Immigration Visa Questions

My wife and I are quite interested in moving into Spain within a year or two. We are specifically interested in living in one of the southern cities like Sevilla, Garanada and Malaga. We currently live in the United States and will retire at ages 40 and 44. My wife was born in Mexico and possesses dual citizenship from USA and Mexico.

I have a few questions...

1. Non-lucrative visa
We first seek a non-lucrative visa to move to Spain. I read more than a number of sites about the financial requirement. Our intention is to retire in Spain without work. Our investment portfolio without our retirement account is about $700000 USD. We generate $40000 USD to $60000 USD annually from our investment. Is it enough to financially qualify for a non-lucrative visa? If not, do we qualify for the visa with $1M USD?

2. Permanent Residency
If we qualify for a non-lucrative visa, how long will it take for us to become eligible for permanent residency?

3. Naturalization
Is it true that my wife would lose her US citizenship after she naturalizes in Spain? I know that she would not lose her Mexican citizenship.

Thank you for your help.

Hello Maxrios,

The current Law indicates that the minimum income to be able to apply for the Non Lucrative Residence permit is the 400% of the IPREM ( Public Indicator of Income for Multiple Effects ) that for the year 2014 is 2.130,04 Euros per month. This amount must be increased in 532,51 Euros ( 100% IPREM ) per dependent on the main applicant, per month.
Even if this is what has been officially established per Law, we recommend you to show proof of the maximum possible annual and monthly income. Therefore, the financial means you mention in your message seems more than enough.

This type of temporal residence permit is valid for one year. After that, this is the renewal timing: 1 year – 2 years – 2 years – 5 years and on for 5 years, as after those 5 years of legal residency you are eligible for permanent residency and after 10 years, eligible for the Spanish Citizenship.

Your wife won´t have to renounce to her Mexican Nationality, but you both will have to give up your US nationality, at least before the Spanish authorities, regardless the fact the American authorities allows you to still keep your original Nationality in the USA. As far as the Spanish authorities are concerned, once you become Spanish Nationals you will only hold that Nationality in the Spanish Territory.

Please note that your wife will be able eligible for the Spanish Nationality after 2 years of legal residency, whereas you will have to wait for 10 years. Time is reduced for Latin American Nationals.

Feel free to drop us an email if you wish to discuss your case in detail.

Regards,