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, the 2023 IPREM is €600 per month, or €7,200 per year.
At 4x the IPREM rate, you’ll therefore have to prove having a minimum of d€28,800 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 €7,200 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.
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 €6,948.24 per primary applicant), plus an additional 1 x €6,948.24 – the minimum annual wage as per IPREM 2022 – 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 (€705 per month, or €8,460 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.