Non Lucrative Residence Visa are the “core” residence option for those foreigners who have businesses in their country that provide them with sufficient income to live without the need to work, and who want to live in Spain and enjoy the enormous quality of life that our country provides.
What are the requirements for Non Lucrative Residence Visa?
When planning the processing of Non Lucrative Residence Visa, some key requirements need to be understood:
The main applicant must be able to show sufficient economic resources for themselves and all the members of their family to reside in Spain without undertaking economic activity during the period of the permit according to the amount established by the regulations (around 30,500 euros for the applicant of the visa, plus an additional 7,500 for each accompanying family member). In most cases the source of income is based on the applicant's businesses located outside of Spain.
The applicant must be able to prove the legal origin of their income. As a rule, tax returns are accepted, as well as any documents that can demonstrate a permanent source of funds during the first year of residence.
Proving the availability of accommodation in Spain is advisable. This can be a rented property or house. In the case of non-work residence, property does not need to be purchased in Spain.
If there are young children, they will have to be enrolled in an educational center in Spain.
Where can you apply for Non Lucrative Residence Visa?
The Non Lucrative Residence Visa permit can only be applied for at the Spanish Consulate in the country of origin or residence of the applicant. After obtaining the D visa, the next step is to process the foreigner’s identity card in Spain.
What are the advantages of Non Lucrative Residence Visa?
The advantages of the Non Lucrative Residence Visa permit can be summarized as follows:
It does not require an expenditure or investment in the Spanish economy, like the Golden Visa; or payment in advance for a course of study, like the student visa. The main expenses are related to the preparation of documents (payments for translations and for the services of professionals processing them).
The funds that will be transferred to a bank account in Spain will not be “frozen” as, for example, in the case of investment when applying for the Golden Visa, but will be freely available during the stay in Spain.
After the first year of residence there is the possibility of modifying the permit into a work permit if a professional project has arisen.
If the application documents are properly prepared, the percentage of approved applications is very high for this type of residence.
This permit allows travel to all countries in the Schengen area without a visa during its period of validity.
The main disadvantage of the Non Lucrative Residence Visa is the requirement to reside for at least six months per year in Spanish territory, which may compromise the tax residence of the interested party in Spain. This is a great inconvenience for some owners of large companies established outside of Spain that require continuous management. Failure to comply with this condition leads to the denial of renewal of the permit. By way of contrast, the Golden Visa has no obligation to reside a minimum period of time.
The Non Lucrative Residence Visa procedure has important peculiarities that must be taken into account and documentation may vary depending on the individual characteristics of each applicant. GD Global Mobility is at your disposal to clarify any questions you may have about it.