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NLV confusion! Any advice is appreciated.

Posted: Wed Jan 12, 2022 9:04pm
4 replies136 views2 members subscribed
laurahammie

Posts: 12

Joined: 22 Aug 2021

Hello everyone - This site has been a great resource and I was hoping someone can clear this up for me.  Background:  We are planning another trip April - June and hope to eventually purchase in October if we can get through the NLV process.  It sounds like we will have to tackle higher and higher hurdles toward the NLV.  Here is something I read from another website and please let me know if this is true and what you think.  The person who posted did not use punctuation so I apologize for the difficulty reading:

you really need to look into taxes I was going to do the same next year I have decided not to do it and stay as none resident they will tax your pension and any private pension year 2 and 3 you need to have the minimum 27k for each of the 2 yrs 54k this puts you in a higher tax band 50k and over this also applies for year 4 and 5 this also is for any private pensions worth more than 50k again in higher tax band so over 5 yrs you will need over 130k just to get full residency plus you will taxed on any savings you have worldwide or any other assets such as shares or property subject to wealth tax and capital gains sorry to say the Spanish government is slowly going to force people to leave or stick with the 90/180 rules”



laurahammie

Posted: Wed Jan 12, 2022 9:14pm

laurahammie

Original Poster

Posts: 12

Joined: 22 Aug 2021

Posted: Wed Jan 12, 2022 9:14pm

....and here is another solution which makes it sound so easy.  I'm hoping it is this easy and not where I have to go out and shake the can to double my income every year!  Hahahahaha.

for our NLV renewal we didn’t really need a huge amount of money sitting in an account somewhere. It was suggested that rather than 400% of the IPREM for the first family member plus 100% for the second x 24 (for a total of 54,230.40€ + 13,557.60€ = 67,788€), we could simply show that we had 500% of the IPREM available to us each month.
We decided to put this to the test with our recent renewal. We have a Spanish account in which we kept more than the required 500% monthly IPREM — 2,824.50€. For our renewal, all we sent in was the balance sheet for this account for the past 6 months, showing that it was consistently above this amount.
I’m delighted to say that we we had a favorable result, and in less than two weeks! This was in Galicia. Here’s hoping it works for others on here!”

Darro

Posted: Wed Jan 12, 2022 9:27pm

Darro

Helpful member

Posts: 171

149 helpful points

Location: Catral

Joined: 8 Sep 2021

Posted: Wed Jan 12, 2022 9:27pm

The first statement is misleading.

You do not have to show €54k in the bank but the same €27k pa you had to for year one but for the following two years instead of one.

Also you are only taxed on actual income not projected amounts or  savings so if you did happen to have €130k in the bank you would only be liable for tax on any income accrued  from it not the sum itself.

In short if you have sources of income which meet the requirements for the initial NLV then the same income should cover you for the ensuing years 2 & 3 then 4 & 5 after which it falls, away completely.

Whomever wrote that has got his or her knickers in a twist!

The second quote reflects how it should be.

Sorry for the multiple editing but I posted my reply before you posted your second quote!

tebo53

Posted: Wed Jan 12, 2022 10:11pm

tebo53

Legendary helpful member

Posts: 2413

2415 helpful points

Location: Benidorm

Joined: 29 May 2018

Posted: Wed Jan 12, 2022 10:11pm

This may help you:

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

Steve 

laurahammie

Posted: Thu Jan 13, 2022 1:24am

laurahammie

Original Poster

Posts: 12

Joined: 22 Aug 2021

Posted: Thu Jan 13, 2022 1:24am

Darro wrote on Wed Jan 12, 2022 9:27pm:

The first statement is misleading.

You do not have to show €54k in the bank but the same €27k pa you had to for year one but for the following two years instead of one.

Also you are only taxed on actual income not projected amounts or  savings so if you did happen to have €130k in the bank you would only be liable for tax on any income accrued  from it not the sum itself.

In short if you have sources of income which meet the requirements for the initial NLV then the same income should cover you for the ensuing years 2 & 3 then 4 & 5 after which it falls, away completely.

Whomever wrote that has got his or her knickers in a twist!

The second quote reflects how it should be.

Sorry for the multiple editing but I posted my reply before you posted your second quote!

Thank you for clearing that up - that was an eye opener that sent my heart into tachycardia and I had a flash of everything disappearing.  And thanks for the link Tebo.  I'll be able to sleep tonight!

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