Spain and unemployment are almost synonymous. This fact stops many in the realization of their main dream – moving to Spain. And the government itself does not particularly favor immigrants who want to take jobs that the Spaniards lack.
Therefore, in recent years, investor residences and No Lucrativa are more and more often found in the top among favored visas.
The beautiful phrase No Lucrativa is a residence permit without the right to work. This is a residence for persons who live off the rent (income from capital placed in the form of bank deposits, securities, profitable real estate, land, business, as well as from income received from copyrights and royalties).
It does not require material investments in the economy of the kingdom, in contrast to the investor’s residence permit. Therefore, most foreigners who do not have an amount of € 500,000 💸or more or do not want to invest in Spain prefer No lucrativa.
Initial filing is possible at the place of residence at the Consulate of Spain.
With proper observance of the conditions described below, you can safely apply for a residence permit:
◇ Not to be an EU citizen
◇ No criminal record for 5 years
◇ No violations of the visa regime
◇ Availability of housing in Spain, own or rented for a period of 1 year or more
◇ Medical insurance and repatriation
◇ Health certificate
◇ Financial guarantee.
Let’s dwell here in more detail:
1 ▪️The minimum amount of passive income must be equal to or more than 400% of IPREM per applicant and 100% per family member.
The changes affected the base itself, in 2021 there was a sharp jump in IPREM by 5% (from 537, 40 to 564, 90 €). By the way, for 4 years (from 2017 to 2020) the indicator did not change, and in the very crisis, the standard of living jumped.
It follows from this that if in 2020 the minimum for the 1st was 25.816, 32 €, then in 2021 it was already 27.115.20 € for obtaining an initial permit for a residence permit.
Also, do not forget about an account in a Spanish bank with the amount required for a year, all within the same limits of 27.115, 20 € for the main applicant, then the amounts are added separately for the rest of the family members.
2 ▪️Previously, several types of activities were quoted to confirm monthly income: active and passive. For example, in addition to a valid account with a sufficient amount for the first year of residence in Spain, it was possible to provide 2NDFL tax returns and a certificate from work about the opportunity to work remotely.
Now the rules have changed with the arrival of the new Consul General María Isabel Vicandi Plaza. Passive income is preferred. It is believed that you should not work in Spain in any other country, and money should drip by itself.
As you can see, the main focus is on money. But believe me, it’s worth it.
Get in touch today for more information!