Spanish Non-Lucrative Visa
What is the Spanish Non-Lucrative Visa?
The Spanish non-lucrative visa, also known as wealth visa, is a residence permit that allows non-European Union (EU) citizens, non-European Economic Area (EEA) citizens, and non-Swiss citizens to reside in Spain without working or carrying out any lucrative activity in Spain.
What are the main requirements to apply for the non-lucrative visa?
The main requirements that you need to comply with to obtain the non-lucrative visa are the following:
- Proof of financial means: Approximately EUR 32.500 for the main applicant, and EUR 8.150 for any other family members.
- Private health insurance: Such health insurance must be with no co-pay (or deductible) and contracted with an insurance entity authorized to operate in Spain.
- No criminal record
Which family members of the main applicant can also obtain the Non-Lucrative Visa?
- The spouse or unmarried partner of the main applicant.
- Children (under 18 years old).
- Relatives in the ascending line (parents) under the main applicant’s financial care.
What are the benefits of the Spanish non-lucrative visa?
- Right to reside, and/or study in any Spanish city. This also applies to the main applicant’s family members.
- Free movement through all twenty-six (26) countries of the Schengen territory.
- Fast application process: between 1 and 3 months.
- Possibility to change the residence permit after the first year for a work and residence permit.
- While you reside in Spain you can make investments, for example, acquire a real estate property, a car, stocks, etc.
- Applicants coming from Ibero-American countries (all those whose official language is Spanish or Portuguese), the Philippines, Equatorial Guinea, Portugal, or Andorra, can obtain Spanish citizenship after two years of holding a non-lucrative permit and residing continuously in Spain.
What is the procedure to apply for the Non-Lucrative Visa?
The application must be processed before the General Consulate of Spain in the applicant’s country of residence. The applicant must file the application in person.
The resolution period is from 1 to 3 months.
If the non-lucrative visa is approved, the applicant must collect the visa from the General Consulate within one month, counted from the notification date.
Once the non-lucrative visa has been collected, the applicant must enter the Spanish territory within the validity period of the visa (90 days maximum).
Within 30 days from entering Spain, the applicant must apply for the Foreigner Identity Card (“T.I.E.” by its acronym in Spanish) at a Police Station.
What is the initial term of the non-lucrative visa?
The initial term of the non-lucrative visa is of one year, counted from the date the applicant enters Spain.
What is the renewal period of the non-lucrative visa?
The first renewal of the non-lucrative visa will be for two years. The second renewal will also be for two years. After five years residing in Spain, it is possible to obtain the permanent residence permit, (renewable every five years).
What is the process to renew the non-lucrative visa? When is it possible to start the renewal process?
The renewal process is carried out in Spain. The renewal application and supporting documents are filed by telematic means.
The renewal process can be started within 60 days prior to the expiration of the Foreigner Identity Card (“T.I.E.” by its acronym in Spanish), and 90 days after the expiration date of said T.I.E.
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Frequently Asked Questions about the Spanish Non-Lucrative Visa
To process the non-lucrative visa, is it necessary to have the funds in a Spanish bank account?
In most cases it is not necessary. The applicant can have his funds in one or several bank accounts. However, it is a mandatory requirement that the banks accounts are under the applicant’s name.
Is it necessary that the funds are converted to Euros?
It is not necessary that the funds are in euros. However, the said funds must be an international currency that can be converted to euros.
Which amount do I need to renew the non-lucrative visa?
Considering that the renewal is for 2 years, the applicant must prove double the amount that served as basis to obtain the initial residence permit, that is, approximately EUR 65.000 for the main applicant, and EUR 16.300 for each additional family member.
May I travel abroad during the initial term of my non-lucrative visa?
Yes, you can travel abroad as many times as you want. However, you will not be able to be absent from Spain for more than 180 days within the initial one-year term, otherwise you will not be able to renew your initial residence permit.
For travel purposes, how should I count the one-year term?
For these purposes, the one-year term commences on the day of entry into Spain, and it extends to 365 days thereafter.
Is it possible to change the non-lucrative visa to a work permit?
After the first year of residence in Spain, the applicant may choose one of the following options:
- Renew the non-lucrative residence permit for an additional period of two years; or
- Change the current non-lucrative residence permit for a work and residence permit (to work for others), or for a self-employed work permit (to start a company or a business on his own).