Spain Retirement Visa For Canadian Citizens

Eligibility Criteria for Spain Golden Visa

To qualify for the Golden visa, you must make a qualifying investment in Spain. Several investment options are available with varying minimum investment requirements. There are two main investment options:

• Shares and Securities: Invest at least €1,000,000 in a Spanish company, venture capital fund, or financial institution. Or at least €2,000,000 in Spanish public securities (Spanish government bonds).
• Business Development: Establish a business in Spain that will make a significant socio-economic impact within the region of business operations, create jobs for Spaniards, and contribute to scientific and technological innovations.

Spain does not allow Golden visa applicants to participate in the program with loaned funds except in specific circumstances. Therefore, you must provide evidence that the money you invested belongs to you. The real estate route has also been closed.

Other Eligibility Requirements

Aside from making a qualifying investment, you must also meet the following requirements to qualify for a Golden visa. You must:

• Be 18 years or older
• Have a clean criminal record
• Not have been denied residence in Spain or other specific countries
• Have enough money to cover your stay without needing to work or receive public funds. You must make at least 400% of Spain’s Public Multiple Effects Income Indicator (IPREM), currently equal to €28,800 (approx CAD 43,378) annually. You’ll need an additional 100% of the IPREM for each dependent.
• Have access to public or private healthcare for your entire stay duration
• Not have any disease that poses a threat to public health

Required Documents for Golden Visa in Spain

You must submit the following documents when applying for a Golden visa.

• A completed and duly signed national visa application form
• Your Canadian passport or other recognised identity document with at least two blank pages valid for up to one year
• Two recent passport-sized photograph
• Documents confirming you have made the required investment
• A criminal record certificate for the last five years. This should be issued by Canada
• Public or private health insurance certificate
• Medical certificate
• Proof of sufficient financial resources (bank statements)
• Civil status documents (marriage or civil partnership certificate, birth certificate)

You must provide official translations of all documents. Foreign documents must also be legalised or apostilled.

How to Apply For Spain Golden Visa

After making the required investment and gathering the necessary supporting documents, the next step is to apply for a golden visa. You can apply at the Spanish consulate nearest to your residence in Canada, or you can apply for a golden visa in Spain.

You may be required to attend a visa interview. A consular officer will take your biometric data after completing the interview and submitting all the necessary documentation.

You’ll get a decision on your application between 20 days to one month. You don’t have to apply for a residence permit or a Foreign Residency Card, as the visa comes with its permit.

The Golden visa is initially issued for a year and can be subsequently renewed for two years. However, you must be physically present in Spain for at least one day per year to qualify for renewal. You can apply for permanent residency after five years of holding a Golden visa.

Overview

The Non-Lucrative Visa is another popular visa option for retiring in Spain. It allows non-EU nationals who do not intend to work or engage in any gainful activity to relocate to Spain. It’s an excellent alternative for those who cannot afford the steep cost of a golden visa.

The Non-Lucrative Visa allows you to bring your dependent family. However, you must have sufficient financial resources to cover you and any family members since you cannot work in Spain.

Spain issues a Non-Lucrative visa for one year, with the option of renewal After five years of residence, you may be eligible to apply for permanent residency.

Financial Requirements for the Spain Non-Lucrative Visa

Although you do not need huge investment funds to qualify for a Non-Lucrative visa, you must have sufficient financial means to support yourself without working or recourse to public funds.

You need to have a minimum of 400% of Spain’s Public Multiple Effects Income Indicator (IPREM), currently equal to €28,800 (approx CAD 43,378) annually. You’ll need an additional 100% IPREM, equal to €7,200 (approx CAD 10,844) for each dependent.

You must also provide evidence that you’ll not work in Spain. You must receive a convertible state pension or a public/private retirement account payout if you’re a retiree. If you’re below retirement age, you must provide a letter of employment termination from your last employer. If you’re self-employed, you must submit a notarised affidavit stating that you’re willing to forego work for your period of residence in Spain.

Documents Required For Non-Lucrative Visa Application

You must provide the following documents when applying for a Non-Lucrative visa.

• Completed national visa application form
• A valid Canadian passport and copies of biometric pages
• Recent passport photographs
• Completed non-working residence visa application form
• Residence permit application form
• Criminal record check certificate
• Proof of sufficient income (bank statements)
• Proof of retirement or termination of employment from your Canadian employer
• Proof of valid public/private health insurance
• Proof of accommodation for the initial three months of stay
• Proof of residence within consular jurisdiction
• Medical certificate
• Civil status documents (marriage or birth certificate)

Foreign documents must be notarised or apostilled. You may also need to provide official translations.

How to Apply for the Non-Lucrative Retirement Visa

You must submit your application for a Non-Lucrative residence visa at the Canadian Spanish consulate responsible for your area of residence. You will need to schedule an appointment first via their website or phone.

You’ll submit the complicated visa application form and other required documents during the interview. The consular officer will also capture your biometric data.

The consular authorities will process the application and notify you of a decision within three months.

Duration of the Non-Lucrative Residency Visa

If the Spanish authorities approve your application, you’ll receive a visa valid for three months. You must travel to Spain within those three months. On arrival in Spain, you must apply for a Foreigner Identity Card (TIE) at the foreign nationals office or police station nearest to you.

The residence permit is valid for one year but can be renewed. However, you must be physically present in Spain for up to 183 days a year to qualify for renewal. You can apply for a permanent resident permit after five years of living in Spain.

Overview

If you live in Spain for more than 183 days or six months a year, you become a tax resident, and your worldwide income becomes taxable. Pensions are taxed like regular income. Spanish tax residents pay income tax of 19% to 47%, depending on income.

As a retiree, you’re eligible to pay worldwide income tax if:

• You receive rental income above €1,000 per year
• You make capital gains and savings income above €1,600 per year

You must also declare foreign assets worth €50,000 and above. However, Canada has a tax treaty with Spain that will help prevent double taxation.

Tax Deductions and Allowances 

Certain tax deductions and allowances are available to tax residents in Spain. The personal tax allowance is:

• €5,550 for those under 65 years
• €6,700 for those between 65 and 75 years of age
• €8,100 for those above 75 years old

You can also claim extra allowance if you have financially dependent children under 25 living with you. You can claim:

• €2,400 for the first child
• €2,700 for the second child
• €4,000 for the third child
• €4,500 for the fourth child

You can also claim an additional €2,800 for each child under three years of age.