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Hi all I am new to the site. My question is regarding NLV visa. We are both pensioners and have a combined income of about €24K. We also have a property to sell which is all profit of about €110K. Is this taken into consideration for the NLV, would our income be enough to qualify?
Lesleyk56 wrote on Wed Feb 14, 2024 6:06pm:
Hi all I am new to the site. My question is regarding NLV visa. We are both pensioners and have a combined income of about €24K. We also have a property to sell which is all profit of about €110K. Is this taken into consideration for the NLV, would our income be enough to qualify?
Yes. Savings, bonds, shares are all means of proof that you have enough financial means to qualify for the NLV. You need to watch for capital gains tax if you will have any on the sale of your house. Depending on when you wanted to move to Spain you could be taxed on that.
Posted: Wed Feb 14, 2024 6:45pm
Super helpful member
You probably have already seen this but just in case. This link explains the requirements when applying for a NLV:
The following link provides details of how to prove your 'financial means':
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Unless you're planning to rent, or already own a property in Spain, surely most if not all of your €110k is going to disappear in the purchase of a property?
Based on a potential sale rather than an actual one would not of course count.
With only €24k you might struggle to demonstrate sufficient income.
Unless you have other savings then I don't think that would be sufficient. Spanish foreign office states an income of 36,000 euro for a couple. Even if you managed 5% on that 110k then it would only be 5 .5 k a year which, when added to the 24k you have, would still fall short of the required income.
No harm in asking, though. They do assess each claim on merit.
marcliff wrote on Wed Feb 14, 2024 7:07pm:
Unless you have other savings then I don't think that would be sufficient. Spanish foreign office states an income of 36,000 euro for a couple. Even if you managed 5% on that 110k then it would only be 5 .5 k a year which, when added to the 24k you have, would still fall short of the required inc...
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...ome.
No harm in asking, though. They do assess each claim on merit.
It doesn’t have to be income. As long as you have sufficient funds in the bank to cover the amount they are looking for then that’s excepted. I now know 2 people who have gained NLV’s with very little income but mainly savings. 1 I know only has £550 / month income from rent in the UK and the rest in savings and got it no problem.
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