What is the Spanish Non-Lucrative Visa?

Imagine waking up to the gentle sound of the Mediterranean waves, strolling through historic streets filled with vibrant colours and aromas, and savouring tapas at a local café as the sun sets over a picturesque plaza. This is not just a holiday dream—it’s a reality for thousands of Brits who have made Spain their home. If you’re considering joining them in 2024, the Spanish Non-Lucrative Visa (NLV) is your gateway to living the life you’ve always dreamed of in one of the most beautiful and culturally rich countries in Europe.

What is the Spanish Non-Lucrative Visa?

The Spanish Non-Lucrative Visa, commonly known as the Retirement Visa, is a type of residence visa that permits non-European Union (EU) nationals to live in Spain without engaging in any work or professional activities that generate income within the country. This visa is especially popular among retirees and anyone with the financial means to support themselves without working locally. The NLV allows you to immerse yourself in the Spanish way of life, from its world-renowned cuisine and stunning architecture to its warm climate and friendly communities.

Why Choose Spain?

Spain has consistently been a top choice for British expats, particularly post-Brexit. The country’s appeal lies in its unique combination of factors: a relaxed lifestyle, affordable cost of living, high-quality healthcare, and a rich cultural heritage. Whether you’re captivated by the cosmopolitan allure of cities like Madrid and Barcelona, the golden beaches of the Costa del Sol, or the charm of Spain’s many coastal regions, there’s a perfect spot waiting for you. In particular, the Costa Blanca, stretching along the southeastern coast, is a paradise for those seeking both beauty and convenience. Well-known resort towns like Benidorm, Javea, Moraira and Altea offer stunning beaches and vibrant communities, while the cities of Alicante and Valencia combine historical charm with modern amenities, making them ideal locations for both retirees and remote workers. Whether you’re looking for the lively atmosphere of Alicante’s beachfront promenades or the cultural richness of Valencia, Spain offers a diverse lifestyle that is truly unmatched. Add to that the ease of travel within the Schengen Zone and the opportunity to learn or perfect your Spanish, and it’s easy to see why so many Brits are choosing to make Spain their home.

Understanding the Requirements for the Non-Lucrative Visa

The process of obtaining a Spanish Non-Lucrative Visa involves several key requirements, each designed to ensure that you can comfortably support yourself and enjoy your time in Spain.

1. Proof of Sufficient Funds

To qualify for the NLV, you must demonstrate that you have adequate financial resources to sustain yourself (and any dependents) throughout your stay in Spain. As of 2024, the minimum income requirement is approximately €30,000 per year (or €2,500 per month) for the primary applicant, with an additional €7,500 per year (€625 per month) required for each dependent. This financial requirement can be met through savings, pensions, rental income, or any other verifiable source of income outside Spain. It’s essential to ensure that these funds are accessible and can cover your living expenses without the need to work in Spain.

2. Comprehensive Health Insurance

Spain’s healthcare system is one of the best in the world, but as a visa applicant, you are required to have private health insurance with full coverage throughout Spain. This insurance must be free of co-payments, meaning that it covers all medical expenses without additional costs to you. This ensures that you have access to high-quality healthcare services while residing in Spain, providing peace of mind for you and your family.

3. No Employment or Income-Generating Activities

One of the fundamental conditions of the NLV is that it prohibits you from engaging in any work or professional activities that generate income within Spain. However, if you work remotely for a company outside of Spain or manage your own overseas business, this is typically permissible. This makes the NLV an attractive option for those who want to enjoy Spain’s lifestyle without needing to work locally.

4. Medical Certificate

As part of your visa application, you will need to submit a medical certificate from a qualified doctor stating that you do not suffer from any diseases that could pose a serious public health risk according to the International Health Regulations. This is a standard requirement designed to protect the health of the Spanish population.

5. Criminal Record Check

To qualify for the NLV, you must provide a criminal record certificate from the countries where you have resided in the past five years. This document ensures that you have a clean legal record and are eligible to live in Spain.

The Journey from Application to Residency

Obtaining the NLV is just the beginning of your exciting journey to living in Spain. Here’s a step-by-step guide to what happens after your visa is approved:

Visa Approval and Initial Entry

Once your application is approved, you will receive a visa that allows you to enter Spain. This visa is typically valid for three months, during which time you must travel to Spain and complete your residency registration.

Registering in Spain

Upon arrival, you have one month to register with the local authorities and obtain your Foreigner Identity Card (TIE). This card is crucial as it serves as your official identification and proof of your legal residency status in Spain. The registration process involves providing your visa, passport, proof of address in Spain, and possibly your financial documents again.

Renewing Your Visa

The Non-Lucrative Visa initially grants you one year of residency. Before this year is up, you must apply for a renewal, which, if approved, extends your residency for another two years. This process can be repeated for an additional two-year period, after which you may apply for long-term residency.

Permanent Residency and Citizenship

After five years of continuous residency, you can apply for permanent residency in Spain. This status allows you to live in Spain indefinitely and enjoy many of the same rights as Spanish citizens, including access to public services and the ability to move freely within the EU. After ten years, you may even be eligible to apply for Spanish citizenship, opening up a new world of opportunities for you and your family.

Navigating the Process with Chorus Financial

The process of applying for and maintaining a Spanish Non-Lucrative Visa can be complex, requiring careful planning and attention to detail. That’s where Chorus Financial comes in. We specialise in assisting British expats at every stage of their relocation to Spain, from initial visa applications to long-term financial planning and tax advice. Our team of experts understands the intricacies of the NLV process and can guide you through each step, ensuring that your move to Spain is as smooth and stress-free as possible.

At Chorus Financial, we offer a free initial consultation to assess your eligibility for the NLV and discuss your financial situation. From there, we provide comprehensive support, handling everything from paperwork to liaising with Spanish authorities. Our services are designed to take the stress out of the process, allowing you to focus on enjoying your new life in Spain.

Selling the Dream: Why Spain is the Perfect Destination

Spain offers an unparalleled quality of life that’s hard to find elsewhere. From its sunny climate and stunning landscapes to its rich cultural heritage and warm, welcoming communities, Spain is a place where you can truly enjoy life. Whether you’re retiring, working remotely, or simply looking for a new adventure, the Spanish Non-Lucrative Visa is your ticket to living the dream.

Let Chorus Financial help you make this dream a reality. Contact us today to learn more about how we can assist you in your journey to Spain, from the initial application process to settling into your new home. With our expertise and support, your Spanish adventure is just a step away.