Spain Retirement Visa from UK
Spain has been a popular destination for retirees for decades due to its low cost of living, high quality of life, and excellent healthcare system. Though there is not a specific retirement visa for Spain, there are several great visa options available that perfectly suit the needs of someone retiring in Spain.
Moving abroad to retire is a big step, and can be a tricky process to navigate. We can help. Contact us to speak with an expert immigration advisor today by calling us on +44 (0) 333 305 9375 or getting in touch online.
What is a Retirement Visa in Spain ?
Technically, there is no such thing as a dedicated ‘retirement’ visa in Spain. However, many British nationals who are reaching retirement look to Spain as their top destination of choice as a place for them to live out their retirement years. Spain offers a high quality of life, with an excellent climate and relatively easy and flexible visa arrangement for Britons as well as many EU and non-EU nationals around the world.
What Spain does offer is a variety of visa options that cater well to those seeking to live in Spain without earning an income, or through purchasing property or investing in businesses in Spain. The two most common visas used by those who retire to Spain are the Non-Lucrative Visa and the Golden Visa. Both are available to eligible candidates assuming they have the required financial means and have obtained comprehensive health insurance.
Can I Get Spain’s Retirement Visa as a British Citizen?
Since Brexit, visa requirements for British nationals have come into place and become a little more complex to obtain. However, moving to Spain to retire is still fairly straightforward for Britons and other non-EU immigrants, assuming you can demonstrate sufficient financial means to sustain your life as a retiree in Spain and meet other eligibility requirements associated with Spain’s visas.
Non Lucrative Visa
Overview
The Spanish Non-Lucrative Visa allows British nationals and other non-EU citizens to live in Spain for up to three years without working or conducting any form of business in Spain.
This visa is usually valid for one year initially, and can then be renewed for an additional two years. This visa is ideal for retirees, digital nomads, or individuals who have the financial means to support themselves without needing employment.
The restrictions of the non-lucrative visa are that the visa holder does not engage in any form of business or income-generating enterprise in Spain, or become employed in the Spanish market. If you are looking to semi-retire in Spain, and are interested in earning even a moderate income in Spain, then you will need to look into other visa options, particularly within the work visa sector.
To be eligible for the non-lucrative visa, applicants must demonstrate that they have sufficient savings, income or other financial means that can sustain their livelihood throughout the course of the visa validity period.
Family members may join as dependents of the main applicant for the non-lucrative visa.
Financial Requirements for Non-Lucrative Visa
The Non-Lucrative Visa requires applicants to show a minimum annual income of €28,800 (about £24,000) or €2,400 (£2000) per month. For each additional family member joining the main applicant, an extra €7,200 (£6000) annually is required.
Eligible income sources include:
- Annuities
- Dividends
- Passive Income
- Rental income from properties abroad
- Royalties
- Savings & Savings Interest
- Trust Funds.
Golden Visa in Spain
Overview
The Spain Golden Visa programme was established in 2013 and provides non-European Union nationals the opportunity to live, work, study, and invest in Spain. The golden visa also allows applicants to travel freely within the Schengen zone. The visa is valid for up to five years, after which applicants can apply for permanent residency, and after ten years, they may be eligible for citizenship through residency.
Due to issues like housing shortages, unaffordable homes for locals, potential money laundering, and national security concerns, Spain and other EU countries (such as the Netherlands, Ireland, and Portugal) are phasing out their Golden Visa programmes. In Spain, the government plans to eliminate the real estate investment option, which is responsible for 94% of applications, to reduce pressure on the housing market.
For more information on the Golden visa, contact us online or call us today on +44 (0) 333 305 9375.
Golden Visa Eligibility Criteria
The minimum investment required for the Spain Golden Visa is at least €500,000 (approximately £420,000). In general, the eligibility criteria for golden visa applications include:
- Being 18 years old or above
- Hold a valid passport
- No criminal record in the past five years, proven by submitting a criminal record check certificate
- Being able to demonstrate sufficient funds to live in Spain, and to be able to support any dependent family members
- Providing a health certificate to prove you have no medical conditions that pose a threat to public health
- Have public or private health insurance valid for the duration of the visa which covers at least €30,000 in medical expenses.
Investment Criteria
Depending on your route for investing in Spain, you will be required to meet a minimum investment threshold and specific investment criteria to obtain a Spanish retirement visa via the golden visa.
Real Estate Investment
To obtain a Retirement visa Spain through real estate investment, applicants must invest a minimum of €500,000 (£420,000) in Spanish residential or commercial property, or a combination of the two. You may:
- Share the investment among multiple investors
- Rent out the property for income generation purposes
- Mortgage properties exceeding €500,000 in purchase value.
