Since Brexit came into force on 1st Jan 2021, UK nationals wanting to move to Spain or spend part of the year there have a much harder task ahead than they used to.
It is harder to land a job or set oneself up as self-employed in Spain as a non-EU national, and the requirements for residency are more demanding than for Britons who registered as residents before 2021 and are protected under the Withdrawal Agreement.
The other main pitfall for Britons in Spain is that without residency or a visa, they can only spend 90 out of 180 days in Spain (and the Schengen Zone).
However, showing you have the financial means to care for yourself and your family is one of the best ways to solve this, which can be done through Spain’s non-lucrative residency visa.
A non-lucrative visa is an authorisation that allows non-EU foreigners to stay in Spain for a period of more than 90 days without working or carrying out professional activities in Spain, by demonstrating that they have sufficient financial means for themselves and, if applicable, their family,
In Spanish it’s called a visado de residencia no lucrativa and it’s often referred to as a retirement visa, as this is the best option for retirees from non-EU countries who want to move to Spain.
In order to prove your sufficient economic means you’ll need to show official documentation including bank account statements, proof of pension, assets and other investments. You’ll also need to take out comprehensive private healthcare, have no criminal record and fulfil other requirements.
As the name suggests, you can technically not work with this visa and instead must rely on passive income, so if this doesn’t suit your purposes Spain’s new digital nomad visa may work better for you. Or if you have enough money to buy a €500,000 home, Spain’s golden visa may be right for you.
There are some discrepancies in what constitutes “sufficient financial means” between Spain’s regions, provinces and even the Spanish consulates around the world from which foreigners apply for the visa
But in general terms, Spain’s Royal Decree states that sufficient financial means “will not exceed the level of resources by which social subsidies are granted to Spaniards or the amount of the minimum Social Security pension”. The Spanish government is referring to the IPREM, an indicator that in 2023 will rise to €600 per month.
The standard financial requirement for non-lucrative visa applicants is 400% of the IPREM: €2,400 per month, so for a UK national wanting to apply for the non-lucrative residency permit for Spain for the first time (it lasts one year), the amount they need to prove is €28,800. For every family member included in the residency application it’s an extra 100% of the IPREM you need to prove you have: €7,200 for the year. Remember to also factor in changing currency exchange rates.
If you are looking to buy a property in Spain, France, Portugal, Turkey or USA and need a mortgage, email mark@vci-network.com for the latest criteria.