The law foresees different instruments and permits to allow foreigners to live for a long period of time within Spanish territory. Therefore, if you are looking forward to come to Spain with the purpose to reside for a period over 90 days, getting a Wealth Visa might be the right type of visa for you to apply for. This type of long term visa is aimed for those applicants who have enough funds to cover their expenses while living in our country without carrying any lucrative activity.
The applicants who decide to issue this visa must always bear in mind that the key element here is proving to the Spanish authorities that you count with sufficient means to live in Spain without working or developing any lucrative activity. An applicant may submit documentation proving such funds by offering a bank statement where it is stated the origin of that money which could come from retirement pensions or trust funds, among others.
Depending on your profile, you could apply for a Non-Lucrative Residence Visa or a Residence Visa for Retirees. If you are not sure about requirements or which of these options fits the best with your profile, our immigration lawyers can assess you and guide you over the process with just one consultation.
The requirements and specifications of each type of wealth visa are the following:
- Residence Visa for Retirees
Your retirement period must be a time to relax, travel and enjoy the experience of meeting new places and people after working for a lifetime. People from different countries consider Spain a good place to buy, rent, or invest in real estate, for our country counts with the adequate infrastructure and public services.
This type of visa allows retirees to reside in Spain without engaging in any type of lucrative activity. If you decide to apply for it, you must prove to be a pensioner or beneficiary of a Government regular and life payment or a private pension, all this pursuant to the Royal Decree 2393/2004.
When applying, generally, you will be required to submit a Notarized Document explaining why you are requesting the visa, the purpose, the place and the length of your stay in Spain, and a document proving a permanent retirement income from an official institution, whether social security or other private source
- Non-Lucrative Residence Visa
This permit will allow the foreigner to reside in Spain without working. In this case, in order to apply for it, the applicant shall demonstrate sufficient financial means to maintain himself/herself while in our country. The same conditions shall apply if the applicant wish to establish in our country with his/her family.
The applicant shall submit documents proving that he or she counts with a regular income or funds to live in Spain, for instance a bank statement proving that you, as the main applicant, have a trust fund, annuities, etc., for at least a year.
You may apply for a wealth visa whether you are an EU or Non EU national. You must apply before a diplomatic mission or Consular Office, thus all the documentation must be translated into Spanish by a duly authorized Public Interpreter.
Also, it is important to count with the help of an immigration attorney who guides you over the interview, especially if the main applicant doesn’t speak Spanish fluently.
The time for resolution of this type of visa may vary between 1 month and 2 months from the application date.
Our solicitors deal with the Spanish immigration laws on a daily basis, thus they will guide you the best possible way toward a successful application.