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Obtain Spanish Wealth Visa

Obtain Spanish Wealth Visa

The Spanish wealth visa, also referred to as the non-lucrative visa, is one suitable for individuals who wish to immigrate to the country without needing to have a reliable source of income. In order to obtain the Spanish wealth visa, a foreign national will need to prove that he can sustain himself financially while in the country.

It is advisable to request the services offered by our team of immigration lawyers in Spain before applying for this type of visa. The applicant is required to comply with specific requirements in terms of proving the source and the value of the income, thus, the specialized legal aid offered by our team can prove important during the application process. You can rely on us for assistance in obtaining a residence permit in Spain.

The wealth visa – an option for non-EU citizens moving to Spain

While EU and EEA citizens can travel and relocate to Spain without too much hassle, non-EU and even non-EEA citizens must apply for various types of visas in order to enter and/or live here. Luckily, the local authorities in Spain have considered and created various types of visas and residence permits under which citizens outside the European Union and European Economic Area can move here.
Spain is one of the few European countries to enable a foreigner to apply for a visa under which one does not need employment or investment to move and simply live here, and that is the wealth visa. The fact that it only requires proof of fixed income is the most important advantage of this type of residence permit.

Recently, the requirements for this visa have been revised, and the new conditions imply:

  • a minimum amount of approximately 30,000 euros in a bank account;
  • this amount must be obtained from investments or pensions only;
  • the minimum amount for one month should be a little over 2,000 euros;
  • if moving here with other family members, an additional 532 euros/per member is required.

Spouses and minor children can relocate with the main applicants under the Spanish wealth visa.

Since immigration requirements are subject to changes, we encourage you to ask for concrete and accurate information from our law firm in Spain.

The main features of the Spanish wealth visa

As a visa that does not entail employment, it is a residence permit that enables a foreign citizen to enter Spain and stay for periods exceeding 90 days. Just like other types of visas, this is an option for non-EU citizens only, such as those interested in immigration to Spain from the USA.

The wealth visa for Spain is one of the simplest ways of moving to this country as a foreign citizen who simply wants to live in one of the most beautiful countries in the world.

There are also a few particularities to consider for this type of residence permit, among which the fact that the paperwork must be filed directly by the person requesting it with the Spanish Diplomatic Mission in his/her home country.

Because it must be filed for in-person, application processing times can take longer, which is why if you intend to obtain it, we advise you carefully plan the time you want to obtain it.

Even if you are in another country, our specialists in Spain immigration can advise on how to apply for it. We can also offer support in verifying the documents you are to file with the Spanish authorities in your home country.

Who can apply for the Spanish wealth visa?

Any individual who has sufficient means to stay in the country without working can apply for this specific type of visa. The main requirements are the following:

  • prove the fixed income: bring forward documents to show the fixed monthly amount received by various means.
  • provide income about the bank account balance: the applicant shall show that he has had a high average balance in his personal bank account over the year prior to the application;
  • comply with the monthly amount: the approximate average amount per month to obtain the visa is almost 2,200 euros; to this, 500 euros are added per every family member that joins.
  • show other documents: a medical certificate and a criminal record issued by the authorities in the home country may be required.

The applicant will be required to have medical insurance with a company that is allowed to operate in Spain. The medical certificate will state that the individual does not suffer from any disease that may have implications for public health (according to the International Health Regulations).

Our team of Spain immigration specialists can provide applicants with more details about these documents. Individuals should note that the bank account excerpts should clearly state the name of the account holder.  

The wealth visa can also help you obtain citizenship. Giving up your previous nationality is a requirement for obtaining Spanish citizenship. Because of this, if you want to maintain your original nationality, you can choose permanent residency and renew it every 5 years. If you need help, feel free to speak with one of our attorneys as each person’s unique set of factors should be taken into consideration when making the decision.

Documents you need to prepare when applying for a Spanish wealth visa

The documents to draft and file with the Spanish embassy or consulate to obtain a wealth visa are not many and include:

  • the application form you will find with the embassy or consulate;
  • the valid passport, just like when applying for any other type of residence permit;
  • the valid identification document;
  • a medical certificate proving you are in a good health condition;
  • proof of having sufficient funds for the validity period of visa;
  • healthcare insurance;
  • a copy of your latest tax returns obtained from the local office in your country of living.

All documents must be translated into Spanish before being filed, which is why it is important to consider preparing them in due time so that you can obtain your visa as soon as possible.

Working with an immigration lawyer in Spain can also be of help, as he or she can advise on important aspects such as filling out the application form correctly.

With respect to the medical certificate, it is important to note that Spanish embassies or consulates will not accept documents that were issued 3 months before (this means, that you need to collect your report as close to the filing date as possible).

Another important aspect is that you need to be free of encumbrances, such as bank loans or mortgages when filing for the visa, which is why the latest tax return is required.

Even if compiling all the documents necessary to obtain awealth visa for Spain is not complicated, the small details such as the ones mentioned above can significantly help in obtaining the visa in the shortest time possible. On a general note, such a visa is usually issued within one month. Also, it is recommended to apply for it at least 2 months before traveling to Spain, but no later than 3 months before relocation.

Our immigration law firm in Spain has been working with many clients over the years and can advise on how to prepare for relocating to this country.

What are the main requirements for the wealth visa holder?

