Spain is the perfect paradise for retirees.
Sun, sea, sand, sangria, siestas. It all comes together to offer a sensational quality of life. Which is why, thousands of Brits have already made the leap – choosing to buy a property in the Costa del Sol and enjoy their ‘golden years’ on the sunshine coast.
The question is – due to Brexit, is retiring to Spain now just a pipedream?
Here at Bromley Estates Marbella, we say absolutely not.
It’s true. Having left the EU (European Union), UK nationals don’t have the same freedom of movement they once had. They must now comply with the Schengen 90 day rule and, therefore, retiring to Spain from the UK is no longer as simple as obtaining an EU registration certificate. But that doesn’t mean it’s impossible.
For many retirees, a Non-Lucrative Spanish Visa could be the ideal solution. Here we take a closer look at why.
Also known as the Non-Profit or Retirement Visa. The Non-Lucrative Visa is a residency permit – that can be granted to any non-EU citizen who wishes to live in Spain, without undertaking any type of economic or professional activity (i.e. someone who doesn’t want to work).
Initially, the permit entitles you to reside in the country for 1 year – during which you will need to fully support yourself and your family financially. Then, following this first 12 month period, you can renew the permit twice, for a further 2 years each time.
As such, the Non-Lucrative Visa is a fantastic stepping stone for retirees – allowing you to apply for permanent residency after 5 years and, eventually, Spanish citizenship after 10.
To apply for the Non-Lucrative Visa in Spain, there are two main requirements:
You must have enough money to sustain yourself in the country for the full 12 month period – covering the expenses of both you and any family members you wish to take with you. And for your application to be successful, you will need to prove you can do this without having to work or needing the financial support of the Spanish government.
Again, to prove you can support yourself financially without the government’s help, you will need to obtain a private health insurance policy. This needs to be arranged with a company authorised to operate in Spain. And it should cover all specialities of the Spanish public healthcare system – without copayments – for the full term of the permit (i.e. at least 12 months).
To be eligible, you also need to have a clear criminal record and no entry bans into Schengen territory. And you must apply for the visa from your country of origin.
For 2022, ‘sufficient funds’ have been defined as at least €2316.08 per month (€27,792.96 for the full year). You’ll also need €6,778.60 for every extra family member that you choose to include in your application (e.g. a spouse or child under the age of 18).
These figures have been calculated by the Spanish government, based on the IPREM (Public Multiple Effects Income Indictor). And they’re believed to be the minimum required for you to support yourself financially and cover all the general day-to-day costs of living in Spain for a year.
Simply submit the required documents to the Spanish consulate in the UK. It typically takes 2-3 months for their response. Once the application has been approved, you then have 3 months to travel to your property in the Costa del Sol – where you can register and get your residency permit within 30 days.
The Non-Lucrative Visa offers a relatively simple way to overcome the 90-day rule and retire to Spain post-Brexit. There’s very little red tape. You just need to prove you have sufficient funds to live in Spain and private health insurance.
As well as your permit as the main applicant, you can also request residency for your spouse and children. With this type of visa, there’s no need to wait 12 months for family reunification. To enjoy retirement in Spain together, you simply need to prove that you have sufficient funds to cover everyone in your party.
The Non-Lucrative Spanish Visa allows you to travel to any Schengen country, without having to worry about borders or administrative formalities. So if you fancy a change of scenery or wish to visit family elsewhere, you can.
Initially, the permit lasts for 1 year. The first and second renewals last for 2 years each. But when it comes to applying for your third, you’ll be able to get a long-term residence permit for Spain. This means, you can then live in the country for a further 5 years – and can apply for Spanish citizenship after 10.
If you’re a UK national and you’re interested in retiring to Spain post-Brexit, we can help.
Here at Bromley Estates Marbella, not only do we have an extensive portfolio of properties for sale in Marbella and the surrounding areas, we have excellent knowledge of the Non-Lucrative Visa. And we’re more than happy to provide further guidance on this option and support you through the application process.
Since Brexit rules came into play last year, we’ve helped countless retirees overcome the 90-day rule and realise the dream they’ve worked for so many years to achieve – and we could do the same for you.
So why not take a look at our listings?
If you have any questions or would like to find out more about the Non-Lucrative Visa in Spain, you’re welcome to contact us at any time. Either call +34 952 939 460 (+44 208 068 7606) or send an email to info@bromleyestatesmarbella.com and we’ll respond to your enquiry as soon as possible.
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