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NLV and end of first year review

Posted: Mon Jul 4, 2022 2:50pm
12 replies368 views5 members subscribed
Dave101b

Posts: 26

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Location: Benidorm

Joined: 30 Jan 2022

I've been given some advice today which has confused my understanding of the Non Lucrative visa process. I understand that I have sufficient monthly income via House rental and private occupational pension etc but at the end of year 1, I've been told that I may struggle to meet the criteria unless I have two years financial requirement (in full) sitting in my bank account. 

Is it correct that I'll need to have some 50,000 euros actually in my bank account, even id I can evidence sufficient monies on an ongoing monthly basis?

John123456

Posted: Mon Jul 4, 2022 3:04pm

John123456

Helpful member

Posts: 294

253 helpful points

Location: Benidorm

Joined: 27 Feb 2021

Posted: Mon Jul 4, 2022 3:04pm

I have taken this extract from the link below, however, I would recommend you read the full article:

Requirements to renew the non-lucrative residency

Basically, to renew this card you must demonstrate that all the requirements that you had to meet for the initial application are still valid.  Nevertheless, there are some differences:

Sufficient economic funds

Demonstrating economic solvency is one of the main requirements for obtaining this visa.

On your initial application, this translated into a 400% of the IPREM for the main applicant, and 100% for each extra family member included in the joint application. In short, an amount greater than 26,000 euros.

Thus, if you want to renew this visa,  you must prove that you maintain these same conditions.

However, as the validity of the renewed visa will be 2 years instead of 1, you will now have to prove double the economic means: 800% of the IPREM.

That is to say, 52,000 euros.

In the case of having come with your spouse and/or children, you will also need to double the amount required for them.

https://www.immigrationspain.es/en/renew-non-lucrative-visa/ 

Dave101b

Posted: Mon Jul 4, 2022 3:18pm

Dave101b

Original Poster

Posts: 26

1 helpful points

Location: Benidorm

Joined: 30 Jan 2022

Posted: Mon Jul 4, 2022 3:18pm

John123456 wrote on Mon Jul 4, 2022 3:04pm:

I have taken this extract from the link below, however, I would recommend you read the full article:

Requirements to renew the non-lucrative residency

Basically, to renew this card you must demonstrate that all the requirements that you had to meet for the initial application are still valid.  Nevertheless, there are some differences:...

...

Sufficient economic funds

Demonstrating economic solvency is one of the main requirements for obtaining this visa.

On your initial application, this translated into a 400% of the IPREM for the main applicant, and 100% for each extra family member included in the joint application. In short, an amount greater than 26,000 euros.

Thus, if you want to renew this visa,  you must prove that you maintain these same conditions.

However, as the validity of the renewed visa will be 2 years instead of 1, you will now have to prove double the economic means: 800% of the IPREM.

That is to say, 52,000 euros.

In the case of having come with your spouse and/or children, you will also need to double the amount required for them.

https://www.immigrationspain.es/en/renew-non-lucrative-visa/ 

Thank you for that. I've read the full article but I can find no text where it makes explicit that you can rely on income not cash in the first year but cash only rsather than income after year 1. I think maybe I need to take some legal advice to be sure.

John123456

Posted: Mon Jul 4, 2022 3:19pm

John123456

Helpful member

Posts: 294

253 helpful points

Location: Benidorm

Joined: 27 Feb 2021

Dave101b

Posted: Mon Jul 4, 2022 3:25pm

Dave101b

Original Poster

Posts: 26

1 helpful points

Location: Benidorm

Joined: 30 Jan 2022

Posted: Mon Jul 4, 2022 3:25pm

Thank you. That gives me a bit more hope and I feel more positive about the chances of success. Thank you

John123456

Posted: Mon Jul 4, 2022 3:28pm

John123456

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Posts: 294

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Location: Benidorm

Joined: 27 Feb 2021

Posted: Mon Jul 4, 2022 3:28pm

Check the second link I sent. It is the official Spanish Government website and covers how you can prove you have sufficient funds.

