Can you get an Non Lucrative Visa using a state pension?

It’s often been said that Brexit has ruined pensioners’ chances of moving to Spain, but how bad is it? In this article we will try to demonstrate how much more money a state pensioner in the UK would need to add to a non lucrative visa application to be successful. 

(This article is based on the state pension increase in 2023 and the IPREM rate in Spain for 2023). 

The State Pension in the UK has risen inline with September’s inflation rate of 10.1% – the biggest ever increase. The rise means that those who qualify for a full State Pension will receive £203.85 a week so if you receive less than this, you’ll need to adjust the calculations accordingly. 

To qualify for the first years Non Lucrative Visa, you’ll need to meet the minimum IPREM rates in Spain for the year in which you are applying.,You can check out what IPREM actually is and what the rate is for 2023 in this ARTICLE

Let’s start with a single applicant. When you apply for a Non Lucrative Visa as a single applicant, you need to prove you have 28,800€ in annual passive income, savings or a combination of both. 

With a pension of £203.85 a week, you have an annual income of (52 x  £203.85) £10,600.20 which at todays exchange rate (23.05.2023) = 12,217.00€

This means that at the moment,a single applicant with a state pension needs to make up a shortfall of 16,583€ (£14,623.35) 

A married couple has it slightly easier. When you apply for a Non Lucrative Visa as a married couple, you need to prove you have 36,000€ in annual passive income, savings or a combination of both. 

With a pension of £203.85 a week each, you have an annual income of (52 x  £407.70) £21,200.40 which at todays exchange rate (23.05.2023) = 24,434.50€

This means that a married couple with a state pension have a shortfall of f 11,565.50€ (£10,035.85) 

So the answer to the question “Can you get an Non Lucrative Visa using a state pension ́ is no, unfortunately, the finances just don’t stack up because you’ll come up short on the income requirements.

That being said,  if you can make up the difference as outlined above, then absolutely, yes you can apply for a Non Lucrative visa.

One important thing to remember is that althoughyou may be able to make up the difference for the first year (which is a 12 month residency application) ,when it comes to renewing your residency,make up  double the shortfall, because you are renewing for 24 months. 

When, you are making your calculations, remember that state pensioners can take advantage of the S1 agreement for healthcare, which is still in place with the EU and means that you have access to free Spanish public health care. . 

With a private health insurance policy suitable for residency costing an average of €2500 – €4000 a year,  this is a big saving that you can add to your income “pot”..