , but in some countries can take up to 3 months. Applications in the UK and USA can vary depending on with consulate you use to apply.
How much do I need to retire in Spain?
Warm weather, a relaxed lifestyle, excellent cuisine, and a welcoming culture. These are just a few of the things that Spain offers to expats. Around 6 million foreigners choose to call Spain home, thanks to its high standard of living, excellent healthcare, and a competitive education system.
- Retirement in Spain also tends to be fairly low cost;
- You can retire comfortably on about $2,000-2,200 a month, about $25,000-27,000 a year;
- If you choose to live a bit further away from the big cities, you can retire at approximately $1,700-1,900 a month, which is about $20,000-22,000 annually;
This guide will provide you with all the information you need to know about how to retire in Spain, including the cost of living, the legal steps of living in Spain, taxes, the best places to retire, and much more.