Spain Residence Visa For Retirees

Byadmintouriangle

The government of Spain has created a residence visa for retired foreigners. It provides more than an easy way for wealthy foreigners to live in Spain, but also a great opportunity for all retirees across the globe who are looking for a warmer climate to spend their golden years. Below, we’ll look at the current program, from how it works to what you need to qualify, and more importantly, what the life of a retiree in Spain is really like once you arrive.

A residence visa for Spain is an attractive option for individuals seeking retirement in the European country. The Spanish economy has made many changes since the economic crisis of 2008 and it is a good time for retirees to take advantage of investment opportunities.

Although immigration to Spain is not easy, there is still a way to get a residence visa if you qualify. You simply have to prove that you meet the criteria and prove it to an officer who could deny your application for any reason.

Spain Residence Visa For Retirees

It’s been a while since I wrote here. I’m heading to Spain in Jan, taking it easy and enjoying the later stages of my life. I’m still looking for a reasonably priced small apartment to buy in the costa del sol, preferably close to Marbella. Anyone know any newbies out there who are looking for an experienced hand to help with buying your first property in Spain?


StoriesPricingCountriesDownload

View Spain EmbassiesView Visa FeesView Visa Processing Times

Retire in Spain: Spain’s Retirement Visa Requirements and Application

Written By: Richard Nathan

Fact Checked By: Lamia Darwish

Jun 13, 2022

16 min read

Download Now

Visa Appointments

94123 (Change Zipcode)

Select an appointment slot

07.Sep.2022

08:15-08:30

09.Sep.2022

08:15-08:30

Enter email to confirm slotReserveexpand for more info

If you have ever traveled to Spain, you’ll understand why more than 6 million foreigners today call Spain their homes. Spain offers expats delicious foods like the tasty tapas, a unique and deeply-rooted Western European culture, awe-inspiring sightseeing opportunities like the Sagrada Familia Barcelona tour, and so much more. It is no wonder Spain is a top destination to travel to.

Spain is also an attractive option for individuals who plan to retire soon. Spain has plenty of benefits for expats who choose to retire in Spain. Retirees can benefit from a low cost of living, excellent climate, and affordable healthcare.

If you are planning your retirement in Spain, the first thing you need to consider is the type of visa you need to apply for to successfully and legally retire in Spain. In this post we’ll discuss the Non-Lucrative Visa as an option you can use to retire in Spain. We’ll be looking at the key requirements, document requirements and how you to retire in Spain easily.

With that said; let’s get started:

What Is A Retirement Visa?

In short, a Retirement Visa is a permit that allows an individual to travel to their country of choice to legally live and retire there. Many countries have implemented specific types of visas that allow retirees to easily retire in their country.

In most cases, your initial Retirement Visa will be reverted into a temporary residence permit once you enter the country. It’s typically valid for 1 year and can be renewed for additional years if you wish to do so, and provided that you still meet the minimum requirements.

One of the main requirements for each of these types of Retirement Visas is that you must be able to prove that you have sufficient funds to support yourself for the duration of your stay.

With a Retirement Visa, you’ll be able to legally retire in Spain in and enjoy everything it has to offer.

What Are The Types Of Retirement Visas Available For Spain?

In this post, we discuss 2 types of visas you can use to retire in Spain. The 2 options are the Spain Golden Visa program and the Spain Non-Lucrative Visa (NLV).

Let’s take a look at the 2 options available to retire in Spain…

The Golden Visa As A Spanish Retirement Visa

The Spain Golden Visa is a popular option amongst wealthier travelers. Spain Golden Visa holders will enjoy the benefit of working, living and studying in Spain. Nevertheless, to qualify for the Spain Golden Visa, you must make a substantial investment in Spain. The investment options include real estate, bonds, company creation, and so on.

If this sounds like the type of visa for you, check out our in-depth guide about the Spain Golden Visa and how to apply for one so you can effortlessly retire in Spain.

The Non-Lucrative Visa As A Spanish Retirement Visa

The Spain Non-Lucrative Visa (NLV) is created for non-EU citizens who have the financial means to live in Spain without working. The NLV is amongst the most popular type of visas for retirees. A great benefit of this visa is that it allows you to bring along your entire family, provided that you can meet the minimum financial requirements.

The NLV is simple to apply for and has very few requirements, unlike other types of Spanish visas. You are not required to include a business plan, make substantial investments in Spain, or present a work offer like other Spain visas.

The Non-Lucrative Visa will grant you a residency permit, which allows you to live in Spain for a year. If you wish to extend your stay, you can renew your NLV for an additional 2 years. After 5 years, you’ll be able to apply for permanent residency. Note that you’ll need to meet the minimum stay requirements to be eligible for a permanent residence permit.

