Are you planning to move to Spain for a long period of time? Then you will need your residence permit or residence visa. But there are many kinds of permits. Which one is the most favorable for you? Well, if you are not considering overtaking any kind of economic activity, and you have sufficient funds, the non-lucrative residency will be your best option.
WHAT DOES THE NON-LUCRATIVE VISA CONSIST OF?
The non-lucrative residency permit allows you to stay in Spain for a period of 1 year (as it is a temporary residency authorization), plus renewals. Foreigners who would like to obtain this residence permit must go through the application process from their country of origin.
As it has a non-profit nature, it does not allow you to engage in any professional activity or employment.
Due to its easiness of application, it is one of the permits we recommend you to apply for. Why? The lack of need to invest in the country or to fulfill other requirements makes it something simple to acquire. In order to save even more time in the whole process, do not hesitate to contact us: we will be in charge of everything.
Having sufficient means for a living will be the only thing you should worry about. If you can prove that you have sufficient funds and that your stay in the country won’t induce into any government expenditure, you will be eligible for the permit.
Which are the benefits that this permit offers?
- It offers you the possibility to settle down in Spain with your Family. You can apply to this residency for yourself and, afterwards, solicit the same residency for your relatives.
- It’s a temporary residency that lasts 1 year. Then, the first and the second renovation last for 2 years. And at the time of applying for the third one, you can apply for the long-term residency in Spain. In case you apply for the long-term residency, you should renovate every 5 years.
- This type of residency appeals the effects to obtain the Spanish nationality for residency.
- There is no need to invest in Spain in order to get this permit (something that happens with the Golden Visa).
- It allows you to study and do an internship that can be even paid.
- It allows you to do economic activities in other countries (but not in Spain).
- You will be able to enter the Schengen territory without any problem.
REQUIREMENTS YOU MUST MEET
There are several requirements you must meet in order to be eligible for the also called “retirement visa”. Let’s go over them:
YOU MUST DEMONSTRATE YOU HAVE ENOUGH MONEY ON YOUR BANK ACCOUNT
As we have mentioned before, this residence authorization does not allow you to work in the country. Nevertheless, ensuring that you will be able to have a living will be necessary, so the Government does not have the need to maintain you.
That is why having sufficient funds or economic means to sustain yourself in the country will be one of the main requirements.
But, how can you know that you really meet the minimum amount necessary? In order to answer that question, we will use the IPREM, an indicator that defines the minimum amount of money an individual must earn on a yearly basis in order to be eligible for different subsides.
In the case of the non-lucrative visa, you must prove that you have 400% of the IPREM annually on your bank account. For this year 2019, the IPREM is 537,84€ for a month. As the measurement unit we are interested in is the year, our target will be 6.454,03€.
That is, the main applicant for this visa must demonstrate he or she has is 25.816,12€. Nevertheless, we suggest you have a bit more than that if you would like to have a successful application. Take that number as a minimum reference point.
Bear in mind that the currency used must be the Euro or any other international currency that can be converted into the Euro.
DEMONSTRATING YOU HAVE SUFFICIENT FUNDS EFFECTIVELY
How can you demonstrate you possess that amount of time?
The general Spanish immigration law states that you can use any kind of proof. Nevertheless, many times the different Spanish consulates request a bank certificate of liquid money on your account. The exact date of the certificate must be as close as possible to the application day.
Credit cards or property values can also be used here, as long as you also submit with them a document that certifies their validity from your bank.
Must the money be in the same bank account? The answer is no. You can have part of the money in a Spanish bank account and the other part in an American one, for example, and it will still be accepted.
CAN YOU ALSO BRING YOUR FAMILY TO SPAIN WITH THIS PERMIT?
As many other residence permits, the retirement or non-lucrative residency allows you to do a joint application. This means that you can also bring your spouse and children that are under the legal age (or over if you could demonstrate you are in charge of them) just by doing your application.
Then, if you would like to do the joint application in order to bring your relatives, the minimum amount of money you must demonstrate you have increases. For each member you are bringing with you, you must demonstrate an additional 100% of the IPREM, which refers to an extra 6.454,03€ annually.
YOU MUST HAVE AN INSURANCE POLICY
Like all the other residence authorizations, you need an insurance policy with full coverage in Spain.
Nevertheless, we stumble upon a difference here. If in all the other cases the policy could be public or private, with the non-lucrative visa is not the same. Why? Because your insurance policy must be private.
But the conditions do not stop there:
- It must also be contracted with a Spanish company that just operates in the Spanish territory.
- The insurance policy contract must be, at least, one year long. That is the period you are requesting a permit for.
- All the specialties of the Spanish public healthcare system must be included in the contract.
The application for this residence authorization must be done at your country of origin or there where you have your legal residency. Entering in Spain as a tourist won’t allow you to manage the procedure. You must be outside the country.
One of the main upsides of this permit is that the application procedure is really simple.
You will need to send all the relevant documents to the Spanish Consulate (see documents below). Once the application is processed and you receive a positive response, you will get your visa as a Spanish resident. From that moment, you will already have your NIE number.
That means that there won’t be any need to go into additional steps inside Spain. You will be able to enter the country and receive the residence authorization within 40 days, without further procedures.
The exact day you enter into the country will count for you to get the Spanish citizenship.
DOCUMENTATION THAT YOU WILL NEED IN ORDER TO GET THE NON-LUCRATIVE VISA IN SPAIN
Which are the exact documents you will need in order to get the non-lucrative residency visa? The requirements for this permit are the following:
- TASA (FEE Paid) 790 052.
- Formulary national visa.
- Formulary Ex 01.
- Insurance. This insurance needs to be from a Spanish Company and not an international
- Bank certificate. As we have said, it must demonstrate the possession of over 25,000 euros per year.
- With this, you can prove you can stay for the period of one year.
- Photos, 3x4 cm with white background.
- Original Passport
- Medical certificate
- Criminal records
- NIE number.
WHAT HAPPENS AFTER THE FIRST YEAR COMES TO AN END?
That is also a common question. I get my non-lucrative visa for one year. But then, what?
Well, you have two options.
The first one is to renew your permit. If you still fulfill the conditions (400% of the IPREM on your bank account, private insurance policy…), the renewal will be possible.
But, on the other hand, you can also transition into a work permit through a residence modification. That is the best alternative for those individuals who have enough savings to stay one year abroad (in Spain), but then would like to continue working in order to earn a living.
Well, in that case, you can dedicate part of your last non-lucrative months to search for a job in the country. Once you find it, the procedure for the employer will be easy. Why? Because you already possess an authorization to live. He or she will just need to present an authorization to make you able to work in the country. That will grant you an authorization to live and work in Spain for two additional years.
But you can also transition into a work permit as a self-employed individual, so you don’t work for anyone but for yourself.
¿Do you have any other doubt regarding the non-lucrative residency?