Non Lucrative Residency In Spain?
- Víctormanuel Paz
GENERAL INFORMATION Visa to reside in Spain without carrying out any gainful (work or professional) activity, provided that the applicant has sufficient and guaranteed means to live on. This visa does not constitute a work permit. The following family members may also obtain the visa:
- The spouse or unmarried partner.
- Dependent children and dependent relatives in the ascending line who form part of the family unit.
How much income do you need for residency in Spain?
If you wish to immigrate in Spain and you have sufficient income to support yourself and your dependents, you may apply for a Non-lucrative residence visa. This visa does not entitle you to work in Spain. You must have income of at least €25,560 annually, plus €6,390 per each additional family member. Income may be derived from investments, annuities, sabbaticals and any other sources of income. The visa issued will have a validity of three months and fifteen days, with multiple entries and 90 days of stay in Spain.
Within one month of your arrival in Spain, you must apply for a residence permit and a foreign national identity card. The residence permit is usually issued for a period of 2 years, renewable, provided that you still meet the economic requirements and you have lived at least 183 days in Spain each year.
After 5 years of holding the temporary residence permit, you will be eligible for permanent residency. The permanent residency will entitle you to live and work in Spain indefinitely. After 10 years of legal residency (temporary or permanent) you may be eligible for naturalization.
To become a Spanish citizen, you will be required to commit to renounce your previous nationality, have financial stability, no criminal record, attend an interview and prove your degree of integration into Spanish society, e.
knowledge of Spanish language, culture, values and participation in Spanish social activities. Note that nationals of the Philippines, Andorra, Spanish-American countries, Equatorial Guinea, Portugal, as well as individuals with Jewish Sephardic origin, may be eligible for citizenship after two years of legal residency.
How much do I need in bank to move to Spain?
What Is The Minimum Income For Residency In Spain? Expat Tips Published: 17 February 2022 17:32 CET Updated: 28 July 2022 17:32 CET When the Brexit transition ended on January 1, 2021, so did the ease with which British nationals could get permanent residency in Spain. Sadly, since the UK left the EU, Brits looking to stay can only do so for a maximum of 90 days in any 180 day period. For most holidaymakers this is perfectly fine, however, the restrictions are a real sticking point for those who own second homes in Spain and want to spend long periods here.
However, it’s not all doom and gloom. If you still have the dream of becoming a permanent resident in Spain from 2022 and beyond you can still do so, although you will need to be eligible for one of the Spanish residency visas.
One strict requirement for many of the visa options is the ability for you to demonstrate that you have sufficient financial income to sustain yourself and any family members so that you do not become an economic burden to the Spanish state. Below we detail the current minimum income requirements for residency in Spain for 2022.
The following income requirements are primarily for those who wish to apply for a non-lucrative Spanish visa. There are also other avenues you can take to gain Spanish residency such as the Golden/Investor visa , although you will need to invest an adequate sum into the Spanish economy by investing in real estate or other investments if you choose to take this route.
Recent reports suggest that Brits who have more than 500,000 Euros to spend on a property in Spain are taking this route to secure permanent residency. Let’s take a look at how much you need to earn for residency in Spain. Non-Lucrative Visa – Minimum Income for Spanish Residency 2022 Before we cover the income requirements for the non-lucrative visa, it’s important to understand what the non-lucrative visa is and who it is for.
The non-lucrative visa which is ‘ visado de residencia no lucrativa ‘ in Spanish, is a temporary residency visa that allows non-EU residents to stay in Spain and the Schengen area for longer than 90 days.
You cannot work in Spain with a non-lucrative visa, at least not initially, although you may carry out work for individuals and businesses outside of Spain. After the first year, you can renew the visa for a further two years and then two years after that until you get to five years.
After five years, you may apply for permanent residency which means you are then able to work here or promote your business in Spain. Although the non-lucrative visa is sometimes referred to as a retirement visa, it is actually more relevant to third-country nationals who can prove they have the financial clout to remain here.
As the UK is now considered to be a third country, in most cases it is the easiest and fastest route of gaining Spanish residency for those who can prove they have the relevant income levels. In order to demonstrate that you have sufficient economic means, you will need to show proof of original documents including bank statements, business accounts, pension statements and/or other assets and investments that you hold.
- As of 2022, the following are the minimum income requirements for the non-lucrative visa in Spain;
- Main Applicant – The main visa applicant will need to prove an income of 400% of the Spanish IPREM (Indicador Público de Renta de Efectos Múltiples), which in 2022 equates to €579,02;
This means you will need to have an income of at least €2,316,08 per month or its legal equivalent in foreign currency. Family Members – For each family member, you will need to have a further monthly income of 100% of the IPREM which would be €579,02 per month.
- For the support of each of the family members in charge, monthly, 100% of the IPREM, which in 2022 amounts to 579,02 € or its legal equivalent in foreign currency;
- Sample Minimum Incomes So if you planned on moving to Spain with yourself, a partner and two children, you would be looking at the following minimum income levels;
Main Applicant – €27,792. 96/£23,225. 19 (Yearly) Partner – €6,948. 24/£5,805. 09 (Yearly) Child 1 – €6,948. 24/£5,805. 09 (Yearly) Child 2 – €6,948. 24/£5,805. 09 (Yearly) This means that a UK couple wishing to get residency in Spain would need a total monthly income of £2,419.
- 19 and a yearly income of £29,030;
- 28 A UK family of three would need a monthly income of £2,902,94 and a yearly income of £34,835,37 A UK family of four would need a monthly income of £3,386;
- 70 and a yearly income of £40,640;
46 ** Rates correct as of 28/07/2022 – €1 = £0. 84 Learn more about the non-lucrative visa for Spanish residency .