The non-lucrative visa income and savings requirements are based on a system called IPREM, read on to find out more about how this affects your visa application and renewals
In 2023, IPREM increased to €600 per month and this has pushed up the financial requirements for both an initial visa application and renewals.
The non-lucrative visa is not compatible with work and all the Consulates are very clear that the NLV is for people who are retiring with a passive recurring income, or those who can afford to live on savings. In the case of early retirees, this can often mean using a combination of the two to meet the requirements.
If you meet the income requirements using a passive recurring income (like a pension) then as long as the total received on a monthly basis meets the required amount, you don’t need to also prove you have savings.
It’s important to understand how recurring income is counted. For the renewal process, if you have an income of a minimum of €28,800 a year, and can prove you have received it and will continue to receive it, then that counts as double for your renewal.
If you are relying on savings (either wholly or as a supplement to recurring income), then to secure a successful initial application, you’ll need to meet the minimum income figure. In the event of a renewal, you’ll need to prove you have double to cover the 24-month period you are renewing for. (Remember, renewals are for two years/24 months, not 1 year/12 months like the initial visa application).
We have created a table, so you can see exactly what this means for your application.
Some top tips on how to present your financials to the Consulate or Immigration for your renewal.
- Documents printed from online accounts can be rejected. Spain’s administrations still like to see stamped bank statements or documents that can be verified with a CSV or QR code
- Make sure it’s clear the documents belong to you, i.e. bank statements will need to have your full name not just initials
- Check which documents need translating and if any will need an apostille stamp
- Immigration generally doesn’t take into consideration documents presented at your initial application. For the renewal you will need fresh, updated documentation.
- Bring your wealth to Spain and take your income in Spain once you move here, it will make the renewal process much, much easier
- Keep in mind that IPREM does change and can rise annually.
When presenting your documents to the Consulate or to Immigration for your renewal, keep the documents as clear and straightforward as possible.
Try and put yourself in the place of the officer looking at your documents, and ask yourself if you would understand them.
Make the effort to get the presentation “right first time”. If more documents are requested for a renewal, you usually only have 10 days to produce them. For the initial visa application, you may find yourself having to book a second appointment if you don’t get it right the first time.