Offering a great atmosphere, culture, and beautiful views – Spain is surely an appealing option for residence and even retirement. A large portion of those in the UK have Spanish properties planned for eventual retirement in the mild weather of Spain. After the Brexit withdrawal on the 01st of January 2021 the Legal Regime for Foreigners is now in effect for British citizens. This limits the length of time they are allowed to stay in Spain. To reside in Spain or to retire to Spain, British citizens may apply for a variety of visas. One of them is the non-lucrative residence visa.
In this guide we’ll go over what a visa that is not alucrative one is and how an British citizen can get an unlucrative visa, and how it differs from the Golden Visa. We also go over the advantages of getting one, and why it may be your answer to retirement in Spain.
What is a non-lucrative visa and who would it be ideal for?
The non-lucrative visa of Spain allows non-EU citizens the right to live in Spain when they can show that they have sufficient funds to provide for their family. A non-lucrative visa can be requested by citizens of third countries who would like to stay in Spain for longer than 90 days but do not plan to perform work within Spain. This is a great visa for foreigners who are planning to retire to Spain or simply wish to reside in Spain for extended periods of time, for example, in the warmer summer months.
What is the difference between a visa that is not lucrative and the Golden Visa?
The non-lucrative type of visa differs by a few points from those with the Golden Visa in that a Golden Visa requires one of a range of types of investment in Spain which the most typical of which is buying a house valued at over EUR500,000. Other options for investment are based on commercial investments.
A non-lucrative visa for Spain is a great alternative for British retirees and non-working residents because the UK is no longer a part of the EU and does not require any type of investment.
How long is the non-lucrative Visa for Spain valid, and can the visa be extended?
Once you have secured your non-lucrative visa the visa is valid for one year. After that, you are able to renew it for a period of 2 years, after which your visa will be renewed for a further two years. Following five years of legal residency you may apply for permanent residence. Renewing a non-lucrative visa must be made in Spain.
Learn more information about renewing your non-lucrative visa below.
A non-lucrative Visa requires 183 days of residency in Spain each year to renew at the time of every expiration.
After five years of residency in Spain In Spain, you will have the possibility to apply for a permanent residence permit. Once you have secured permanent residency after 10 years of residence, you are able to be eligible to apply and become a Spanish citizen. Obtaining Spanish citizenship will mean you must give up your UK citizenship.
What are the benefits of obtaining a Spanish Visa that is not lucrative?
In order to obtain a Spanish visa that is not lucrative as an British citizen has these benefits:
You are not required to purchase Spanish property
In contrast to it’s counterpart, the Golden Visa, there is no need to make an investment in the Spanish economy required for this visa.
Request an individual or family visa
It is possible to include your spouse as well as other family members in the same way that immediate family members can be included in your visa. The children of your dependents can go to schools or pursue studies while living under a Spanish non lucrative visa.
Then, you can apply for a working visa If desired
Non-lucrative visas have the flexibility to be amended to a working visa following success in renewing the visa following the first year.
Work remotely for a company outside of Spain
A non-lucrative permit permits you to continue working remotely for a company outside of Spain.
Potential to invest
You can buy a home to use for rental purposes.
Mobility is completely free
Visa holders who are not earning a profit can move freely inside their Schengen Area, which is an area that includes 26 European nations that have officially ceased all border controls and passports at their borders.
Reside in Spain without having to be within Spanish territory
Do you have dreams of retirement in Spain? A non-lucrative passport is perfect when you want to retire and settle in Spain since there’s no need to be employed in Spain.
What documents must be submitted to apply for an unlucrative visa for British citizen?
British citizens who wish to apply for a non-lucrative residence visa must meet the following criteria and be able to show the following documents:
Passport with at-least one year validity before its expiry date.
Certificate of no criminal conviction in both Spain and the UK and Spain valid for three months.
You must have proof of funds. You need to be accredited with sufficient economical resources to meet the costs of your stay for one year. Through 2021, in order to receive monthly support, you must show there is EUR27,115.20 to your credit card or have a monthly minimum income of EUR2,259.60. In addition, for each child, you will need to provide a further EUR6,778,80 per year or EUR564.90 each month.
Do not currently reside in a legal (irregular) condition in Spain.
Health insurance that is sufficient.
Medical certificate to prove that you do not suffer from any of the illnesses that can have grave negative health effects for the general public, in accordance with the International Health Regulations of 2005.
