What are the financial requirements for Spain’s non-lucrative visa (NLV)?

Are you thinking about applying for the Spanish non-lucrative temporary residency visa?

This Spanish visa is available to non-EU citizens who have the economic means to support themselves while living in Spain without engaging in any work or professional activity.

Applicants for the one-year non-lucrative temporary residency visa now need to show they have available funds worth at least about €27,793. And if you’re applying to renew your non-lucrative visa so you have 2 more years of residency, you’ll need to show you can draw on twice that amount.

That’s because from January 1, 2022, there were increases in the *IPREM, the index used as a reference to establish that non-lucrative visa applicants have the financial means to support themselves without working, and the monthly rate has risen to €579.02.

If you’re applying for an NLV to live a year in Spain, you’ll have to demonstrate funds equivalent to at least 400% of that monthly amount, which works out to €2,316.08 a month, or €27,792.96 over a full year. That’s about €678 higher than the yearly rate in 2021 rate and €1,977 more than in 2020.

For each additional family member, non-lucrative visa applicants must demonstrate funds of a further €6,948,24 (100% of the IPREM) for the year.

The non-lucrative residency has been one of the most popular options for people from all over the world wishing to taste the Spanish lifestyle.

The non-refundable application fee for the NLV has also increased. Check with your local Spanish consulate for details . New rates applicable in January 2022 and published in Los Angeles are available here and those for London here.

You should also check with your local consulate for information on the requirements for an NLV but in case it’s helpful, here is a document published by the Consulate General of Spain in London for those in its jurisdiction. (The English version starts on page 4,)

Meanwhile, there’s good news for you if you’re a digital nomad and want to live and work in Spain! Stay tuned for more news of a new Spanish visa expected to become available later in 2022.

Such a visa is among provisions in draft laws to attract start-ups that were approved by the Spanish government in December. As at January 2022, they were awaiting debate in the Spanish parliament.

* IPREM (Indicador Público de Renta de Efectos Múltiples)

Leave a Reply

Your email address will not be published. Required fields are marked *