A great environment, culture, and breathtaking views with stunning views and culture Spain is undoubtedly an attractive possibility for your home and retirement. Many residents of the UK have Spanish homes have plans for a possible retirement in the hot temperatures of Spain. However, since the Brexit departure on January 01, 2021, the Legal Regime for Foreigners currently is applicable to British citizens. This limits the length of time they can spend in Spain. In order to reside in Spain or retire in Spain, British citizens may apply for a range of visas. One is the non lucrative visa Spain.
In this guide we’ll go over what a non-lucrative visa is and how a British citizen can acquire an unlucrative visa, and how it compares to that of the Golden Visa. We also discuss the benefits of having one, and why it could be the answer to retiring in Spain.
What is a visa that is not lucrative, and who is it suitable for?
Spain’s non-lucrative visa allows non-EU citizens to reside in Spain provided they prove that they have the financial resources to support themselves and their family. Non-lucrative visas can be applied for by third-country nationals who are planning to stay in Spain for more than 90 days but are not planning working in Spain. This visa is perfect for foreigners who are planning to retire in Spain or just want to stay in Spain for long periods of time, such as, for example, in the warmer summer months.
What is the difference between a non-lucrative Visa and the Golden Visa?
The non-lucrative visa is different from those with the Golden Visa in that a Golden Visa requires one of several different types of investment in Spain, the most common of that is the purchase of homes worth more than EUR500,000. Other suitable types of investment revolve around commercial investment.
A non-lucrative visa for Spain is the best alternative for British retired residents or those who are not working because the UK is not a member of the EU and does not require any form of investment.
What is the length of time an unlucrative visa to Spain in effect, and how can you renew the validity of your visa?
Once you have secured your non-lucrative visa It is valid for a period of one year. After this, you can renew it for a further duration of two years. following which your visa may be renewed for an additional two years. After five years of legally residence, you are eligible to apply for permanent residence. Renewal of a non-lucrative tourist visa must be made in Spain.
Learn more about renewing your non-lucrative visa here.
Non-lucrative visas require an average of 183 days of stay in Spain every year to renew at the time of the expiration of each.
After five years of residency within Spain, there is the opportunity to apply for a long-term residence permit. Once you have secured permanent residency after 10 years of residency , you may apply to become a Spanish citizen. In order to obtain Spanish citizenship means you will be required to surrender your UK citizenship.
What are the advantages of getting what are the benefits of obtaining a Spanish Visa that is not lucrative?
Achieving an Spanish non-lucrative passport as a British citizen provides these benefits:
You do not have to purchase Spanish property
In contrast to that of the Golden Visa, there is no requirement to invest in the Spanish economy needed to qualify for this visa.
Request a family or joint visa
You can include your spouse as well as other family members as immediate family members are eligible to be added in your visa. Children of dependents may attend school or study while living in a non-lucrative viza.
Work towards a work visa If you wish to
A non-lucrative Visa has the option of changing to a working visa after an effective renewal following the first year.
Work remotely for a firm outside of Spain
A non-lucrative visa allows you to continue working remotely for a company that isn’t part of Spain.
Potential to invest
There is the possibility to invest in a property to make it available for rental.
Freedom of movement
Visa holders who are not earning a profit can travel without restriction inside those who are not lucrative visa holders can travel freely within the Schengen Area, which is an area that is comprised of 26 European countries that have officially eliminated all border controls and passports at their respective borders.
Stay in Spain without the need to work on Spanish territory
Are you planning on retirement in Spain? A non-lucrative visa is ideal for those who want to retire in Spain because there’s no need to work in Spain.
What documents are required in order to obtain a visa that is not lucrative for British citizen?
British citizens who wish to apply for the non-lucrative residence permit must meet the following criteria and be able to present the required documents:
Passport with at least one-year validity prior to the date of expiration.
Certificate of non-criminal record , both in and UK and Spain valid for three months.
Make sure you have sufficient funds. You need to be accredited with sufficient financial resources to cover the costs of your stay for a period of one year. In 2021, to qualify for support on a monthly basis, you need to demonstrate the amount of EUR27,115.20 within your accounts or that you receive a minimum monthly salary of EUR2,259.60. For each dependent, you will need to provide a further EUR6,778,80 per year, or EUR564.90 each month.
Do not currently reside in an illegal (irregular) scenario in Spain.
Health insurance that is sufficient.
Medical certificate that proves that you do not suffer from any illness which could have severe public health consequences in line with the International Health Regulations of 2005.
A non-lucrative tourist visa application within the UK
Where to apply
You must apply for the non-lucrative visa before you depart for Spain The application must be presented at the closest Consulate General office of Spain located in the UK.
A request for a visa that is not lucrative must be submitted by the applicant who wants to obtain the visa.
Parents, Guardians,, or a legally accredited representative (in the most extreme circumstances) can apply on behalf of minors.
What can we expect?
You have to 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 is then given one month to approve or deny your application. If your application is approved, you then have one month from the date of the notification of your approval to personally collect your permit from the consulate. Also, you will be issued you NIE (Numero de identidad de extranjero) in addition to your visa.
Arriving in Spain
The visa holder must be present in Spain within three months of the announcement of the Visa’s grant.
You’ll have one month from the date of your entry to go to the Foreigners Office to obtain your TIE that is a passport for foreigners or the resident card. In the first month of arriving you are legally required to register at the town hall corresponding to the municipality where you reside in Spain.
How do you renew your non-lucrative visa?
For the purpose of renewing your non-lucrative visa To renew your non-lucrative visa, you must present the following documents:
Application Form EX01 (two copies).
A passport (valid for at the very least one year).
Copies of all pages of your passport.
Your current Tarjeta de Identidad de Extranjeros or TIE.
Fee Form 799-052 (paid and stamped).
Registration of your address in Spain ( padron ).
Health insurance that is in line with the requirements of the Immigration Office.
Proof of an adequate and reliable income that is available over the coming two years (monthly greater than four times current fiscal year’s IPREM for the principal applicant, plus one IPREM for every family member).
If your documents aren’t written in Spanish it is necessary to employ a translation service accepted as compliant by Spain’s Ministry of Foreign Affairs.
How does the non-lucrative visa differ from the Golden Visa?
It is a Golden Visa is another option for residency in Spain that is available to British citizens. It is an ideal alternative for entrepreneurs and investors who are looking to make large investments in Spain and include setting up businesses by investing in companies in Spain. It’s also great for British citizens looking to expand their portfolio of property investments in Spain or just buy an extensive property in Spain.
What are the conditions to be met to receive the Golden Visa?
To qualify for a Golden Visa, you need an investment amount equal to or more than EUR500,000 euros per applicant. This must be free of any encumbrances , such as mortgages. In addition, you must be able of proving that the costs of operating a home with this amount and general living expenses can be paid for.
Other investment options to obtain a Golden Visa include:
One million euros of company shares or stocks of Spanish capital firms that are engaged in actual business activities
One million euros in investments funds or closed-end investment funds, or venture capital fund formed by Spain in one million euros of bank deposits in Spanish banking institutions.
Is this a suitable option for you?
The Golden Visa may be an ideal choice for you in the event that you own a property in Spain, valued at the EUR500,000 threshold of investment which is unencumbered by mortgages or any other financial lien.
This Golden Visa also brings the benefit of providing the possibility for working Spain due to the possibility of working authorization.
