Adiós to the Golden Visa, hola to the non-lucrative visa – Mallorca
A new pathway for Britons seeking Spanish Residency
For years, the Golden Visa has been popular for non-EU nationals, particularly Britons, looking to secure residency in Spain through real estate investment. As the Spanish government moves to phase out the Golden Visa in the coming months, a new alternative is gaining attention: the non-lucrative visa.
What is the non-lucrative visa?
The non-lucrative visa is a residency permit designed for non-EU citizens who want to live in Spain without engaging in any work or professional activity. Unlike the Golden Visa, which required a minimum investment in Spanish real estate, the non-lucrative visa is based on financial self-sufficiency. It is an ideal option for retirees, remote workers with foreign income sources, and those looking to enjoy life in Spain without employment regulations.
Why is this an attractive option for Britons?
Since Brexit, Britons have had stricter residency rules when living in Spain. With the Golden Visa, the non-lucrative visa offers a relatively straightforward alternative. The requirements primarily focus on providing sufficient financial means to sustain oneself and any dependents without relying on Spanish employment or social services.
Key benefits of the non-lucrative visa:
- Simple entry to Spain: An accessible way to establish residency without the need for a financial investment.
- Family inclusion: Spouses and dependent children can be included under the same visa.
- Pathway to permanent residency: After five years of continuous residence, holders can apply for permanent residency, granting access to Spain’s healthcare system and various resident benefits.
- Renewable status: The visa is initially granted for one year, then renewable for two additional periods of two years each.
- Eligibility for Spanish citizenship: After ten years of continuous residence, applicants may qualify for Spanish nationality, if they fulfill the integration requirements such as language proficiency and cultural knowledge.
Application requirements
- Provide proof of sufficient financial resources, typically exceeding €28,800 annually for an individual, plus around €7,200 per dependent.
- Show evidence of private health insurance covering medical expenses in Spain.
- Demonstrate proof of accommodation in Spain, either through property ownership or rental agreements.
- Obtain a clean criminal record from their country of residence.
- Submit a comprehensive medical certificate confirming good health and absence of contagious diseases.
Considerations and Limitations
- Holders of the non-lucrative visa cannot engage in any work within Spain, including remote work for Spanish companies.
- Residency may be revoked if an individual spends more than six consecutive months outside Spain within a given year.
- Local immigration offices may interpret residency requirements differently, making professional legal assistance advisable.
- Initial applications must be submitted at the Spanish consulate in the applicant’s country of residence.
- Upon renewal, proof of continued financial stability is required.
A secure route to Spanish residency
With the phasing out of the Golden Visa, the non-lucrative visa stands as a practical and attainable route for Britons seeking a life in Spain. Whether you dream of retiring in Mallorca, enjoying the Mediterranean lifestyle, or simply securing a long-term foothold in Spain, this visa offers a good option for residency.
For those considering relocating, understanding the nuances of Spain’s visa options is key. If you’re looking to invest in Spanish property as part of your relocation plans, The Agency Mallorca is here to assist in finding the perfect home to complement your new life in Spain.
