Is the NLV your golden ticket to Spain? Check out the pros and cons!
If you are dreaming of retiring to Spain, the NLV is the most popular option for you.
The Non-Lucrative Visa (NLV) is designed for those who are financially able to support themselves because the key thing is that you are not allowed to work on this visa. It’s sometimes referred to as ‘the retirement visa’. The good news is that hundreds of people have successfully applied for – and now renewed – this visa and the process has been streamlined a little.
But is this the correct visa for you? Here we bring you a quick look at the pros and cons of this visa.
Pros of the Spanish NLV
1. It is the easiest option.
Alternative options involve having higher financial resources (digital nomad visa), producing a business plan (self-employment visa) or spending much more on a property (the soon to be finished golden visa).
2. Lower financial resources required than some other country’s options.
With passive sources of income of at least €28,800 per year for a single person, or €36,000 for a married couple in 2024, this is lower than the income required to get a fast-track visa in Cyprus (€50,000 per person) and also Italy’s Elective Residency visa (€38,000).
3. You can convert it to another visa after one year.
Some applicants use this as stepping stone to a self-employment (autonomo) visa because it is easier to do this once you have been settled in Spain for a year. Because you are not allowed to work, this might be considered an ‘adult gap year’ of establishing yourself or finding your feet in Spain. This is called residence modification.
4. Free movement within Schengen.
If you want to travel to other countries in Schengen such as next-door France or Portugal, you won’t have to get another visa for these countries. This is especially useful for those who might have a holiday home in another EU country.
5. Pathway to permanent residency.
After one year you can renew your NLV for two years, and then after that, another two years and then you can apply for permanent residency because you have spent five years living in Spain. But just make sure you have not been out of Spain for too long (more than 183 days per year) and also that you have the financial resources for each of the two-year renewal periods (double the €28,800 per person).
Read more:
- Number of foreign buyers in Spain higher than before the pandemic
- How to move to Spain: a simple step-by-step guide
- The SIX biggest myths about moving to Spain post Brexit
Cons of the Spanish NLV
1. It doesn’t allow you to work.
With this visa you need to prove you have stopped working. People’s circumstances change and new tempting opportunities might be found in Spain. This includes being self-employed as a gardener or property manager, for example. But residence modification is possible.
2. It’s a lot of paperwork (and costs).
The biggest deterrent perhaps – along with the financial resources (see below). You need to produce a number of pieces of paperwork that require translation into Spanish and being apostilled. Over five years this means three applications. Our advice is to pay the modest amount required (often around €350 pp each time) to get expert help on this. This totals around €1,000 per application for all the legalisation and translation costs.
3. Timing and planning.
You apply for this visa before you go to Spain and getting the paperwork tends to take around three months, and then you have an in-person appointment after which you wait for the decision. Beware that some documents expire after three months. You can’t just go to Spain, start your new life and apply whilst you are there (as per the digital nomad visa).
4. If you are under state pension age you will need healthcare insurance.
Once you reach UK state pension age you can apply for an S1 Certificate from the NHS in the UK and access Spanish healthcare on the same basis as the Spanish. Until then you need to pay for private cover – from a Spanish recognised provider – as you will not be paying social security.
5. You become a tax resident in Spain.
This visa (unlike the golden visa) assumes tax residency in Spain as you will spend more than 183 days in Spain per year. Not everyone likes the idea of being subject to Spanish taxation because you pay tax on your worldwide income – which might include investments or buy to let properties outside Spain.
