Wondering if you can still invest in Spain after the Golden Visa cancellation? Absolutely! Spain continues to offer a variety of attractive residency options, and one of the top alternatives is the Non-Lucrative Visa. This visa is perfect for those looking to live in Spain without the need to work or engage in professional activities. In this guide, we’ll cover everything you need to know about the Non-Lucrative Visa - from the requirements to the benefits, and how it compares to the Golden Visa.
The decision to cancel Spain’s Golden Visa program has been a significant development in 2024. During this transitional period, applications and procedures for the Golden Visa will continue as usual, allowing time for adjustments.
This move marks the end of all Golden Visa pathways, including the popular real estate investment option, which previously required a minimum investment of €500,000. The cancellation reflects Spain’s shift towards reducing speculative property purchases while promoting more sustainable and accessible investment avenues, such as the Non-Lucrative Visa, the Entrepreneur Visa, the Digital Nomad Visa, and other residency options.
This move marks the end of all Golden Visa pathways, including the popular real estate investment option, which previously required a minimum investment of €500,000. The cancellation reflects Spain’s shift towards reducing speculative property purchases while promoting more sustainable and accessible investment avenues, such as the Non-Lucrative Visa, the Entrepreneur Visa, the Digital Nomad Visa, and other residency options.
Spain Non-Lucrative Visa Guide: Golden Visa Alternative
If you’re looking for a residency option in Spain after the cancellation of the Golden Visa, the Non-Lucrative Visa presents an excellent alternative. This visa allows you to live in Spain without the need for employment, providing flexibility for individuals and families, as long as they meet the necessary financial and legal requirements.
Requirements for the Non-Lucrative Visa
To apply for the Non-Lucrative Visa, you’ll need to meet the following key requirements:
1) Financial Means:
2) Private Health Insurance:
3) Valid Documentation:
1) Financial Means:
- Applicants must have a minimum of €27,000 in their bank account, which equates to 400% of Spain’s Public Multiple Effects Income Indicator (IPREM).
- An additional €6,750 (100% of the IPREM) is required for each dependent family member.
2) Private Health Insurance:
- You must have comprehensive health insurance coverage from a private provider valid in Spain.
3) Valid Documentation:
- Proof of financial means (e.g., bank statements).
- A clean criminal record certificate from your home country.
- Documents substantiating family relationships if applicable.
Who Can Apply Alongside You?
Family members who may also qualify for the Non-Lucrative Visa include:
Important: All foreign documents must be legalized or apostilled and, where applicable, submitted with an official translation into Spanish.
- Spouse or Unmarried Partner: Proof of relationship is required, such as a marriage certificate, civil registry documentation, or proof of partnership.
- Dependent Children: Documents proving financial dependence, civil status, and continued inclusion in the family unit are necessary.
- Dependent Parents or Relatives in the Ascending Line: Proof of financial dependence and family unit membership must be provided.
Important: All foreign documents must be legalized or apostilled and, where applicable, submitted with an official translation into Spanish.
How Long is the Visa Valid?
The Non-Lucrative Visa is initially valid for one year, with the option to renew for an additional year. There are no limits to renewals as long as the original conditions (e.g., financial means, insurance) are maintained.
What Activities Are Permitted?
It’s important to note that the Non-Lucrative Visa does not allow you to engage in any work or professional activities in Spain. However, it does permit passive income, such as earnings from investments or pensions, making it an excellent choice for retirees or financially independent individuals.
Is the Non-Lucrative Visa Right for You?
The Non-Lucrative Visa is ideal if:
For those exploring additional residency options, check out our guide to the Entrepreneur Visa and other pathways to living in Spain post-Golden Visa.
- You have sufficient financial resources to live in Spain without employment.
- You want a simpler alternative to the Golden Visa.
- You’re looking for a pathway to eventual long-term residency in Spain.
For those exploring additional residency options, check out our guide to the Entrepreneur Visa and other pathways to living in Spain post-Golden Visa.
The cancellation of the Golden Visa doesn’t mean the end of your dream to live in Spain. The Non-Lucrative Visa offers a flexible and accessible alternative for individuals and families who wish to live in Spain without the need to work.
At UTRUST, we specialize in guiding individuals through the residency process, ensuring all requirements are met with ease.
Contact us at info@utrust.es to schedule a complimentary consultation and discuss your real estate investment in Spain.
At UTRUST, we specialize in guiding individuals through the residency process, ensuring all requirements are met with ease.
Contact us at info@utrust.es to schedule a complimentary consultation and discuss your real estate investment in Spain.