Douglas57

Posted: Tue Jul 5, 2022 1:10pm

Douglas57

Helpful member

Posts: 74

65 helpful points

Location: Catral

Joined: 14 May 2021

Posted: Tue Jul 5, 2022 1:10pm

To try and answer your query/concern as I am going through this process at the moment.

You DO NOT PHYSICALLY have to have the money sitting in your bank!  You have to provide Certification from Financially institutions on your income sources per annum.  You can use Pensions(UK and Private)/Share Dividends/Savings/Creditcard Credit Limit, etc, which believe it or not is acceptable, you need a certified statement from the Creditcard company detailing what your credit limit is available to you.  The main/Principal Applicant IPREM for 2022 is 27,792.96 Euro per annum and 6,948.24 euro per annum per dependant.  Therefore as Main applicant/Principal you need to demonstrate access to 55,585.92 Euro and per dependant 13,896.48 Euro for the NLV Renewal Application. 

Kimmy11

Posted: Wed Jul 6, 2022 10:38am

Kimmy11

Legendary helpful member

Posts: 5638

10605 helpful points

Joined: 8 Aug 2017

Posted: Wed Jul 6, 2022 10:38am

John123456 wrote on Mon Jul 4, 2022 3:04pm:

I have taken this extract from the link below, however, I would recommend you read the full article:

Requirements to renew the non-lucrative residency

Basically, to renew this card you must demonstrate that all the requirements that you had to meet for the initial application are still valid.  Nevertheless, there are some differences:...

...

Sufficient economic funds

Demonstrating economic solvency is one of the main requirements for obtaining this visa.

On your initial application, this translated into a 400% of the IPREM for the main applicant, and 100% for each extra family member included in the joint application. In short, an amount greater than 26,000 euros.

Thus, if you want to renew this visa,  you must prove that you maintain these same conditions.

However, as the validity of the renewed visa will be 2 years instead of 1, you will now have to prove double the economic means: 800% of the IPREM.

That is to say, 52,000 euros.

In the case of having come with your spouse and/or children, you will also need to double the amount required for them.

https://www.immigrationspain.es/en/renew-non-lucrative-visa/ 

Hi Dave,

These figures in this article are out of date - the Spanish government typically increases IPREM (Spain's Public Income index) each January.  The figures that Douglas has given you are correct for 2022.

Kind regards, 

Kim

Mitch

Posted: Wed Aug 3, 2022 4:03pm

Posts: 12

3 helpful points

Location: Benejúzar

Joined: 9 Apr 2019

Posted: Wed Aug 3, 2022 4:03pm

What would happen if one didnt spend 183+ days in year one of the NLV>? I assume it wouldnt be renewed so at expiry would you have to re submit for another? 

For starters you wouldnt be resident for tax purposes.  And that would suit me.

Kimmy11

Posted: Wed Aug 3, 2022 5:01pm

Kimmy11

Legendary helpful member

Posts: 5638

10605 helpful points

Joined: 8 Aug 2017

Posted: Wed Aug 3, 2022 5:01pm

Mitch wrote on Wed Aug 3, 2022 4:03pm:

What would happen if one didnt spend 183+ days in year one of the NLV>? I assume it wouldnt be renewed so at expiry would you have to re submit for another? 

For starters you wouldnt be resident for tax purposes.  And that would suit me.

Hi Mitch,

That's correct, but you're very likely to be questioned as to why you're applying for the NLV again, instead of applying for the 2-year residency renewal.  The NLV is for residency purposes, not as a route around the Schengen 90 days in a rolling 180 days rule, so if you don't want to be tax resident in Spain, probably best to just stick to the Schengen rules.  Or, perhaps Spain's proposed digital nomad visa may better suit your circumstances:

https://www.spainvisa.eu/spain-visa-digital-nomads/

Kind regards,

Kim

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