How much money do Britons need for Spain’s non-lucrative visa in 2021?

A non-lucrative visa is one of the ways UK nationals wanting to move to Spain – or those hoping to spend extended periods of time in the country post-Brexit – can do so if they have enough financial means.
Since Brexit came into force on January 1 2021, UK nationals wanting to move to Spain or spend part of the year here have a much harder task ahead than they used to.
It will generally be harder to land a job or set oneself up as self-employed in Spain as a non-EU national, and the financial requirements for residency are more demanding than for Britons who were already registered as residents – or who can prove they were living in Spain before the start of 2021 and are now registering.
EXPLAINED: How Britons can live and work in Spain after Brexit
The other main pitfall for Britons in Spain is that without residency or a visa, they can only spend 90 out of 180 days in Spain (and the Schengen Zone).
However, showing you have the financial means to care for yourself and your family is one of the best ways to solve this.
This article is therefore geared to UK citizens who have either not landed a job in Spain yet, are not planning to work, study, do business or invest in the country and are not intending to obtain residency through having Spanish family roots or an EU partner.
The main focus will be the non-lucrative residency permit and any other option available to UK nationals for obtaining residency through financial means.
What is Spain’s non-lucrative residency permit?
A non-lucrative visa is an authorisation that allows non-EU foreigners to stay in Spain for a period of more than 90 days without working or carrying out professional activities, by demonstrating that they have sufficient financial means for themselves and, if applicable, their family.
In Spanish it’s called a “visado de residencia no lucrativa” and it’s often referred to as a retirement visa, as this is the best option for retirees from non-EU countries who want to move to Spain.
It is however available to third country nationals of all ages who can prove they have the financial means, and is also a good option for UK nationals who want to first travel and get to know Spain better for a year before starting work, as it allows for an easy conversion to a work permit.
Spain’s non-lucrative residency permit is a temporary residence visa which lasts for one year.
The first and second residency renewals last for two years each, after which five years of residency will have been obtained and therefore the possibility of applying for long-term residency, which lasts for five years.
After ten years of residence in Spain, British citizens can obtain Spanish citizenship, although they will technically have to renounce their British nationality in the process.
How much money do Britons need to show to get Spain’s non-lucrative visa?
This is a trickier question than it may seem as there are often discrepancies in what constitutes “sufficient financial means” between Spain’s regions, provinces and even the Spanish consulates and embassies from which foreigners apply for the visa (you apply from the UK, not from Spain).
Spain’s Royal Decree states that sufficient financial means “will not exceed the level of resources by which social subsidies are granted to Spaniards or the amount of the minimum Social Security pension”.
The Spanish government is referring to the IPREM, an indicator that in 2021 stands at €564.90 (£488.34 with the current exchange rate) per month, just under €30 more than in 2020.
The standard financial requirement for non-lucrative visa applicants is 400 percent of the IPREM: €2,259 (£1,952) per month.
So for a UK national wanting to apply for the non-lucrative residency permit for Spain for the first time (it lasts one year), the amount they need to prove is €27,115 (£23,436).
For every family member included in the residency application it’s an extra 100 percent of the IPREM you need to prove you have: €6,778 (£5,859) for the year.
So if a British couple is applying, it’s €33,894 (£29,300) annually in savings or a monthly income through investments, pensions or other assets of €2,824 (£2,441) a month.
For a UK family of three it’s €40,672 (£35,156); for a family of four it’s €47,450 (£41,015) and so on, adding €6,778 (£5,859) for each family member.
If you’re renewing your non-lucrative visa for the first and second time, bear in mind that you will have to prove you have 800 percent of the IPREM as the renewed residence permit is valid for two years.
For an individual that is €54,230 (£46,869) that they can prove they’ll have available.

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