The application process for a non-lucrative visa within the UK
Where can I apply
You must apply for the non-lucrative visa before you leave for Spain, and the application must be presented at the closest Consulate General in Spain situated in the UK.
An application for a visa for non-lucrative purposes must be submitted by the person who wishes to apply for the visa.
A parent, guardian or duly accredited representative (in the most extreme circumstances) may apply on behalf of a minor.
What can you expect?
You must be able to present the documents listed above as well as a formal interview is scheduled at the consulate , which will go towards the decision on the visa.
The consulate will then have one month to approve or deny your application. In the event that your request is accepted you get one month to the date you received the notification of your approval to personally collect your visa at the consulate. In addition, you will receive the NIE (Numero de identidad de extranjero) along with your visa.
Arriving in Spain
You must reach Spain within three months of the date of notification of the award of your visa.
There is a month after the date you entered to go to the Foreigners Office to obtain your TIE, which is a card for foreigners, also known as a resident card. In addition, within one month of your arrival, you will be legally required to register at the town hall which is related to the municipality in which you are residing in Spain.
Do you need to renew the non-lucrative Visa?
To renew your non-lucrative Visa To renew your non-lucrative visa, you must present the following documents:
Application Form EX01 (two copies).
The passport you have (valid for at minimum one year).
Copy of all the pages of your passport.
Your current Tarjeta de Identidad de Extranjeros or TIE.
Fee Form 790-052 (paid and stamped).
Registration of your address is in Spain ( padron ).
Health insurance that is in line with the requirements that are set by the Immigration Office.
Proof of an adequate and steady income over the coming two years (monthly more than four times the amount of the current calendar year’s IPREM for the principal applicant in addition, one IPREM for every family member).
If documents are not drafted in Spanish it is necessary to make use of a recognized official translation service accepted as compliant to the Spanish Ministry of Foreign Affairs.
How does the non-lucrative visa stand up to Golden Visa?
An Golden Visa is another option for obtaining residency to Spain that is available to British citizens. It’s a great choice for entrepreneurs and investors who want to make significant investments in Spain and include setting up a business as well as investing into existing businesses in Spain. It’s also great for British citizens wishing to increase their portfolio of properties in Spain or to purchase an extensive property in Spain.
What are the requirements to get the Golden Visa?
To obtain a Golden Visa, you need an investment amount equal to or greater than EUR500,000 Euros per applicant. This should not have any encumbrances , such as mortgage. Additionally, you must also be able to prove that the expenses of operating a property that is this high as well as general living expenses can be covered.
Alternative investment methods to obtain the Golden Visa include:
One million euros worth of shares of a company or the stock of Spanish capital firms engaged in actual business activity
One million euros in investments funds or closed-end funds or venture capital established by Spain and one million euros of bank deposits at Spanish banking institutions.
Is this a suitable option for you?
A Golden Visa may be an ideal solution for you if you own a house in Spain which is valued above the EUR500,000 threshold of investment that is free of mortgages or other financial liens.
It is also possible to work in Spain. Golden Visa also brings the benefits of providing the possibility of working in Spain due to the option of work authorisation.
Ask for help from our Spanish immigration lawyers
Our Spanish immigration lawyers can advise and assist you throughout the procedure of applying for both visas. We’ll assist you in determining the feasibility of your application from the onset and ensure that the supporting documents are valid and free from complications to avoid rejection. We are able to answer any queries you might have regarding the process of making an application.
Frequently asked questions
How long can you stay in Spain as a non-resident?
The tourist visa allows you to reside in Spain for only three months. Ninety-days is the maximum amount of time you can legally live in Spain without obtaining the residency certificate.
How much income do you need to be able retire in Spain?
It is a good idea to consider that the cost for living in Spain is quite low and it is possible to retire comfortably in Spain with a budget of around $25,000 per year. But, this is subject to your lifestyle as well as depends on region you chose to reside in Spain.
What is the right visa to retire in Spain?
Based on their financial status, British citizens wishing to retire to Spain typically apply for a Golden Visa or a non-lucrative visa to stay long-term in Spain.
Is retiring in Spain an excellent idea?
Spain offers many benefits that retirees can enjoy with a low cost of living along with affordable healthcare as well as a cultural diversity – and has always been a favorite destination for retirees.
