The Visa is designed for those who have enough cash in the bank who do not have a need to find employment in Spain. These are the required documents according to information on the website of the Spanish Ministry for Interior.
Required documents
1. National visa application form
. Each applicant must complete and sign a visa application, filling in each of its sections.
2. Non-working residence visa application form. Each applicant must complete and sign a copy of the EX-01 form, filling in each of its sections. Follow the instructions.
3. Photograph. A recent, passport-size, colour photograph, taken against a light background, facing forward, without dark or reflective glasses, or any garments concealing the oval of the face.
4.Valid, unexpired passport. The original and a photocopy of the page or pages of the passport that contain biometric data must be submitted. The passport must have a minimum validity period of 1 year and contain two blank pages. Passports issued more than 10 years ago will not be accepted.
5. Proof of financial means. The applicant must submit the originals and a copy of the documents proving that they have sufficient financial means to cover the expenses of residing in Spain for the initial year of the residence permit, or accrediting that they have a regular source of income, for themselves and, where applicable, for the family members accompanying them. The minimum required amount is equivalent to 400% of Spain's Public Multiple Effects Income Indicator (IPREM). To this amount must be added 100% of the IPREM for each family member in the applicant's care.
Documentation in original form with an official stamp and seal of the issuing agency that verifies sufficient economic means for the period of residency in Spain or certifies the availability of a non-working monthly income (eg. pension) that satisfies the minimum financial requirements.
If you are of working age, you will need to prove receipt of a pension or provide a termination letter from your employer stating that you will no longer work for that company or, in case of self-employment, you will need to provide an affidavit before a Notary stating that you agree not to work while residing in Spain. In the case of retirees, the applicant must be a beneficiary of a State pension in convertible currency or be a beneficiary of a life annuity, not capitalizable, payable by a public or private institution in convertible currency and / or investment accounts. Attach bank statements from the last three months and a copy of the last tax return.
Residency applicants cannot have/leave loans or mortgages in the United States when applying for residency in Spain.
Foreign documents must be legalized or apostilled and, where applicable, must be submitted together with an official translation into Spanish.
6. Health insurance. Original and a copy of the certificate accrediting the public or private health insurance with no co-pay (or deductible) contracted with an insurance entity authorized to operate in Spain. The insurance policy must be valid for 1 year and must cover all the beneficiaries of the visa for the risks insured by Spain's public health system. No travel insurances with medical assistance coverage will be accepted.
7.Criminal record check certificate. Applicants of legal age who apply for a visa for a stay of more than 180 days must submit the original and a copy of the criminal record check certificate(s) issued by their country or countries of residence for the past 5 years.
Obtain a background check verified by fingerprint comparison. This document is valid for a maximum of 90 days after the issue date mentioned on it. It must be legalized with the "Apostille of The Hague" and then translated into Spanish in order to be accepted.
Additional information:
https://www.exteriores.gob.es/Consulados/losangeles/en/ServiciosConsulares/Paginas/Consular/Visado-de-residencia-no-lucrativa.aspx
https://www.ageinspain.org/post/non-lucrative-visa-nlv-guide
6 comments
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Morgan Williams“bankrupting those without much money” and penalties as well. Is that at all possible ? Seems like an oxymoron to me. I furnished my flat and I’m not a criminal. That’s what my Mum says, and I believe her.
CompoMoving anywhere abroad is never a doddle, unless of course you just fly in and never leave, like many do. But that comes with the (increasing) risk of getting caught, and the penalties can be very expensive and harrowing. Possibly bankrupting for those without much money in the first place. So it's better to just take the legal route. But yes, it's pretty much as laid out here. If you can support yourself and aren't a criminal (and can furnish solid proof of that), you can stay. But it's always been that way. Here or elsewhere.
Marvin Le MartianI suspect most who want to try and take advantage are existing home owners that want to get around the 90 day rule. So less an increase in ‘rich retirees’ but more an opportunity for existing visitors to spend more and boost the economy. There are also other schemes for skilled workers.
It’s not a new way as you say, but I thought it was more restrictive than this article suggests. The only difference, if the article is correct, between this and the golden visa is that it you don’t have to own a property in Mallorca (or if you do the value doesn’t matter) but you do have to have a certain level of income from home or cash in the bank. Is that correct?
Why are you promoting this like some sort of agency? Does this island really need more rich retirees? I thought we needed more skilled workers. Ah, but the pay is pants so they go elsewhere, like your article about the nautical sector identifies.
It's not a "new way". This is how it's always been for non-EU citizens.