What is a Residence Permit in Spain?
Spain's long-term residence permit allows you to live in the country indefinitely under the same conditions as Spanish citizens. You can apply for citizenship in Spain after 10 years of residence.
Our expert team gives the most accurate answers to the question of “How do you get a residence permit in Spain?”.
What Are the Benefits of Residency in Spain?
A permanent residence permit in Spain will give lots of benefits. Some of them;
- You travel freely between Schengen countries.
- Spain is one of the most desired destinations in Europe. It offers high-quality life standards for every budget.
- There are a lot of scenic beauties, historical structures, and delicious food.
- There is an advanced healthcare system in Spain.
- There is a modern corporate taxation system. You can invest in Spain by commercial real estate to establish a business.
You can benefit from these advantages by getting Spain’s residence permit by investment. You can visit Why Choose Spain to Buy a Property? to see more.
Getting Residence Permit by Buying Property
The Spanish Golden Visa allows you to Spain’s residence permit by real estate investment valued at 500.000 Euros. You can visit our page Golden Visa in Spain for the details.
Thanks to the Golden Visa program, you can legally work and live in Spain by buying Spanish real estate. It should be self-funded and paid in full.
If you do not have enough budget for Golden Visa, you can apply for the “Non-Lucrative Visa” by purchasing a property for less than €500,000. It is also known as the “Retirement Visa”.
What is the Non-Lucrative Residence Permit?
The non-lucrative residence visa will allow you to live in Spain for a period longer than 90 days. It is one of the most popular paths for non-EU/EEA/Swiss citizens to live in Spain.
It is reserved for those who are financially self-sufficient and do not have a study plan in Spain.
How Long is the Validity of the Non-Lucrative Residence Permit?
The permit is valid for one year. It can be renewed for two more years. The visa will allow you to reside in Spain for up to five years. It is like 1+2+2 years.
You can get a long-term residence permit in Spain at the end of this period. The long-term permit gives you the opportunity to live in the country without renewing your permit again for 5 years. Then, you will be allowed to apply for Spanish citizenship.
The same documents and proof of funds are required for visa renewal. However, you can change your application and apply for a work permit (self-employed or employee) at the end of your first year.
General Requirements and Documentation:
The application process must start from the applicant’s country of residence. Here is the list of documents you will need:
- A non-EU/EEA or Swiss Citizen
- Over eighteen (18) years old
- Passport validity period: at least one year
- Copy of birth certificate
- Spanish private health insurance, valid for one year
- Medical certificate
- Police clearance letter
- Application form
- Sufficient Funds. Proof of financial solvency and economic means (They should be enough to support your stay, including your family, without the need to find a local job in Spain.)
* At your appointment at your consulate, you must bring the photocopies and originals of the documents with you for verification.
What is the Definition of ‘Sufficient Funds’?
You must prove that you have sufficient funds for the duration of your visa validity in your Non-Lucrative visa application. You must prove this without relying on access to public funding or financial support from the Spanish Government.
The minimum amount of sufficient funds is defined by Spain’s Multiplier for the Public Income Index (IPREM). IPREM is an index reference for the granting of economic aids, grants, allowances, unemployment benefits, and minimum wage.
The IPREM index was established in 2004 to replace the Minimum Wage as a reference. As such, IPREM sets the minimum amount of an individual's earnings. For the non-lucrative visa application, you must prove a set of sufficient funds equivalent to 400% of the IPREM value.
A working example:
The IPREM value for minimum earnings in 2022 is €579.02 per month. It equals €6,948.24 per year.
It requires proof of funds in the amount of €27.792.96 (i.e. 4x €6,948.24) as sufficient funds are defined as the 400% value of IPREM. Income can come from investments, annuities, sabbaticals, and any other sources of income.
A little more than this amount will of course make approval easier. You should note that the currency must be Euros or any other convertible currency.
If you are applying with your family, you need to prove sufficient funds to cover each member. The IPREM amount for each additional family member is 100%. It is equivalent to €6,948.24 per year.
So, the proof of required funds will be €48,637.68 in total per year for the application of a family of four.
What are the Benefits of a Non-Lucrative Visa?
- You will have a one-year residency. There is a chance to renew and apply for long-term residency in the future.
- You can apply for it for your family members at the same time.
- You can continue your economic activities in other countries.
- You can travel within the Schengen area.
- You can study or do an internship in Spain.
More Information About Living in Spain
If you want to buy a property in Spain for a residence permit, call our professionals now!