What is the Spanish non Lucrative Visa?
The non-lucrative Visa is one of the various kinds of Spanish visas available to non-EU residents who have enough financial means to live in Spain without the need to work. One of the advantages of this visa is that, the candidate’s family members are able to apply for this permit at the same time as the main applicant, meaning that dependent family members including young or dependent children and parents can also be included in the main applicant´s application.
The main condition for this permit is that it doesn’t grant you the right to conduct any sort of Job or financial activity in Spain.
What are the benefits of this visa?
Whole family residency approval
Your family can accompany you through a joint application, you will have the option to get the residency for your entire family.
Exchangeable for a lucrative visa
You are able to change this permit to a lucrative permit after completing the entire year
Very high approval percentage
The chances of getting the residency is very favorable
Free Education
The applicants children will enjoy the benefits of free public school system
Unlike other visas, for example, family reunification, which requires you to have lived in Spain for one year prior to applying for family members. You will have the option to get them the visa simultaneously as you get yours. You should simply demonstrate that you have sufficient funds to support them too.
The first visa is granted for 1 year and is renewed twice for two years each time and then you will be able to apply for a permanent residency. Spanish citizenship can be applied after having 5 years of permanent residency.
Citizens from certain Latin American countries and from the Philippines will just need 2 years of continuous residency in Spain to apply for the citizenship.
BENEFITS
Probability to work abroad
Regardless of the fact that you can’t work in Spain, you will be able to earn money from investments so it’s an excellent option for people who have an established business online or in their own country or adequate investments elsewhere.
Travel all around Europe
NLV allows you to Travel within the schengen region with your Spanish residency Card NIE.
What are the financials that you have to provide to be eligible for this visa?
What are the financials that you have to provide to be eligible for this visa?
You should demonstrate that you have 400% of the IPREM yearly on your ledger. During the current year 2021, the IPREM is 564.90€ for a month. The primary candidate for this visa must show that he has 27.115,20€ income or saving per year and for every additional family member an additional 6.778,80€. We will study our clients financial status in details and will advise them of the best manner to present their financials to maximise their success rate.
Proof of income
This can be demonstrated in many forms including a monthly income from investments, shares, rents, retirement, bank savings, property value and …… can be presented in combination to satisfy the authorities. Please note that all need to be under the name of the main applicant. It’s also possible but not likely that The immigration may ask for you to transfer the required savings to a Spanish account.
TAX
With the Non Lucrative Visa you become a tax resident in Spain? This permit requires you to stay a minimum of 183 days a year in Spain in order to be able to renew it, in conclusion you will become a Spanish tax resident. Furthermore, you will pay personal income tax on the income you earn worldwide.
Compulsory private health insurance
Recognised private health insurance is compulsory for all members of the family. We strongly recommend the use of a reputable Spanish health insurance.
Clean criminal record
Official documents to prove that the applicant has no criminal history in previous countries of residence (crimes recognised by the Spanish law.
This visa can only be applied from outside Spain from your home country or a country of your residence. The processing time can be between 2-5 months.
In the unlikely event of the Visa refusal, our legal team will be prepared to lodge an appeal immediately upon instructions from our clients and furthermore to present a legal case in front of the high courts.