Nonprofit Residence (Savings): Complete Guide 2024

Non-Lucrative Temporary Residence Authorization
Also known as the “savings visa,” this residency option originated in 2021 and has led many people to begin their lives in Spain, either to enjoy retirement or take a “gap year.”

In this article, we will discuss the requirements, benefits, and the procedure for applying for non-lucrative residence for you and your family.

Who Can Apply for Non-Lucrative Residence?

This type of residence can be applied for by non-EU citizens who can prove they have sufficient financial means to live in Spain without needing to engage in any work activities, whether as an employee or self-employed.

The Immigration Law is strict in determining the amount of money that is considered sufficient to live in Spain.

The applicant must prove they have 400% of the monthly IPREM, which for 2024 is €2,400, or €28,800 annually, or its equivalent in the applicant’s home country’s currency.

If the primary applicant intends to bring a family member, the 100% of the monthly IPREM must be added for each additional family member, which amounts to €600 per month or €7,200 annually, or its equivalent in the local currency.

The availability of financial resources will be demonstrated through any legally accepted proof, such as bank statements, financial products, property titles, purchase contracts, among others. If the funds come from shares or stakes in companies located in Spain or abroad, the applicant must prove they are not working for any of those companies.

Requirements for Applying for Non-Lucrative Residence

You must not be in an irregular status in Spain.
No criminal record in Spain or in the countries where you have lived in the past five years.
Not rejected in the territory of countries with an agreement with Spain.
Proof of sufficient financial means for both the applicant and their family.
Public or private health insurance contracted with an authorized insurer to operate in Spain.
Not within the non-return period to Spain.
No serious diseases that could affect public health, according to the International Health Regulations of 2005.
Payment of the required application fee.

How to Apply for Non-Lucrative Residence

Unlike other permits, this authorization cannot be processed from within Spain. Therefore, you must request an appointment at the Consular Office in the country where you reside.

On the day of your appointment, you must submit a file for the applicant and a separate file for each family member. In other words, each file is personal.

Documentation You Must Provide

Application form for residence visa in the official model, in duplicate, duly completed and signed by the foreigner, or their legal representative if they are a minor.
Valid passport or travel document recognized as valid in Spain for at least one year.
Proof of financial means.
Criminal background certificate, apostilled and/or legalized as required.
Medical certificate proving that you do not have any diseases that could impact public health under the International Health Regulations of 2005.
Proof of payment of the application fee.

Processing Time for Non-Lucrative Residence

The consulate has a period of three months to resolve your application. You may receive a request for additional documents, which means your file is incomplete. You could also face a denial if the requirements are not met, or you can collect your visa if the application is approved.

Benefits of Non-Lucrative Residence

The entire duration of your residence authorization will count toward your application for Spanish nationality.
You can apply for yourself and your family at the same time.
You will obtain a NIE (Foreigners’ Identification Number), which will allow you to make investments.
You can take professional training, study, or intern if interested.
You are not required to make investments, just to prove you have enough savings to obtain the authorization.
You can travel freely within the Schengen Area.