The wealth visa in Spain may seem accessible for wealthy entrepreneurs or investors as well as other individuals who can afford to stay in Spain without working. However, the applicant should know that there are several restrictions:

  • the source of income may not be a salary or interest received from a mutual fund.
  • the wealth visa does not allow the holder to become employed in Spain during the first year.
  • the account provided when showing the value of the income must be in the applicant’s name; the account does not need to be opened with a Spanish bank for the visa to be granted.
  • citizens of the European Union, Iceland, Liechtenstein, Norway, or Switzerland are not eligible for this type of visa.

Foreign nationals who wish to apply for this visa can do so at the Spanish Embassy or Consular Office in their country (in the area of residence). The visa is to be applied for and collected in person and, in some cases, it can be collected by an authorized person, provided that a power of attorney was concluded for this purpose.

The visa application fee is non-refundable in the event the application is rejected. The entire process can last approximately one month from the moment the application is submitted to the Spanish Embassy.  It is important to submit the application no more than 90 days in advance of the planned travel date. If approved, the visa is to be collected within one month.

We recommend getting in touch with our immigration lawyers in Spain for complete assistance during the document collection phase and for property filling in the visa application. Our lawyers can help you prepare all of the documents just as the Embassy intends so that the visa application will be approved and you will be able to travel to Spain within the intended period. 

Once you are in the country, our Spain immigration experts can help you with any subsequent post-arrival steps, such as collecting the Foreign National Identity Card, as per the regulations set forth by the Ministry of the Interior.  The residence permit in Spain application process can be handled by our lawyers. You can also watch a video on this type of visa below:

Employment-based on the Spanish wealth visa

Foreign citizens who have obtained wealth visas for Spain should know that employment in the first year of validity of the residence permit is not allowed, which is why the minimum income requirement was introduced. After the first year, applicants can successfully find employment and enroll with Spanish companies if they intend to relocate here indefinitely.

A Spanish wealth visa is a suitable option for those who want to stay for short periods in this country and see if they can adjust to the living style and expenses involved by living in a foreign state.
The possibility of bringing family members also comes as a benefit of this visa, especially since schools and healthcare, two of the most important aspects foreign citizens consider when moving abroad are quite good in Spain.

Our immigration lawyer in Spain is at your service with assistance in renting a property for the time you intend to stay here. 

Renewal of a wealth visa

The wealth visa has a validity of one year, which means that you can enjoy one of the most beautiful countries in Europe for this whole time without having to worry about anything. Furthermore, you also have the right to renew the visa two times, which will lead to a total stay here for 3 years.

It is possible to renew the visa for another year or you can apply directly for a 2-year visa, depending on your decision. The income requirements remain the same as when applying for the visa the first time.

Another important aspect to consider about the renewal of a Spanish wealth visa is that it can be converted into a work permit that will lead to a longer stay and ultimately to permanent residency, provided that you remain in the country for 5 years. Once the wealth visa is converted, you will be able to obtain employment or become a self-employed person.

When discussing employment, one thing to consider is that even if you are not allowed to take employment in Spain, you can perform other work remotely, which is why the wealth visa can be used as a digital nomad visa. However, it is worth noting that the government has also enabled this type of visa under the Startup Visa scheme.

Moving to Spain is possible through various types of visas, as the country is one of the most flexible in terms of immigration for various purposes, so if you consider the wealth visa is a good fit, you can request the help of our lawyers to apply for it.

What to consider when applying for a wealth visa in Spain

Considering the application for the non-lucrative visa is filed with the Spanish embassy or consulate in the home country of the candidate, it is worth noting that each diplomatic mission will have specific protocols in place. This is why it is best to file the documents in person when soliciting the visa.

Another thing to take into account simply seeking a place to stay before coming to Spain, since the duration of stay will be at least one year and can be prolonged. For this purpose, our lawyers can offer tailored assistance on housing matters when you rent a house here. Later, if you decide to remain here, we can also help you buy a property that meets your requirements.

If you want to immigrate to Spain, there are plenty of visas you can apply for depending on your reason for relocation, which is why we advise you choose carefully. The Iberian country offers excellent business and employment conditions, and our immigration specialists can help you obtain a residence permit that enables you to generate an income that will help you live comfortably here.

What other types of visas can be used for Spain immigration?

Many foreign nationals are interested in emigrating to Spain because of the country’s favorable living conditions, the climate, its position in Europe, and, for some, the business opportunities. The Spanish Statistics Institute released the following number for the foreign population residing in the country in 2018:

  • individuals from Morocco:  682,515;
  • immigrants from Romania: 675,086;
  • foreign nationals from the United Kingdom: 285,698;
  • individuals from Italy: 221,781.

FAQ on the Spanish wealth visa

The wealth visa was not a choice for a long time for foreign citizens who were not sure of what its exact requirements were. This is one of the main reasons those interested in it had various questions. Among the most frequently asked were:

1. How long before entering Spain need I apply for the visa?

You need to apply for a wealth visa for Spain at least 3 months before relocation.

2. Does the money used to apply for the visa need to be deposited in a Spanish bank account?

No, the proof of income can be made in the form of a bank account statement issued by any bank, not necessarily one in Spain. However, if you will the money from the respective account in Spain you need to consider conversion fees and other extra costs.

3. How long does it take to obtain a Spanish wealth visa?

On average, the processing of the papers takes between one and 2 months.

4. Can I apply for a permanent residence permit based on this visa?

Yes, you can obtain permanent residency under this visa as long as after the first year (the duration of the visa) you prolong your stay in Spain for the time required to qualify for residency.

Our team of immigration lawyers in Spain can help foreign nationals move to the country under a non-lucrative or wealth visa. Contact us for more information on how to start your application. We can also provide detailed information on how to obtain Spanish citizenship.