Business Development Investment
Applicants can also qualify for the Golden Visa by investing in business development. They must invest a minimum of €1 million (approximately £835,000) in a Spanish business enterprise, and must prove that the investment will:
- Create new jobs
- Contribute to Spain’s socio-economic development
- Advance technological or scientific innovation.
Public Debt Investment
To qualify through investment in Spanish public debt securities, applicants must invest at least €2 million (approximately £1,670,000) in bonds, treasury bills, or government bonds and securities.
Other Investment Routes
There are many more investment routes you can take if you wish to apply for a golden visa. Examples of investment routes that will require you to invest a minimum of €1 million (approximately £835,000) include:
- Closed Investment Funds/Venture Capital Funds, investing in high-risk, high reward start ups or early-stage companies
- Shares or Participation in Spanish Companies, investing in listed or unlisted shares
- Bank deposits, investing in a valid Spanish bank or financial institution.
Starting a Business
Applicants who wish to retire in Spain via the golden visa are also entitled to start a business in Spain. There is no set investment requirement, however, there are stricter requirements in that generally the business should be innovative in nature by:
- Contributing to technological or scientific innovation
- Creating new jobs for the Spanish market
- Positively impacting Spain’s economy.
What Documents Do I Need for Spain's Retirement Visa?
To apply for a Retirement Visa in Spain, you will need to submit the following documents:
- A completed visa application form
- A recent passport-sized photograph
- A valid passport (original and photocopy of the biometric data pages)
- Proof of investment or funds, depending on which visa you are applying for. Please note you may have to submit extensive financial proof to showcase your worldwide income or various sources of funding
- Criminal record certificate
- Private or public health insurance certificate.
Foreign documents must be legalised or apostilled, and translated into Spanish. You’ll need an Apostille Stamp for the following:
- Criminal record certificate
- Medical report
- Marriage or birth certificate (if applicable).
Family members are also allowed to join the main applicant on both the non-lucrative visa and the golden visa, and must in a similar manner demonstrate that:
- They have no intention of earning an income in Spain (though this may be allowed with the golden visa)
- Have a clear criminal record
- Are covered by medical insurance
- They have accommodation arranged with the main applicant
- They will be financially supported by either their own savings or worldwide income, or supported by the main applicant as a dependent.
Any dependent family member applying must also prove their relationship to the main applicant, which can be done using a marriage certificate or birth certificate.
How Do I Apply for the Spain Retirement Visa?
If you are a British national who already lives in Spain on a different type of visa, please note that you cannot ‘switch’ to the Non-lucrative or golden visa from your current visa, even if you are on a long-term visa. This means that you must apply from your country of origin.
The application must be made in person and booked in advance at the nearest Spanish Consulate in the UK, or where you are legally residing abroad. You will be called in for an interview, where you can submit your application and provide your biometric data.
In general, you can expect to receive a response to your application within 3 months of submitting.
How Can Total Law Help?
Applying for a Spanish retirement visa is a big step for many, as not only does it signal an exciting new venture in a new country, but also a more relaxed pace of life ahead.
However, moving abroad is no easy feat, particularly if you are moving with dependent family members. Ensuring that you not only meet all the visa requirements, but also successfully become legal residents in Spain, can be a long-winded and overwhelming experience.
If you are applying for the golden visa, due to the high investment required in the process, you will likely need legal representation to support you with your application and investments.
That’s why Total Law is here. We have a team of expert immigration lawyers who can not only guide you through the application process to retire to Spain, but can also support you in securing accommodation and a residence permit, giving you peace of mind that your transition to life in Spain is smooth and hassle-free.
Contact our team today by getting in touch online or calling us on +44 (0) 333 305 9375.
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FAQs
No. This is partially due to the fact that Spain does not have a dedicated retirement visa for those of retirement age, but rather provides visa options that are excellent options for those who wish to retire in Spain. Therefore, you do not need to be of retirement age or living on retirement benefits alone to apply for a non-lucrative or golden visa in Spain.
Another visa option that is similar to the non-lucrative visa is the Digital Nomad visa, which is largely more popular with a younger demographic than those of retirement age.
The amount of money required for retiring in Spain depends on the route you take. For golden visa applicants, you will need at least £420,000 to invest in property, or £835,000 for any other investment route.
For non-lucrative visa applicants, you will need to prove you have a minimum of about £24,000 available to you in funding per year, with an additional £6000 per dependent family member that moves with you to Spain.
