If you are thinking of moving to Spain permanently, it is important to consider what type of residency you are going to apply for. In this post, we will explain the three types of residency in Spain – Self-Employed Residency, Non-Lucrative Residency and the Golden Visa. Keep reading to find out which is the right one for you!
Non-Lucrative Residency in Spain
What is a non-lucrative residency in Spain?
Non-lucrative residency is for individuals living in Spain who are either retired or are earning an international salary.
What is required to obtain non-lucrative residency?
If you are working remotely, either for yourself or for an international company, you must prove you are receiving regular income from anywhere outside of Spain.
Am I allowed to work for a Spanish company with a non-lucrative residency?
No, if you have this type of residency you will not be able to work for a Spanish company.
Can I apply for non-lucrative residency with my family?
Yes, you can apply for non-lucrative residency with your spouse, children and other family members.
Am I eligible for non-lucrative residency?
You are eligible for non-lucrative residency if the main applicant has a monthly income of four times the amount of the I.P.R.E.M. (€537.84)
(The I.P.R.E.M is the public indicator of multiple effects income in Spain.)
Additionally, you will need to prove you have an extra €537.84 for each family member.
Are there any other requirements for the non-lucrative residency?
Yes, you must also organize somewhere to live, set up a Spanish bank account, have sufficient funds in your bank account and have a clean criminal record. Heath insurance may also be required, HomeFinance Spain can help you with if you need.
Who is the self-employed residency for?
The self-employed residency permit is for applicants who want to start their own business in Spain. The permit allows an individual to officially work and live in Spain. If you are granted this type of residency, it is possible for your spouse and dependent children to obtain residency too.
How long is the self-employed residency permit valid for?
When you are granted this type of residency, it is initially valid for one year. Once the year is over, you must renew it and it will then be valid for 2 years. When you have five years of consecutive residency, you can then renew the permit as a permanent resident and begin the process of becoming a Spanish citizen.
How to get self-employed residency in Spain
6 ways to get self-employed residency in Spain
- Have a business plan.
- Prove you have sufficient funds to set up the proposed business and enough funds to live for the first year. The exact amount of funds required will depend on the type of business.
- The funds must be in an account in the same name as the person applying for the residency.
- Having enough funds to live for the duration of your residency, may also be required.
- A rental contract for a commercial premise for your business (if applicable).
- A clean criminal record from the country in which you have lived in for the last 4 years.
It is important to note, that to be able to renew self-employed residency you must be in Spain for more than 6 months out of the year.
What is Spains Golden Visa?
Spains Golden Visa is a residence permit that was introduced to stimulate foreign investment in Spain. To obtain this type of residency, an individual must invest at least €500,000 in real estate in Spain. The visa is aimed at non-EU citizens, as it is an easy way for them to be granted Spanish residency and European travel rights without having to stay for a certain amount of days in Spain.
What are the investment requirements of obtaining a Spanish Golden Visa?
One of the following investments are required.
- An investment of €500,000 in Spanish real estate, in one or more properties.
- A €1,000,000 investment in shares of capital companies in Spain.
- A €1,000,000 investment in bank deposits in Spanish Financial Entities.
- A €2,000,000 investment in Spanish Public debts.
- Investing and starting a business in Spain that creates employment, makes scientific/technological advancements or has a socio-economic impact on the local area is another way to qualify for the visa. (Specific conditions must be met).
Is residency with the Golden Visa permanent?
Yes, this type of residency can be permanent. After a year, you will need to renew it. After 5 years, you are able to apply for permanent residency.
5 benefits of Spains Golden Visa
- Red tape associated with applying for residency, especially for non-EU citizens, is reduced.
- The ability to travel within all of the 26 EU states is granted.
- With this type of residency, you do not have to stay in Spain for a certain amount of time.
- You are able to work or start a business in Spain once you have obtained the 2 year permit.
- Your spouse and children (under 18) are able to claim residency as well.
Taxes can prove difficult to calculate and submit in Spain, and can vary depending on your residency status. HomeFinance Spain is here to help, we know how difficult it is moving to a new country, applying for residency, paying taxes and everything in between.
Over to you...
Now that we have explained what non-lucrative Spanish residency means, it is up to you to decide what type of residency is right for you. We are here to answer any questions or queries on the requirements and process.
Apply for Spanish residency with HomeFinance Spain
For more see – Residency in Spain for more information and details on how we can help.
We can help! Let HomeFinance Spain guide you through the process of applying for residency. Get in touch today by filing the form provided or call us on (0034) 96 682 11 72.