How much money is needed for a Non-Lucrative Visa?
If you’ve started researching a move to Spain, you have probably come across the term NLV or Non Lucrative Visa.
Since the delights of Brexit, you can no longer move to Spain long-term without first acquiring a visa, and an NLV is the type that will be needed by most people from the UK. This type of visa is also needed for citizens of other non-EU countries wanting to emigrate to Spain.
The main requirement of the non-lucrative visa is to show you have enough funds to support yourself and your family members while living in Spain.
If you are still early on in your journey of planning a move to Spain, read on for some more information on what an NLV actually is, and how much money you will need to apply for one.
What is an NLV or non-lucrative visa?
NLV stands for Non-Lucrative Visa and is a residency permit for non-European citizens who want to live in Spain long-term. This residence permit does not permit you to ‘carry out any economic or professional duties in Spain’ – in other words, you can’t work in Spain on a non-lucrative visa.
Applicants must prove they are financially capable of supporting themselves and family members in Spain for at least one year without working. After this, the visa is renewable every 2 years, until reaching your 5th year when you can apply for a permit to become a permanent resident in Spain.
Who should apply for a non-lucrative visa?
The NLV is a good option for people who do not need to work, such as those with passive income from pensions, rents or dividends.
A non-lucrative visa is ideal for those people who would like to retire in Spain; non-EU citizens with enough funds to sustain their living; and for anyone who would like to spend their first year in Spain without working but possibly get a work permit later.
Can you work on an NLV?
You are not allowed to work in Spain on an NLV, so if you will need to apply for a job once you move then this is not the correct type of visa for you.
It is still unclear whether remote work is allowed on an NLV, as some consulates are refusing this type of visa to those working remotely or as freelancers. In this situation is is best to ask the consulate before you start the process of applying for your visa.
There are also talks of the Spanish government approving a new digital nomad visa in the near future for those wanting to work remotely while living in Spain.
The NLV does allow you to study and do internships in Spain.
How much money do you need for a non lucrative visa in Spain?
Since you are not allowed to work in Spain on an NLV, to apply for the visa applicants must be able to demonstrate that they have enough funds to support themselves and their families. This is the main requirement of the NLV as the Spanish government does not want to give residency to people who will need to seek financial help later on.
The IPREM, or “Indicador Público de Renta de Efectos Múltiples” in Spanish, is an amount set by the Spanish government each year and used as a reference figure for granting things like aids or subsidies, as well as immigration visas. The IPREM for 2022 is €579.02 per month.
The financial requirement for applications for non-lucrative visas for Spain is based on a percentage of this IPREM. Anyone who wishes to apply for the NLV must demonstrate possession of 400% of the IPREM on a monthly basis – or 4x €579.02 per month.
Therefore, for 2022, non-lucrative visa applicants must have a minimum income of €2.316,08 per month, or €27.792,96 per year for a single person. You will need an additional €6,948.24 yearly for each family member included on your Spanish non lucrative visa application.
So as an example, a family of four would need an annual income of €48.637,68.
This threshold can change each year, for example the 2022 financial requirement is an annual increase of €677 over the 2021 rate.
To prove your financial means you can submit:
- Bank statements for the last 6-12 months before the date of application
- Proof of investment, and any other income such as rented houses
The required amount of money can be in multiple bank accounts as long as the bank statements are not older than 6 months and the name on the bank accounts matches the name of the main applicant on the NLV.
If you would like some more advice on applying for visas to move to Spain we’d highly recommend a chat with Bureaucracy who will guide you through the whole process via a free consultation.
We wish you the best of luck if you are applying for an NLV to live in Spain. For more help & advice why not download our free guide on How to Apply for Your Spanish NLV:
