Spain, a country bathed in sunshine and boasting and enviable quality of life, has long been the preferred destination for those seeking a new life abroad. Who hasn`t dreamed of enjoying the warm climate, low cost of living, and a more relaxed pace? Now, the Non-Lucrative Visa emerges as the key that unlocks the door to living in one of the best countries in Europe in a straightforward manner.
What is the Non-Lucrative Visa?
The Non-Lucrative Visa is more than just a permit; it is the opportunity to live in a European country seamlessly and durably.
This permit is designed for individuals who are not citizens of the European Union, possess sufficient assets, and wish to reside in Spain without the need to seek employment or engage in commercial transactions. It is noteworthy that the Non-Lucrative Visa allows for investments in the country.
The initial Non-Lucrative Visa is valid for one year, with the possibility of extension for an additional two years.
What are the requirements for applying for the Non-Lucrative Visa?
The requirements for obtaining this coveted non-lucrative visa are accessible.
The key requirements include:
To apply for the extension of the initial Non-Lucrative Visa, one must meet a minimum number of days of stay in the country. Upon meeting the initial requirements and residing in Spain, applicants can renew their residence authorization, bringing them closer to permanent residency.
How much money is needed for the Non - Lucrative Visa?
The required amount is not an insurmontable obstacle. The Spanish government has set the threshold at 400% of the monthly IPREM (Public Indicator of Multiple Effects Income), which, after the increase to 600 euros in 2023, translates to a minimum income of 2.400 euros per month. Alternatively, income can be presented in the form of annual earnings or savings, allowing for greater financial flexibility.
Can I apply for spanish citizenships with a Non-Lucrative Visa?
For those aspiring to become Spanish citizens, the non-lucrative residence is a strategis option. By obtaining resident status with the Non-Lucrative Visa, it becomes possible to apply for Spanish citizenship by residency after a certain period of residence in Spain. While Philippines, Portugal, or an Ibero-American country only need two years of non-lucrative residence to qualify for Spanish citizenship.
At Gentile Law, we have a team of professionals specializing in Immigration Law who provide the necessary guidance and assistance to make the Non-Lucrative Visa application process a smooth and satisfying experince.