We continue the series of posts about the No lucrativa residence permit and tell you about its advantages and disadvantages. Let’s start with the pleasant.
What bonuses will you get:
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➕Variation of renewal after the initial receipt of a permit for the first year of residence:
1. The first and second renewals are valid for 2 years. And upon requesting a third, you can already apply for a long-term residence in Spain for 5 years.
2. Modification of the residence after the first year for a residence permit with the right to work.
➕The ability to work remotely without losing your usual income.
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➕Staying in Spain does not depend on external factors: there is no reference to the employer, place of study or internship.
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➕Living in a comfortable mode: in a year you will have time to learn Spanish, get acquainted with the mentality and culture of the country and understand if Spain is right for you.
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➕If you wish, you can go to study and undergo a paid internship.
⠀ The
➕ability to move to Spain at the same time with the whole family from the first day.
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➕The right to Spanish citizenship for a child born in Spain after 1 year of legal residence in the country.
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➕Receiving passive income through investments, even without the right to work.
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➕The ability to travel to EU countries without additional documents and visas.
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But not everything is so rosy. There are also disadvantages of a residence permit no lucrativa:
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➖The presence of a large amount of money in the account. The longer the renewal period, the larger the amount. That is, if you are renewing for 2 years, then the IPREM is multiplied by the number of months in that period.
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➖The integration process can be delayed because less effort is required compared to other types of residences.
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➖You cannot work in Spain.
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➖Temporary qualification: at least 183 days must be spent in Spain for the further extension of the residence permit. As a result, you become a tax resident, which entails the payment of IRPF income tax worldwide
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There are pros and cons everywhere, but in the new reality of a pandemic and closed borders, a residence permit without the right to work will greatly facilitate life and open up new opportunities for you.