Expat Exchange
Free MembershipSign In

Spain Expat Forum

Financial Requirements for a Non-lucrative Visa in Spain

New Topic Newest First
freedom77777
  7/23/2021 15:01 EST

Hi, this is the first time I'm posting here but I can't seem to get a straight answer to my question, According to what I've read, one needs to have an monthly income equivalent to approx. 2151 euros which is $2553. My social security is $2000 per month but I will have, after selling my house, about $75,000. Does this amount qualify as a monthly income? Will this pass the the minimum financial requirements? Thank you in advance for your help.

AlPavarotti
  7/29/2021 00:39 EST

According to the Spanish Consulate in Miami, the minimum monthly income is 2,259 euros per month which is equivalent to $2,643 dollars per month. I hate to tell you but to me is very clear. You have to have a monthly income of 2,259 euros.

InnoinsureInnoinsure
Get Quote

Hassle-free health insurance policies from the 2 leading health insurance companies in Spain: DKV and Asisa. Innoinsure provides health insurance for expats to obtain Spanish visas such as the non-lucrative, digital nomad, golden visa and student visa. Our insurance also meets the requirements for Spanish residency, TIE and NIE applications and renewals.

InnoinsureInnoinsure

Hassle-free health insurance policies from the 2 leading health insurance companies in Spain: DKV and Asisa. Innoinsure provides health insurance for expats to obtain Spanish visas such as the non-lucrative, digital nomad, golden visa and student visa. Our insurance also meets the requirements for Spanish residency, TIE and NIE applications and renewals.
Get Quote

PeraEspanol
  7/29/2021 08:45 EST

I have just completed my 2nd residency renewal in Spain, so I do have some experience with this as an American living in Spain. Obviously, the amount you will need each month will be affected by exchange rates every year. You need to go by what the consulate for your region will require. The euro amount is actually based on a formula that also changes each year. If you can demonstrate that you have enough money for the extent of the visa, even if your monthly amount is less, then you might be okay. For example, the first visa approval is for one year. With the $2000/month you have plus the est. $75,000 you will have in the bank to use to cover the remaining $553/month, you might be approved. Each consulate is different, so it is important to know what yours will require (the Spanish consulate covering the region of the US in which you live). I hope this helps.

srhsnh1807
  9/28/2021 16:57 EST

I'm an expat in Colombia married to a Colombian. We visited my wifes family in Spain and fell in love with the country. We loved it so much, we're seriously thinking of relocating to Spain, So my wife and I recently did some research into this.

From what we were able to determine is it isn't so much the monthly income they focus on, but the amount you have in savings to cover the first year of the visa, and then subsequent years.

For example, you need to be able to prove you have 4 times the annual IPREM index’s income rate in accessible savings, For 2021, At 4x the IPREM rate, you’ll therefore have to prove having a minimum of €27,115 in accessible savings.

You'll need an additional €6,778 per year in savings for additional applicants, wife, etc..

This is the bare minimum, so obviously the more you have in savings, the higher the chances of a successful approval.

RStevens180
  10/23/2021 08:23 EST

You could invest in an annuity for say 10 years that would give you a higher monthly income. I have no idea if this would be sufficient, as they may look for guaranteed lifetime income. Have you considered Portugal?

YJM
  4/9/2022 11:54 EST

Hi Freedom-seeker ... I'm here on a 2-year, renewable, non-lucrative visa. I assume all such visas come only in the 2-year flavor ... In any event, in my case, they wanted me to prove I had sufficient assets to cover my 2-year stay at 2,000 Eur/Mo (x 24 months = 48,000 Eur). Income was never a criterion or question ... And be mindful of income taxes, because as a "tax resident" in Spain, you are technically obligated to report all your worldwide income and pay taxes* on it HERE in Spain. *Since there are treaties not to pay double taxes, you will probably qualify for a credit for your foreign-paid taxes, but since tax rates here are pretty high, you might end up footing a bill for the difference. Hope this helps.

Innoinsure
Innoinsure

Hassle-free health insurance policies that meet all Spanish visa and residency requirements. We are Innoinsure and we offer policies from the 2 leading health insurance companies in Spain: DKV and Asisa. 100% success rate for VISA and residency applications.
Get Quote

InnoinsureInnoinsure

Hassle-free health insurance policies that meet all Spanish visa and residency requirements. We are Innoinsure and we offer policies from the 2 leading health insurance companies in Spain: DKV and Asisa. 100% success rate for VISA and residency applications.
Get Quote

Living in Spain GuideLiving in Spain Guide

Expats Living in Spain offer their advice for others making the move to the nation on the Iberian peninsula. From what to bring, to learning Spanish, culture shock and more, read on to learn how to settle into your new life as an expat in Spain.

Spain Forum Spain Forum
Join our Spain forum to meet other expats and talk about living in Spain.

Contribute to Spain Network Contribute
Help other expats and newcomers by answering questions about the challenges and adventures of living in Spain.

Best Places to Live in Spain Best Places to Live in Spain

If you're thinking about living in Spain, here are the 15 Best Places to Live in Spain in 2023.

Healthcare in SpainHealthcare in Spain

Expats in Spain share their experiences with healthcare and overseas medical insurance in Spain.

Cost of Living in SpainCost of Living in Spain

Expats offer insight into the cost of living in Spain.

Moving to SpainMoving to Spain Guide

Expats move to Spain from all over the world. People of all ages move there to work, retire, or just enjoy the culture and Spain's natural beauty. With so many places to choose from, our tips for moving to Spain will get you started on picking the perfect place for you.

Real Estate in SpainReal Estate in Spain

Real estate listings in popular cities and towns in Spain.

Pros Cons of Living in SpainPros & Cons of Living in Spain

Take off your rose-colored glasses and learn what expats have to say about the biggest challenges and the greatest rewards of living in Spain.

Retiring in SpainRetiring in Spain

Advice for people retiring in Spain.

10 Tips for Living in Spain10 Tips for Living in Spain

If you've recently arrived in Spain, here are 10 tips for digital nomads living in Spain.

Innoinsure
Innoinsure

Hassle-free health insurance policies that meet all Spanish visa and residency requirements. We are Innoinsure and we offer policies from the 2 leading health insurance companies in Spain: DKV and Asisa. 100% success rate for VISA and residency applications.
Get Quote

InnoinsureInnoinsure

Hassle-free health insurance policies that meet all Spanish visa and residency requirements. We are Innoinsure and we offer policies from the 2 leading health insurance companies in Spain: DKV and Asisa. 100% success rate for VISA and residency applications.
Get Quote

Contribute to Spain Network Contribute
Help others in Spain by answering questions about the challenges and adventures of living in Spain.

GeoBlue
GeoBlue

Copyright 1997-2024 Burlingame Interactive, Inc.

Privacy Policy Legal