PROPERTY SEARCH
All you need to know to get a retirement visa in Spain
How can you get a non-lucrative visa to retire in Spain as a pensioner?
More than half a million retirees from abroad currently live in Spain. After a lifetime of working and saving, they decide to start a second life in a paradise like this country. The Valencian Community is one of the favorite destinations to begin this new stage, with the Costa Blanca being the place where they settle. The climate, together with the good gastronomy, is the main attraction for pensioners.
If your intention is to retire to Spain for a period of no more than three months a year, you will not need to register, but if you intend to spend longer periods in Spain you will need to obtain a non-lucrative residence visa.
If you are looking for information on how to plan your retirement in Spain during your retirement, in this article we will answer the questions that are frequently asked when making such a decision.
Non-lucrative visa for retirees
This visa allows you to reside in the country and travel throughout the Schengen area. However, in order for this visa to be granted, you must prove that you have sufficient means of subsistence to live in the country, as you cannot engage in any commercial activity with this visa.
Digitalisation means that part of the bureaucratic procedures is now online. For this reason, many retirees turn to the help of professionals such as Pellicer & Heredia lawyers. Thanks to them, you will start a new life accompanied at all times.
Requirements for visa approval
First of all, you should know that the following documents must be presented at the Spanish Consulate in your country of origin.
In order to be approved for the non-profit visa, you will need to submit the following documents:
- The application form and the non-working residence application form
- A recent passport-size photograph
- A valid passport or travel document
- A report of any criminal record or equivalent
- Documentation proving that you have health insurance and its corresponding certificate
- Documentation proving sufficient financial means to be able to reside in the destination country
One of the factors that has the greatest impact on whether a visa is approved or not is financial means. Before applying you will need to make sure that you can prove that you receive 400% of the IPREM in your bank account every year. For 2021, the IPREM is €564.90 per month, so you would need a regular monthly income of €2,259.60 or €27,115.20 per year, or its equivalent in foreign currency.
Once approved, what can you do?
The non-lucrative visa has a wide range of advantages that make it very attractive for people who decide to live in Spain.
One of the main benefits is that you can also start this new stage with your family. The only requirement that you must demonstrate is that you will also be able to support them financially.
In addition, this permit grants the possibility of obtaining permanent residency in Spain, after ten years have passed and you have also enjoyed long-term residence permits.
Unlike the Golden Visa, this permit does not require any kind of investment in Spain.
What about taxes?
To obtain the renewal after the first three months living in Spain, it is compulsory to spend a minimum of 183 days. This means that you will become a tax resident.
From this moment on, the Spanish tax authorities will be responsible for the income you have earned worldwide. It does not mean that you have to pay twice for the same income. Currently, there are double taxation treaties in place to deal with the expense.
More than 30 years ago, Spain became the reference country for retired people in the whole of the European Union – climate, gastronomy and tradition all in one place; a second life in the authentic Mediterranean paradise.
Contact Spanish News Today: Editorial 966 260 896 /
Office 968 018 268
