Non lucrative visa.monthly income

marghoug wrote on Thu Aug 17, 2023 4:27pm:

Hi

Sorry if this is repetitive and might sound like a daft question.im 56  from UK and retired last yr.i have my works pension of  £1100 month.if i wanted to move to spain.ive read you need about £2000 monthly income. With my savings and house sale money...is that included in "monthly in...

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...come" or does it mean £2000 regular income.

Ie.Would i have to put £2000 a month into a spanish bank account from my uk bank.or if i had  some savings in a Spanish bank account and my monthly works pension coming into a  spanish bank account.is this counted.i hope ive explained this right

Many thanks.marg

tebo53 wrote on Thu Aug 17, 2023 4:59pm:

Hi,

I've given a link regarding the non lucrative visa that you need to apply for to retire to Spain. You will need to apply for the visa from the Spanish consulate in the UK. 

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https://www.exteriores.gob.es/Consulados/londres/en/ServiciosConsulares/Paginas/Consular/Visado-de-residencia-no-lucrativa.aspx

You will need to prove an income of around €28800 per annum (4x IPREM) from solid provable sources. You will need full private healthcare paid for a full year plus a couple of other documents, a police background check and medical health certificate.

Some regions may take the amount of money you have in your bank account but it does not necessarily need to be in a Spanish account. 

This link will give valuable information from other applicants. 

How to apply for a Non-Lucrative visa (NLV)

Steve 

PedroB wrote on Thu Aug 17, 2023 5:18pm:

Hi, You wouldn't need to put money in a Spanish bank account each month. You would need to prove that you have least €28800 from reliable sources for year 1 of your application. Year 2&3 and 4&5 they look for double the €28800 so you would need to show you had €57600 available ...

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...from reliable sources. This can be pensions, shares, savings, even available spend on credit cards.

marcliff wrote on Thu Aug 17, 2023 5:53pm:

The income required by a couple is 3000 euro per month or 36000 a year. For an individual it is 2400 euro a month or 28,800 a year.

If you have a pension of 1100 per month you would need to show income of another 1300 per month from savings or investments. Can't see how individual regions would be different as the processing is done by the same people in the UK but may be different when updating after year 1 and 3. ...

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If you have enough savings to cover that 1300 a month that would be acceptable but you would have to show that every year so 78000 in savings to cover the 5 years. After that you don't need to show financial income.

Not sure the amount on credit cards would count either as that is one of the requirements for tourists entering Spain, not for residency.

And the double amount after the first year doesn't actually work like that either. You have to show you will have the 28,800 per year coming in for each of the years. So, yes, you need to show you have that amount but not all in one go. You would have to show your 1100 plus 31200 coming in over the next two years which is the 1300 a month top up over 24 months. Then the same after the 3 year point to show the same amount is available for years 4 and 5. Of course, you will have spent money out of your savings during those first 3 years so would have to ensure you have enough savings and interest still left with another 31200 available. 

Just as an aside, when we first moved over it seemed every man and his dog wanted money off us for something or other. Every time the phone or the doorbell rang it felt like we were just throwing money at the whole world. Furniture decorating, aircon, boiler, bedding, curtains, car, insurances, TV, satellite installation, solicitors and on and on and on let alone the taxes, community fees et al. Just need to make sure you have access to the money after the 3 year point. 

PedroB wrote on Thu Aug 17, 2023 6:53pm:

Sorry marcliff, I will let the lawyer know who I am dealing with regarding my NLV that he is wrong about the credit cards and get him to contact you so you can keep him right in the future. 

marcliff wrote on Thu Aug 17, 2023 5:53pm:

The income required by a couple is 3000 euro per month or 36000 a year. For an individual it is 2400 euro a month or 28,800 a year.

If you have a pension of 1100 per month you would need to show income of another 1300 per month from savings or investments. Can't see how individual regions would be different as the processing is done by the same people in the UK but may be different when updating after year 1 and 3. ...

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...

If you have enough savings to cover that 1300 a month that would be acceptable but you would have to show that every year so 78000 in savings to cover the 5 years. After that you don't need to show financial income.

Not sure the amount on credit cards would count either as that is one of the requirements for tourists entering Spain, not for residency.

And the double amount after the first year doesn't actually work like that either. You have to show you will have the 28,800 per year coming in for each of the years. So, yes, you need to show you have that amount but not all in one go. You would have to show your 1100 plus 31200 coming in over the next two years which is the 1300 a month top up over 24 months. Then the same after the 3 year point to show the same amount is available for years 4 and 5. Of course, you will have spent money out of your savings during those first 3 years so would have to ensure you have enough savings and interest still left with another 31200 available. 

Just as an aside, when we first moved over it seemed every man and his dog wanted money off us for something or other. Every time the phone or the doorbell rang it felt like we were just throwing money at the whole world. Furniture decorating, aircon, boiler, bedding, curtains, car, insurances, TV, satellite installation, solicitors and on and on and on let alone the taxes, community fees et al. Just need to make sure you have access to the money after the 3 year point. 

marcliff wrote on Thu Aug 17, 2023 7:09pm:

Well my gast is flabbered! The immigration portal does indeed say that the limit on credit cards can be used if you have a certified letter from the provider stating the amount.

Not heard that one before. Just wondering how a credit limit could show you have that as an income as you could simply take out a loan to cover the amount as both would have to be paid off....

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