In this article, I would like to tell you more about the Non-Lucrative Residence Permit (wealth visa) for Spain. This is a permit that I personally recommend a lot to my clients from outside the EU and one I have ample experience applying for at Embassies and Consulates all over the world.
We all hear about flashy options like the Golden Visa or the EU Blue Card, but let us be honest, not many people can invest 500.000 € in a property in Spain or can find an employer willing to apply for their work permit, going through a tedious and lengthy process.
The Non-Lucrative Residence Permit is for those who wish to relocate to Spain and do not have the money to invest and apply for a Golden Visa nor the employer to apply for a work permit for them. It can be for the pensioner who wishes to enjoy life after having stopped working, or for those who live on a passive income like earnings from a rental property they have. Another group that can benefit are those who wish to open a business in Spain at some point but can allow themselves to take one year to get established here and prepare a comprehensive business plan.
To sum up, this permit is for you if you want to move to Spain and do not need to work here during the first year.
THE DETAILS:
The Non-Lucrative Residence Permit allows you to reside in Spain for one year, with the option of renewing it for periods of 2 years.
After 5 years of continuous residence, you can apply for the permanent residence permit. In most cases, after 10 years you can apply for Spanish citizenship.
It does not come with a work permit, which means that you cannot register with social security in Spain and you have to prove that you have sufficient financial means to maintain yourself as well as full coverage private health insurance.
For this permit you have to accredit disposing of the following amounts:
• For your monthly upkeep: 2.259,60€/month
• For each accompanying family member: 564,90€/month
These economic means do not necessarily have to be shown as a monthly income. It is also possible to save up and present the entire annual amount on a bank account.
The applications for the residence authorisation and the visa are presented together at the Embassy or Consulate in the applicant's country of residence. The administration has 3 months to decide on the application, but in our experience, they usually respond faster than that.
Once you have received a positive resolution, you pick up your national visa at the Consulate/ Embassy and enter Spain. After entering Spain, you register at the Town Hall where you intend to live and request your residence card at the police station.