How much money do I need for the Spanish Non Lucrative Visa? Savings v Passive Income
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- čas přidán 22. 08. 2024
- Find out how much money you need in either savings or passive income (pensions, investments or rental income) for the Non Lucrative Visa for residency in Spain.
Skatz gives you the the official information while his alter ego, Walter Ego asks the questions.
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Recommended currency exchange link: register.smartcurrencyexchange.com/?refSrc=41&refBy=1066371&source=SCEP_Register_AndrewScattergood
Great informative and entertaining interview with your nemesis 😃
😀
good afternoon to the both of you!! so to be honest, i almost did not click on your video because i am thinking-- "i am looking for serious information about all i need for a NLV for Spain and i'm supposed to take the advise of some crazy looking wacko??".... well i am glad i took the plunge and actually found the back and forth between the "both" of you very helpful.
i actually finally understood the "income" requirements simply by watching you explain to Walter the different combinations one could use to arrive at the total amount of 28,000 euros. every other place i looked at just did not break it down as simply as you did... thank you so very much. now i can check this most important determining factor off of my
"can i qualify" list. richard
Excellent, I’ll tell Walter. Just wait till you find Tommy as well. Now there’s one crazy wacko!
This all depends on which province you're in and they now take the value of your property into account.
Indeed, some of them do that now, especially on visa renewals.
I think I understand the requirements regarding savings and/or income for years 1-5. What I can't seem to find out is... What savings and/or income do we need to provide when applying for permanent residency at year 5? This is vital for us, because we won't have any passive income at that point in time.
That’s a good question. I’ll ask it on the show in the morning and get you an answer. Will you still be below retirement age after the 5 years then?
@@youtoospain We'll be 63, so 4 years away from our state pension. We'll have some savings, perhaps, and our private drawdown pensions
So where are the links from the video....cant see them on here ?
When you’re watching the video, look underneath it, where it says the title, at the end it will say ‘view more’. Click on that and it brings up the whole Video Description section with the links.
For the renewal, does the 56.000 have to be in a Spanish bank?
It’s preferable that way but it could be argued that as long as you have immediate access to it then it’s okay.
What a wonderful informative video. I have passive income £2000 a month and £35000 savings. I’m a 55 year old UK citizen and wish to get the right visa. Can I qualify for a non lucrative visa? And if I do qualify can I move to “digital nomad” visa in year two ? Finally I want to apply for permanent residency after 5 years - does it matter if the 5 years is a mixture of visa types? Thanks Maf in Brighton 😊
Yes you have enough there to satisfy the financial requirements for the Non Lucrative Visa. However, the Digital Nomad Visa requires you to already be working remotely and have an employer or clients abroad, which you can’t have if you’re on the NLV, so I can’t see how it would be possible to swap for that one. It’s possible to swap for the self employment visa but that doesn’t fit with remote working for clients abroad. I would wait and apply for the Digital Nomad Visa if you fulfill the requirements. The only alternative is to not work for 5 years and stay on the NLV.
Whatever visa you’re on, permanent residency just requires you to have been resident in Spain for 5 years without being out of the country for more than 10 months altogether.
One thing you should do in advance is organise an account with a broker so that you have plenty of time to fix a forward rate for your currency exchange. Here’s the link for my recommended favourite register.smartcurrencyexchange.com/?refSrc=41&refBy=1066371&source=SCEP_Register_AndrewScattergood
@@youtoospain thanks so much for that - I was thinking I will apply for the non lucrative and then after a year apply for a working visa. Can I ask why i should fix a forward rate for currency exchange - is that becomes the Pound is losing against the Euro?
Apologises for the question if its a bit obvious but I am new to all of this. Thanks again for all you content - its fab!!
@@thesmithsmaf yeah it’s to do with the fluctuations in the £, it’s not been doing well recently. The advantage of having a broker early is you can set a rate for them to wait for and their system will do the trade wherever that happens, even if it’s in the middle of the night. And that’s when they fix a rate that can cover your savings and your monthly passive income so that you know exactly how much you’ll have, and you don’t have to pay everything up front. Then when the rates fluctuate you won’t be worried that your monthly money might drop. They can probably explain it better than me. They’re full of good advice and that’s free.
Do I need to transfer a lumpsome money to the Spanish bank account?
Can you please explain the full requirements for an Irish couple both with Irish state pension would be to get a non lucrative visa. What documentation finance etc. I like the way you present the videos.
Thank you. You’ll be glad to know that Irish passport holders don’t need visas to move to Spain. We’re EU citizens so we only need to register at the police station as residents. The financial requirements are about €7000 each per year. So if you’ve got at least that, and maybe some savings in the bank, you’ll be fine.
That's great news thank you so much for the very prompt reply.
Great video 👍👍👍 you spoke at beginning about going as a couple... Does this mean to get the second person discount they have to be married.. Boyfriend / girlfriend would have to do it separately... Didn't want to get married a 3 Rd time lol
It’s possible to do it without being married but you would need to prove you’re in a long term relationship. The best evidence of that would be a joint bank account, household bills in both names, having children together, things like that.
GREAT VIDEO! I HAVE ONE QUESTION...if I have enough savings do I HAVE TO supply bank statements for last 6-12 mos??? Or is a bank statement proving I have the savings in the bank enough? (hope so) Thanks so much
Usually they ask for 6 months to stop people borrowing a large sum just before they apply only to pay it back afterwards, but if you can show that the savings comes from, say, the sale of a property then you’ll be okay.
When does the required amount of passive income for the NLV changes? I will probably apply at Spanish Consulate here in Puerto Rico in late September or October so that I can move to Spain in January. That way tax planning becomes less complicated. I am already looking for a piso in Madrid through the different web options available ( Idealista, etc ). In late July we are going 21 days to Madrid, so I probably check pisos with real estate agents. I also have Vigo on my scope. Never been there but have heard good things about living there.
It changes each calendar year I think so if you got your visa before the end of the year you’d go by the 2022 amount. It doesn’t go up by much though.
Really good work on this site and thanks.
Regarding, "5 years on the NLV and you qualify for residency."
Isn't that dependent on whether you've spent, on average, 10 months per year for each of those five years living in Spain?
There’s always an ‘it depends’ on anything to do with residency. Actually it’s a total of 10 months in five years, the average is 2 months per year.
@@youtoospain Thanks.
@@youtoospaindo I have to stay in Spain 6 months thé first year and thé second and third years 10 months each year ? What about the 2 more years before getting permanent residency ? Thanks in advance
@@sorayam3208 no, you can leave for up to 6 months per year in your first five years, but in order to apply for permanent residency at the end of those five year, you can’t have spent more than 10 months outside of Spain. Effectively you have an average of 2 months per year.
This ruling is being challenged at the moment.
@@youtoospain thank you so much
If I have 200k CAD in savings, can I apply simply based on my savings? Don't have any passive income unfortunately.
You can apply with just your savings yes. You’d just need to make sure that when you get to the end of year 3 you still have enough savings left for your renewal.
@@youtoospain Cool. Thanks for taking the time to reply.
@@Ash-ji7bq you’re welcome.
Make sure too that you organise your currency exchange early in the planning process so you get the most €s.
Great informations. But do a person need to stay all time in spapin to qualify for renewal after first year of non lucrative visa. If yes how long ? And what happen if he doest stay longer that requested by the authorities
To qualify for renewal you need to have spent at least 6 months in Spain.
I can see from your comment on another video that you are working in the UK. That’s not allowed on the Non Lucrative Visa.
Creo que hasta yo lo he entendido, y soy española! 😄😁
Excelente!
Would one be liable for Spanish tax ?
One is always liable for Spanish tax when one is resident for more than 183 days in one’s calendar year.
Thanks for the information, but what if my wife is a Spanish citizen and I am an American citizen moving to be there with her? Do I still need four times the amount or do I need the EU amount?
Just the EU amount. You’re one of the privileged!
@@youtoospain Thanks!
@@youtoospain Just curious: is this the best/easiest Visa for someone like myself? Is there a special process for my wife, a Spanish citizen, to register our marriage to apply for this Visa? Thank you for your help in this matter.
@@TheZenguitarguy oh I didn’t make it clear, you don’t need a visa at all, your wife just gets residency in Spain and with proof of your marriage you can get residency too. There’s still a financial requirement but it’s usually just 1xIPREM.
@@youtoospain that is good news, we thought I was going to need some sort of Visa, thank you, but that just seems so simple, lol, hopefully it will actually be that easy!
My Spanish boyfriend wanted to take me to Spain by marriage so what requirements he need to apply and how much salary he should be have?
Because he’s Spanish he doesn’t need a visa, and neither do you if you are married to him or can prove you’re in a long term relationship. You would then just apply in Spain for residency and you only need 1xIPREM each, or slightly more in some regions but it’s not much.
Excuses me what is 1xIPREM?
@@sinayort8399 it’s just under €7000
@@youtoospain my boyfriend is in Spain and I'm still in Cambodia we recently apply for marriage paper from embassy in Thailand and I still worry because my boyfriend has a low salary ;(
@@sinayort8399 ah I see. He will need to show that he can support both of you.
Is it possible to get a long term lease on a car with the NLV? seems like a catch 22 to me!
I investigated getting a lease car from the bank but they wanted a year or two’s worth of money coming into the bank account before they’d consider it. I’d say it’s possible if you’ve enough pension coming in, but not immediately
Great video. We have our appointment coming up and as always consulate is not replying. I wonder if anyone know how you actually pay for the application as the modelo 790 952 online is quite impossible to fill out. I'm assuming as we are in the UK we pay by cashier chq but nowhere can I find the info. Sorry to pester.. 😉
No worries Ben, that’s what I’m here for. You just pay by card at the consulates in the UK.
Hello. I need some help about the non-lucrative visa. Do I have to apply for 2 years residency after I complete first year in Spain ? I mean is it okay if I apply for another a year instead of 2 years and demonstrate 30.000k euro for another one year ? I don't have 57.600 for two years residency. I have 30.000k euro in my bank account. So in short can I apply for another one year residency and demonstrate 30.000k euro in my bank account after complete the first year in Spain instead of applying 2 years and demonstrate 57.600k euro ? Please let me know. Looking forward to hearing from you. Thanks for your help and time. Appreciate your help
After the first year you must apply to renew for 2 years. Do you have any passive income like a pension?
@@youtoospain I am 28 years old and non-europe citizen. I am a freelancer and got many clients from many countries around the world. I want to move to Spain wih non-lucrative visa. Isn't possible to renew the non-lucrative visa for another one year or do I have to apply two years after complete the first one ??? I have read manu articles about this visa. Also is this visa for only elderly people ? I am 28 years old. Please let me know. Looking forward to hearing from you. Appreciate your help. Thanks
@@resadsahverdizade256 no it’s only possible to renew for two years. But this isn’t the right visa for you. The Non Lucrative Visa is usually for retired people because you are not allowed to work at all. The visa you need is the Digital Nomad Visa, which will be available soon. I’ve made a video all about it recently, if you subscribe and search my channel you’ll see it in the recent playlist.
Hi. Can you be denied this visa if you're not of the retirement age? I'm 38 but have in savings almost USD $240k. No passive income or rental income. I'm willing to live very conservatively for five years if that means getting a Spanish permanent residence. I strongly believe EU residence and citizenship will become very valuable in the future. But my main concern is if they'll issue a permit to someone who's not of retirement age and is most likely to work in Spain after getting their permanent residency.
You won’t be denied the NLV because of your age, and that’s a very good amount of savings you have. Make sure you get a free account well in advance with Smart to maximise the Euros you’ll have, here’s a link bit.ly/SmartY2S because they can fix a forward rate. Whereabouts in Spain are you thinking of moving to?
@@youtoospain Hey! Thanks a ton for replying to my comment. I'm not sure yet. Anywhere with the low cost of living is fine. Even if I'm doing not much for five years, at least I know I'm getting closer to an EU residence and eventually a passport. Which is super valuable!
@@kraudavid5975 yes indeed. Stay away from the cities, they’re more expensive. And inland towns tend to be cheaper than the coast. Around Granada is good. You can get into the city on cheap public transport, and get free tapas with every drink.
@@youtoospain Thank you so much for your help. I was thinking about getting a small electric car so I can move around Spain. I guess staying at one place for five years without doing much can get very boring. Would you suggest to save a little more to buy own apartment or rent a studio? I have no wife, no kids and no liabilities so I'm a free creature in that sense. I believe if I can get a small studio for 400 euros then that would be a more inexpensive option. Eventually, I'd like to start work once I get my full residence.
@@kraudavid5975 I would rent first to give you more freedom to move if you decide your first choice of home wasn’t quite right for you. Electric car charging isn’t as plentiful if you’re out of the cities so maybe a hybrid would suit better. You can visit more mountain villages that way.
There’s also the possibility, once you’ve been here for a year, to apply for a working visa if you can find an employer willing to go through the application process.
Saludos amigos
Cheers!
🤣🤣🤣
😀😀😀😀
Hey Skats, couple of specific's around the NLV. We are in the process of gathering the required docs, I'm going to use money in the bank for myself, wife and a young child. I've heard different stories regarding money in the bank being accepted, we will have over 50k sterling which is comfortably above the requirement at this time, plus other sources of savings, ISA's, just starting to go through the process of getting the house sold as well. Do you foresee any problems with this approach, I will have some passive income, but that's below the level, so I thought savings was a better way to exhibit this. Taking the specifications on the site we will meet them comfortably for the 1st year, but I hear stories of them not following the specs precisely as stated.
A very specific Q. now, my son is less than 6 months, do you think they will insist on him coming to an interview, would rather not have to bring him on a 4-5 hr round trip in hot weather if I don't need to, he's very clever, but I don't think he'll add much to the conversation atm!
We will probably then explore other visa opportunities in the future than enable us to work, but this will be a nice start while he's young. One more Q. does the visa fee cover the whole family or is it per person, becomes quite costly if it's for each person doesn't it!
Hi,
The visa fee is per person yes so it’s not a small part of your budget.
Savings in the bank is definitely acceptable, as are ISAs (you might want to contact Kasie my most recent guest to get advice on these), you’ll just need stamped bank statements as proof of what you have. Use your passive income as proof of means too, having a mix of savings and passive makes your situation look better. And let them know you’re selling your property and will have more, put a letter in (translated) about it with your application. Are you going to be buying a house?
I think you’ll be fine not taking your tiny child! I’m just checking with Chris from Upsticks to make sure though. Which embassy are you going to?
Have you arranged how you’re going to exchange currency yet? The rate is peaking and worth holding onto, you can get in touch with my trusted friends at Smart to fix the rate at today’s level on this link
register.smartcurrencyexchange.com/?refSrc=41&refBy=1066371&source=SCEP_Register_AndrewScattergood
@@youtoospain Cool, that's good to know, thank you, I was hoping it was per visa app, but never mind.
My ISA is pretty strong too, so that's great, yes we will look to buy, but to start with I have a rental agreement for 8 months, so will get settled and then take our time on finding somewhere, never know we might even get a little interest on the money for once.
A year down a line I can always go for a visa switch and work again, luckily in a good field for remote working so I'll be watching that space.
Funnily enough on the embassy consulate, I live on the county border and the page that seemed to direct you to a specific embassy (which I now can't find) had Manchester for one county and London for the other and London is an hour and a half and Manchester is 3 hours plus. Just to make things more complicated.
In terms of currency I'll use Wise and Revolut and then my CC is great for everyday purchasing. Hopefully by next year the rate isn't too horrific.
Thanks a lot for all of that. Much appreciated.
@@worrellsterlings-wordsmith9646 go with the county that your postcode says you’re in. That will be on all of your documents so they can’t argue with that
@@worrellsterlings-wordsmith9646 yes I’m sure the Digital Nomad Visa will be up and running soon so you’ll have time to set that up while you’re chilling.
@@worrellsterlings-wordsmith9646 Revolut and Wise are good rates and if you’re always watching carefully you could get a better rate than now. I’m fairly convinced it’s going to plummet over the coming year but no one has a crystal ball I can borrow. If it was me I’d be playing safe and locking in the rate right now so I knew what I had in Euros. I’m becoming less of a gambler in my old age!