To obtain a permanent residence permit, you must live in Spain for at least 6 months per year for 5 consecutive years.

Throughout this post, we’ll be referring to the Non-Lucrative Visa (NLV) as the Spain Retirement Visa. Here, you’ll find everything you need to know about the Non-Lucrative Visa as a Retirement Visa, and how you to retire in Spain.

Who Can Apply For A Spain Retirement Visa?

The Retirement Visa is suited for the following people:

  • Individuals who wish to retire in Spain.
  • Individuals who want to live in Spain and experience everything Spain has to offer, provided that they have the financial means to support themselves for the duration of their stay.

The Retirement Visa is specifically created for non-EU citizens who wish to retire in Spain. Retirees from the EU don’t need to apply for a visa to live, work and study in Spain.

What Are The Benefits Of A Spain Retirement Visa?

When applying for your Retirement Visa, you’ll be able to enjoy the following benefits:

No Investments Are Required

Unlike the Spain Golden Visa program, you are not required to make any investments if you want to apply for a Retirement Visa. The only requirement you need to meet is that you have the financial means to support yourself for the duration of your stay.

Travel Through Europe

Another benefit of the Spain Retirement Visa is that you’ll be able to travel through the Schengen Area with total freedom.

You can visit any one of the following European countries without any hassle:

Austria, Belgium, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and Switzerland.

Bring Along Your Family

With this Spain Retirement Visa, you’ll be able to bring along your entire family to Spain with you. The process of doing this is easy, and they’ll be able to get their visa the same time you get yours. The only requirement is that you’ll need to present proof that you have sufficient funds to support yourself and those coming along with you.

Get Long Term Residency And Citizenship

If your long-term plan includes permanent residency or citizenship in Spain, you’ll be happy to know that it can be easily achieved with your Retirement Visa.

Your Spain Retirement Visa will allow you to enter and enjoy Spanish residency for a year. Afterward, you can renew it for an additional 2 years. You’ll be able to renew your NLV two times. After 5 years, you can apply for a long-term residency permit, provided that you meet the minimum stay requirements.

To obtain your long-term residence permit, you’ll need to live in Spain for at least 6 months per year for 5 consecutive years.

Once you have your residence permit, you can start the path towards Spanish nationality. To qualify, you need live in Spain for 6 months per year for another 5 consecutive years.

Invest In Spain

Although you don’t need to make any investments to obtain your Retirement Visa, you can still invest in Spain. If you choose to do so, you can make any type of investment in Spain, allowing you to create an additional source of income.

What Are The Key Requirements For A Spain Retirement Visa?

To be eligible for your Retirement Visa, you must meet the following key requirements:

Proof That You Have Sufficient Funds To Support Yourself

One of the main requirements for a Non-Lucrative Visa (your Retirement Visa) is that you must prove you have the financial means to support yourself for the duration of your intended stay. If you plan to bring your family along with you, you’ll need to be able to support them and yourself fully.

To prove you have sufficient funds, you can present adequate savings or prove that you have a guaranteed income. Next, I’ll answer the following question:

“How much do I need to retire in Spain?”

To be eligible for the Spain Retirement Visa, you’ll need to show that you have a total amount of €27,115.20 per year. Alternatively, you can show that you have a guaranteed monthly income of €2,259.53. Alongside this, you’ll need to show an additional amount of €6,778 for each family member you plan to bring along with you to Spain.

Note that these amounts are subject to change. A rule of thumb would be that you should have a minimum of 400% of the Public Indicator of Multiple Effects Income (IPREM). The current IPREM of Spain (2021) is €564.90 per month or €6,778.80 per year. You can take these amounts and multiply them by 400% to calculate the minimum requirement.

Proof That You Have Private Health Insurance

Unfortunately, you’re not able to access the public health care system of Spain with your Retirement Visa. Due to this, you’re required to obtain valid private health insurance that will cover any medical expenses for the duration of your stay. Your health insurance should provide coverage for yourself and any dependents you may have.

Your health insurance must meet the following requirements:

  • Your health insurance must be provided by a Spanish insurance company that operates in Spanish territory.
  • Your health insurance policy must be valid for at least a year.
  • The health insurance your purchase must offer the same coverage as that of the Spain public health system, and not have any copayments.

Private health insurance in Spain can be obtain at a fairly low cost. You can expect to pay between €50 – €200 per month, depending on which coverage plan you choose.

You Must Meet The Minimum Stay Requirements

If you wish to renew your Retirement Visa, you’ll need to spend at least 6 months in Spain during your stay.

Similar Posts

Leave a Reply

Your email address will not be published. Required fields are marked *