Non Lucrative Residency Spain?
- Víctormanuel Paz
My Non-lucrative Visa Experience for Spain
What is a Non Lucrative Visa Spain? – A non-lucrative residence visa is a unique type of residency permit in Spain for non-European citizens who insinuate to travel to Spain for long term life. This residence residence permit is non-profit in that you will not be permitted to do any economic and professional duties in Spain. The non-lucrative residence visa is the most preferred for most expats who find Spain a better destination since it is not mandatory to invest in Spain for you to obtain it.
However, the applicants must prove their financial capabilities of supporting their stay in Spain for at least one year without working. After the initial year of residency in Spain, this visa is subsequently renewable every 2×2 years , making a total of 5 years stay.
Later, anybody who wants to have a permanent stay can apply for a permit to become Spain’s permanent residence. Besides, the Spain’s non-lucrative residence visa allows you to bring your family members so long as you can have enough money to sustain them.
What are the requirements to retire in Spain?
Pensions in Spain – If you’re planning to retire in Spain, it’s also important to consider your pension options. To qualify for the minimum Spanish state pension, you’ll need to have made social security contributions in Spain for at least 15 years. To get a full Spanish state pension , you’ll need to have at least 37 years of contributions. Supplementary pensions, such as occupational (workplace) and private pensions are also available in Spain. It’s worth keeping in mind that private pensions are less common than in some other European countries.