Non-Lucrative Residency Visa for retirement in Spain

Dear Patricia or a member of belegal.com,
We are a married couple, one citizen of us is the USA and one is the citizen of Colombia. Currently I am on an early retirement (without income for now) and we are residing in Colombia, however we would like to move to España and spend our retirement years in modesty as permanent residents in the province of Valencia or Malaga.

We are not certain what amount of money we are going to need to qualify for non-lucrative residency visa in España, however based on our current status we believe that we will have a shot at meeting the financial requirements for obtaining this type of visa for España.Our financial funds are in the forms of $30,000 in the US savings accounts (my spouse's accounts), $150,000 in my retirement savings account in the US, a $120,000 property in the US, $1600 per month US government in future social security retirement payment (which will kick-in in 2 years), and $500/month my spouse's future pension payments that will start in about 3 years.

I have been to España a few times and at one time I purchased a rental condominium unit in Costa del Sol, which unfortunately due to the crash of the housing market in Spain I was not able to keep up with the payments and it apparently went through the foreclosure by the lending bank. I was not informed of how it ended up.

Also my spouse's daughter moved to España about a year and a half ago and received her residecy visa through marriage to an Espaniard. Not sure if her residency status would have any positive or negative effect on our application's approval.

Please kindly let us know based on the above information we have a chance of qualifying for this type of visa.

Thank you,

Alivonne

From what I understand, you can't qualify unless you have more than $75,000 liquid (not tied up in retirement or other investments) - only if you have 75k euros liquid funds you can get this visa. Alternatively you need to prove fixed income currently - not in the future of appx. the same amount - 75k a year. Plus proof of private health insurance.

Thank you for your reply and the great information. Can you tell me where I can find out more about the 75K Euros requirement and more?
Kind regards,
Alivonne

Hello Alivonne,

We are already in contact via e-mail, however, I am replying your question in case it is useful for other users. There is an informative leaflet the Immigration Office has issued with regards to the Non Lucrative residence requirements. They only indicate information about the regular income but do not make any reference to pre-existing capital. In our experience, providing proof of pre-existing capital is essential,as it guarantees your financial capacity.

As you will be able to read on the Hoja Informativa nº 10 they indicate a requirement of 2,130.04 Euros/month for the main applicant and extra 532,51 Euros for each dependent/family member.

Regards,

Hi all i wanted to ask about this type becuase after i got it the said i have to stay INSIDE spain for 180 days is that true??

Hello,

Temporary residence permits in Spain require a minimum stay of 185 days per year in Spain, otherwise the residency status will be cancelled and renewal rejected.

Regards,