Non-lucrative residency is one of the many kinds of Spanish visas available to non-EU citizens with enough financial means to be able to stay in Spain without having to work. The same is true for relatives of the applicant and relatives, since you are able to take your family members along with you.
This permit permits you to stay that you will be in Spain for a period of one year after having entered into the Spanish territory, since it is an initial residence permit.
You will then be able renew it every two months (that is the duration of the renewal) until you obtain permanent residency (after 5 years of living in this country).
One of the main features is that it doesn’t permit you to engage in any kind of business or professional work in Spain. Also you are not able to operate for any firm in Spain. It is a non-profit organization.
However, you don’t need to invest money in the country in order to get the visa. This, along with the few other conditions make it a simple visa to obtain and process.
With the Spanish Non Lucrative Visa all you need to think about is whether you have enough money to sustain your self (and those around you). If you can show that you have sufficient funds , and that your time in the country won’t be a burden on the state, then you can get the residency. We’ll explain exactly how to do this later within this post.
For whom is it the most suitable?
Even if it doesn’t permit you to work, it’s an extremely desired visas. Who would the Spanish non-lucrative visa best for?
Anyone who would like retirement in Spain.
Foreigners who have enough money to live in their country, without the necessity of working.
If you would like to remain for the first year of their stay in Spain with no work (to explore and learn about the country) However, after a year, they’d prefer to carry on their work. This is why the non-profit visa is ideal for this purpose because, as we’ll learn later it permits you to upgrade to working permits after the first year.
Who is not the best option? It is mainly for remote workers who have up in the past have used this type of permit (even although it will not permit you to work) however, they are legally able to remain in Spain through this digital nomadic residency.
What are the benefits this permit to reside offers?
Let’s take a look at the major advantages and disadvantages of the non-profit residence permit for Spain:
Bring your family along
By submitting a joint application you can be granted a residence for your children and spouse without difficulty.
Contrary to other procedures like family reunification, which demands that you have been inside the state for a year, the non-lucrative requirement that isn’t required. You can apply for a visa the same time that you receive your own.
All you need to do is show that your resources are sufficient to cover these costs.
You can get the long-term residency, then you can apply for the citizenship
This is temporary residence permits that lasts for one year. Then, the first and second renewals will last for two years.
When you are making an application for the 3rd you’ll be able to apply for an extended-term residence permit in Spain and will be able to reside in Spain for 5 years without needing to renew it for five years.
This will let you gain Spanish citizenship. Each year that you reside within the country you are granted this permit is counted towards the total requirement to be able to obtain citizenship.
If you’re an Latin American citizen or from the Philippines then you’ll require only 2 years of the nonprofit visa to gain citizenship.
While you won’t be working however, you’ll be able to invest
Many of our clients inquire with us whether it’s possible to invest under non-lucrative residency.
Since they are aware that this visa will not permit them to perform professional pursuits; they believe that investing isn’t something they are able to do.
But, you are able to invest in this visa. In other words, you can invest in any type of investment (for instance, in shares of a company) and therefore gain an additional sources of revenue.
Possibility of studying and completing paid internships
The visa is similar to the student visa, in that it permits you to join an educational institute and learn.
However, this isn’t all. Since, an internship was created to serve education, you could be a part of a firm and get paid for it.
There is no need to spend money to get this permit
The same way as other permits like the investor’s visathat will require you to purchase real estate properties to obtain residence, the non-lucrative visa is distinct. You don’t need to make investments in the country to obtain it but you must demonstrate that you have the funds to cover your living expenses.
Enjoy total freedom while traveling in Europe
Additionally, another benefit is that it allows you to travel across the Schengen territory with no issues and in complete freedom.
The main requirements
There are a variety of conditions you need to satisfy to qualify for the so-called retirement visa. Let’s look at each one of them:
Showing you have enough cash to cover your expenses in your banking account
As we’ve said before the residency authorization will not permit individuals to live in any country. But, ensuring that are able to earn an income is essential as the Government will not have the obligation to provide you with food and shelter.
It is for this reason that having sufficient resources or financial means to support yourself within the country will be one of the primary necessities.
However, how do be sure that you have the required minimum?
In order to answer this query, we’ll make use of the IPREM, a measure that determines the minimum amount of income an individual has to make on a per-year basis to be eligible for various subsidies within the country.
The amount of money that you must have is the minimum you need to obtain this residence permit
If you are applying for a non-lucrative visa, you have to be able to prove that you hold 400 percent of your IPREM per year within your savings account. In 2023, the IPREM is 600 euros for a month. Since the unit of measurement we are looking at is the entire year, our goal is 7.200EUR.
The primary person applying for the visa should prove that they have 28.800EUR. However, we recommend that you spend a little more are looking to make an application that is successful.
Consider this as a reference point for a minimum. Particularly because, depending on the consulate you are applying to (for instance, Washington and Moscow) the minimum amount will be more. Therefore, we advise you to consult with our lawyers to learn precisely how much you’ll need to prove based on the country you are from.
Remember that the currency you use is the Euro as well as any currency internationally which can be converted to the Euro.
García de Ceca | Despacho de Abogados
C. de Carbonero y Sol, 1, 28006 Madrid, España
+34 633 888 618
garciadececa.com
