Let the D7 Passive Income Visa Experts Guide You To Portuguese Residency in 2021.
Non Lucrative Visa Spain 2021 | Ultimate GuideD7 Visa Portugal2021-03-25T11:32:20+00:00
Non Lucrative Visa Spain 2021 | Ultimate Guide
Looking to obtain Spanish residency without the need for a Golden Visa investment in 2021? Then the Non Lucrative Spanish Visa program may be just the option for you. While the program is ideally suited to foreign retirees seeking to settle in Spain, it can also be a compelling option for a variety of other individuals and families.
Find out more about the benefits of the Non Lucrative residency program for non-EEA nationals, or contact us now below to request a free consultation with an expert Spanish immigration consultant.
The Spanish Non Lucrative Residency is a very popular – and far more affordable – alternative to the Spanish Golden Visa. The trade-off is that you are expected to spend more than 183 days per year in-country, making the Non Lucrative route ill-suited as a back-up plan.
The program is increasingly becoming popular as a path to EU settlement, given that sufficient accessible savings can be used as the basis on which to apply. By means of family reunification protocols, you can bring your spouse, dependent children and even your financially dependent elderly parents to Spain.
While you aren’t expected to buy a home or property in Spain in order to qualify, you will be expected to have long term accommodation in the country.
After maintaining your Non Lucrative residence for a period of 5 years, you can become eligible to apply for Spanish permanent residence at 5 years.
You can also potentially apply for Spanish citizenship after 10 years, however applying for naturalization in Spain can be more challenging than in Portugal, for example.
The Spanish financially independent person visa, formally known as the “Visado de Residencia no Lucrativa” in Spanish, has recently started increasing in popularity among North Americans, South Africans, Iranians, expats from Kuwait, Ukrainians, Lebanese nationals, Russians, Chinese nationals, and Middle Easterners in general. The Spain NLV is thus often also searched for online using the below search terms:
Russian: Виза на жительство для некоммерческих организаций
Arabic: تأشيرة إقامة غير هادفة للربح
Ukrainian: Некомерційна віза для проживання
Nepali: गैर-लाभदायक निवास भिसा
Portuguese: Visto de residência sem fins lucrativos
French: Visa de résidence à but non lucratif.
The Spanish Non Lucrative Residency program is fast gaining in popularity among foreign nationals, and with good reason. Discover some of the key program benefits below:
QUALITY OF LIFE: Spain is world renowned for its varied, majestic scenery, sunny climate and relaxed lifestyle. In addition, it is one of the safest countries in the world. Combined with a strategic location and state of the art public and business infrastructure, Spain is an excellent place to build a new life in Europe.
NO MINIMUM INVESTMENT: Unlike with the Spanish Golden Visa, no minimum investment is required to obtain a Non Lucrative Visa – though you will be expected to have a fixed address in Spain.
BRING YOUR FAMILY: Your spouse, minor children and even dependent elderly parents can be brought to Spain on the basis of family reunification laws.
SETTLE ANYWHERE IN SPAIN: You can choose where to settle in Spain. Unlike with residency programs such as those offered in Canada, there are no restrictions on where you and your family can settle.
APPLY FOR A WORK PERMIT AFTER 1 YEAR: Once you’ve completed your first year of Non Lucrative Residency in Spain, you’ll be eligible to apply for a Spanish work permit and seek local employment.
PATH TO PERMANENT RESIDENCY: Once you’ve maintained your legal residency in Spain for a period of 5 years, you’ll be eligible to apply for Spanish permanent residency – subject to you still meeting the program’s self-sufficiency requirements.
PATH TO SPANISH CITIZENSHIP: While naturalization in Spain is a lengthy and challenging process, the country’s immigrations laws do offer you a path to eventual Spanish citizenship.
Are there alternatives to the Non Lucrative Visa in other EU countries?
The Non Lucrative Visa program competes directly with the Portuguese D7 Visa and the Italian Elective Residency program. While there are pros and cons to all of these programs, the Spanish Non Lucrative residency program typically sees applicants approved based on their savings, rather than on their ongoing, stable passive income.
While the Portugal D7 does consider savings in lieu of stable, long term passive income, the Italian Elective Residency program tends to be more stringent in terms of the application of the passive income requirement.
Under all of these programs, the passive income sources that are broadly considered valid include pension, fixed-rate interest payments, endowments, retirement annuities, royalties as well as dividend payments, provided that you’re no longer actively involved in the management of the company.
What are the financial requirements for the Non Lucrative Residency Visa?
A key requirement of the Spanish Non Lucrative program is that you’ll be expected to have 4 times the annual IPREM index’s income rate in accessible savings. For a single applicant, this comes to a minimum of €537.84 per month (€6,454.03 per year).
At 4x the IPREM rate, you’ll therefore have to prove having a minimum of €25,816.12 in accessible savings.
For a spouse, and every other dependent member being brought to Spain, the minimum provable savings amount goes up by another year’s minimum earnings at the IPREM rate, i.e. you need an additional €6,454.03 per year in savings for additional applicants. The savings requirement for a family are outlined below:
Compared with the Portuguese D7 program, this is relatively expensive, and the savings requirement can become a barrier to entry for families with several children. The Portuguese authorities favour steady, long term, ongoing passive income as the basis for D7 Visa applications, however assuming that your local consulate will approve your application based on accessible savings only, the financial requirement would be far lower.
Non Lucrative Visa: Financial Requirements
D7 Visa: Passive Income Requirements
Primary Applicant: €25,816.12
Primary Applicant: €635 p.m. (€7,620 p.a.)
Family of 4 (Total): €1,589 p.m. (€19,068 p.a.)
Child 1: €6,454.03
Child 1: €318 p.m. (€3,816 p.a.)
Child 2: €6,454.03
Child 2: €318 p.m. (€3,816 p.a.)
Family of 4 (Total): €45,178.21
Column 2 Value 5
So, to summarise:
The Spanish Non Lucrative (Savings) Visa requires you to have 4 x the minimum annual Spanish wage in accessible savings (4 x €6,454.03 per primary applicant), plus an additional 1 x €6,454.03 – the minimum annual wage as per IPREM 2020 – per dependent family member.
The Portuguese D7 Visa (Passive Income) requires you to have stable long-term non-salaried income exceeding the value of a year’s worth of Portuguese minimum wages (€635 per month, or €7,620 per year), plus approximately half that amount per dependent applicant (€3,816 per year).
PLEASE NOTE: The above amounts should be treated as the bare minimum requirement. Depending on which consulate you apply through, the requirement may be up to double the indicated amounts.
Additional requirements and documents required
The below list includes most of the essential documents required to apply for the Spanish Non Lucrative Visa in 2021: