What about the Spanish Non-Lucrative Visa?
Published at: 20/05/2019 02:29 pm
Third country citizens (non-EU nationals) are looking for the Spanish Golden Visa as one of the most straightforward solutions to settle in the EU. A real estate investment of 500,000 euros is enough to become a resident of Spain under the Golden Visa programme. However, there is another attractive solution for those applicants who do not want to invest in the Mediterranean country but would like to enjoy a high quality of life under the hot Iberic sun.
First of all, let's mention the comparative disadvantages! The Spanish Non-lucrative Residence Permit obliges the holder to pay taxes in Spain and cannot start or join any business or professional activity.
How can you obtain the Non -lucrative Residence permit in Spain?
To qualify for the Spanish non-lucrative residency scheme, the applicant must prove "sufficient economic means". The necessary monthly amount was 2,134 euros in 2018. The total amount required to sustain corresponds to the requested period for staying in Spain. The applicant must also show 532 euros per month for each dependent family member. (The minimum annual income to qualify is 25,608 euros and 6,396 after each family member).
The advantages of the Spanish non-lucrative visa
- allows to carry out commercial activities
- allows studying
- allows business or work in other countries
- changeable upon expiration to "Residence Work" status as a self-employed
- move (enter, leave, travel and stay) freely in the Schengen zone
- citizenship after ten years (for Ibero-americanos, including the Philippines and other nations after 2-3 years)
- the resident does not have to buy property in Spain
- it's not necessary to invest in Spain
Disadvantages of the Spanish non-lucrative residency scheme
- the process to obtain the Spanish resident status is significantly longer than the processing period of the Spanish Golden Visa,
- the non-lucrative resident must become tax resident and pay taxes after his or her worldwide income.
- investors can prove their financial capacity more simply then the non-lucrative residents
- the resident must stay at least 183 days per year in Spain.
Do you want to live in Spain? Read here all the detailed information about the Spanish Golden Visa Programme!