Moving to another country is one of the most discussed and popular topics in 2024. People migrate for various reasons: work, family circumstances, medical treatment and many other reasons. If we talk about Spain, people move here in particular because of the ideal climate, constant warmth and European standard of living.
Do you want to know how you can legally move to Spain? Today we will tell you about the main criteria and requirements when requesting a residence permit for financially independent persons, discuss the procedure of obtaining the document, features and other nuances. Let's begin!
More about residence permit for financially independent persons
Spain is now a leader among countries that are willing to offer foreigners different residence permit options for those who are willing to benefit the general economy of the country and for those who can guarantee their financial independence. One such program is called «Residencia Temporal No Lucrativa». In 2024, this program is available to citizens of non-European countries including:
Such program was approved in 2011 and is governed by Ordinance 557 Section 2011.
Main requirements for foreigners
The law stipulates that the basic requirements for foreigners are:
Passive income outside the EU;
The presence of an amount on a personal account, which will be sufficient for personal security;
Availability of purchased or rented (for a long period of time) housing in Spain;
Prohibition to work in Spain. This is a very important point, because if you are going to come here for employment, this program is definitely not for you. In our article we told you how to get a residence permit in Spain with the right to employment.
However, the law nowhere stipulates that the participant of such a residence permit program does not have the right to engage in their own business in Spain. Also one important point - you will not need to provide proof of employment in the form of an open-ended contract with an employer, which is typical for the program «Digital Nomad Visa».
What are the rights and obligations under the residence permit for financially independent persons?
For holders of such a legalization program in Spain, such rights have been developed:
Joining family members in their own program, on the basis of which they are also issued documents to live here;
Establishing a business in Spain;
Residence in Spain for an unlimited amount of time (while other programs allow you to stay in the country for up to 5 years);
Unrestricted movement throughout the European Union;
Opening a bank account in Spain;
Simple exchange of a valid driver's license from your home country for a Spanish one;
Receiving medical services on a par with the native residents of the country;
And much more.
There are two sides to every coin, so we need to talk about responsibilities as well. Here's what you have to do:
You can't be employed or otherwise earn income in Spain (except for passive income);
You must be present in Spain for at least 183 days per year;
Move to tax resident status in the country;
If you have children, they must be enrolled in either daycare or school;
Pay taxes on time and do not break the law.
What are the benefits of obtaining a residence permit for financially independent persons?
If you are still thinking, what are the benefits of such a program of residence permit, if its rules are prohibited to work, then now we will tell you more about all the advantages. First, it is the very possibility to legally reside in Spain for an unlimited period and move your family here. If you have a working business in your native country, which brings you income, you can easily take advantage of such a program.
The second thing I would like to emphasize is the free movement in the EU zone - no visas and certificates are needed. You can travel freely throughout the zone, but do not forget that you need to be in Spain for at least 183 days.
The third major advantage is that you can open a business. For example, you can expand your business and open branches in Spain and earn passive income.
What income do you need to have?
For many migrants the issue of income is not clear, namely they do not understand what is considered sufficient income? After all, the law does not specify specific figures. Let's understand together!
There is an income index called Indicador Público de Renta de Efectos Múltiples (IPREM), which will help us calculate the amount we need. In order for you to benefit from the program, you must have 400% of IPREM, and for each subsequent family member, another 100%. The actual amount of IPREM in Spain is 600 euros.
As a result, it turns out that for yourself alone you must have and confirm an income of at least 2400 euros per month. Each subsequent family member must have at least 600 euros per month.
