American Citizens Consider the Non Lucrative Visa as an Alternative to the Spanish Golden Visa
The Spanish Government has established a deadline for the termination of the Golden Visa program in Spain, also referred to as the Residence Visa by Investment or Spain Investor Visa. Until April 3rd, 2025, this visa permits non-European citizens to obtain residency in Spain in exchange for investments in the country, such as:
1- The purchase of real estate properties of at least 500,000 euros.
2- The purchase of shares in a Spanish company, or having a bank deposit in a Spanish entity worth more than 1 million euros.
3- Investing in Spanish public debt worth 2 million euros.
With this deadline for the termination of the Golden Visa program, Americans have begun to turn their attention to the Spanish Non-Lucrative residence visa.
The Non-Lucrative Residence Visa is an option that permits non-European individuals who possess sufficient financial resources to legally reside in Spain, without the necessity of engaging in work or commercial activities. This type of residence extends to both the applicant and their family, and also permits them to settle in the country.
The Non-Lucrative Residence Visa grants the right to reside in Spain for an initial period of 1 year.
After this first year, the permit can be renewed every 2 years, until the requirements for obtaining permanent or long-term residence are met, which is achieved after 5 years of continuous residence.
A fundamental characteristic of this visa is that it does not allow the holder to carry out any economic or work activity in Spain.
Another important point is that no investment is needed in Spain to obtain this visa, which, together with its relatively simple requirements, makes it easier to obtain and is a viable alternative once the possibility of applying for residence by investment disappears.
As the closing date of the Golden Visa program approaches, many Americans are exploring other options to settle in Spain. Regardless of the government’s elimination of this visa, Spain is an ideal destination for investing and living a balanced lifestyle. See more: https://vbilc.com/barcelona-invest-in-a-better-way-of-living/
The Non-Lucrative Residence Visa offers an alternative for those who do not wish to make a substantial investment but who have sufficient financial means to support themselves in Spain without carrying out economic activities in the country. This visa requires applicants to demonstrate passive income or sufficient savings to cover their stay in Spain.
The process to obtain this visa involves providing proof of financial resources, health insurance, and a clean criminal record, among other requirements. Unlike the Golden Visa, it does not require a specific investment in real estate or local businesses, making it more accessible and simple for those looking to live in Spain.
This visa is perfect for:
• People who wish to retire in Spain.
• Foreigners with the financial resources necessary to live in Spain without having to work.
• People who plan to spend a long period in Spain exploring and enjoying the country without working.
BENEFITS OF NON-LUCRATIVE RESIDENCY.
This visa allows you to invest in Spain
Although this type of visa does not allow you to work in Spain, you can make investments such as buying property or shares.
The visa allows you to obtain residence for the family group
When applying for the visa, you can also obtain residence for your partner and children. This means that from the beginning, this visa allows you to settle in Spain with your family.
You only need to prove that your financial resources are sufficient to support your family as well.
Obtain long-term residence and later nationality
The initial visa has an initial duration of one year. Subsequently, you can renew it for two years and in the third renewal, you can opt for long-term residence, which allows you to live in Spain without needing to renew it for 5 years.
Latin American citizens will only need 2 years with the non-lucrative visa to qualify for Spanish citizenship.
Traveling around Europe
Another advantage of this visa is that it allows you to travel throughout the Schengen area with complete freedom.
The Golden Visa will continue to be available until April 2025, and once the non-lucrative visa ends, it will become the preferred alternative for foreigners who want to retire in Spain.
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