The Non-Lucrative / Wealth Visa
What is the Non-Lucrative / Wealth Visa?
The non-lucrative visa, one of the easiest to obtain Spanish residency permits, is a visa that permits you and your family to reside in Spain without having the ability to work for Spanish businesses. You can, however, perform remote work for overseas businesses.
Only if you are from outside the EU do Europeans require one. You can make investments in Spain by purchasing real estate or stock in Spanish companies. For the remainder of Europe, it serves as a valid tourist visa as well.
It’s initial duration is a year, then needs renewal every two years thereafter. You can change it into a permanent residency permit and begin working in Spain if you’ve lived there for five years straight.
Who is the Non-Lucrative / Wealth Visa for?
The Non-Lucrative / Wealth Visa is optimal for a variety of types of people. Firstly, its for anyone who plans to retire in Spain. It’s also useful for foreigners who want to get to know the country first before investing. If you’re taking a sabbatical year, it is also designed for you. Digital nomads who want to work remotely for companies in other countries can also make use of this visa type; however, the newly developed Digital Nomad Visa may be a better fit for such folks depending on their particular situation.
What are the benefits of the Non-Lucrative / Wealth Visa?
- Contrary to some visas, where you must initially reside in Spain for a year before you may bring your husband and children, you are free to migrate with your family.
- In Spain, you are able to both study and complete paid internships.
- You will be able to work remotely for international businesses even if you are not permitted to work in Spain.
- To receive this permit, no investment is required.
- Each year that you live continuously in Spain on a non-lucrative visa counts toward obtaining a permanent residency card, which you can apply for after five years and, if you so want, you can apply to be an official Spanish citizen after ten years.
- If you are a citizen of Latin America or the Philippines, the non-lucrative visa will allow you to become a citizen in as little as two years.
- The requirements are simple to meet.
