Spain is offering different alternatives for foreigners who wish to immigrate legally in Spain. Besides the Investor Visa, there are other permits for those wishing to reside in Spain for a period exceeding the 90 days stablished in a short-term visa or Schengen visa. In fact, the Spanish legislation foresees a type of visa specifically meant for those foreigners who just wish to reside in Spain without working or developing any lucrative activity.
This type of visa is better known as the wealth visa. The key aspect of this visa is to submit the correct documentation proving that the applicant counts with sufficient and regular financial funds to cover his or her expenses while living in our country without working. Therefore, it is extremely advisable to count with the help of an immigration attorney who can guide you over the possibilities of success, the steps, prepare you for the interview, help you collecting the documents and review the same so you know what you should submit. Our team is fully bilingual and they can explain you the process in your own language, plus we will fill the corresponding forms, for we understand that you may not be fluent in Spanish at the moment of submitting the application.
Non EU nationals can apply for a Wealth Visa, which will entitle them free movement around the Schengen Area for a period of 3 months.
Types of Wealth VisasDepending on your personal circumstances you may apply for a Non-Lucrative Residence Visa or a Residence Visa for Retirees. Remember, that you must apply and submit all the documents before the corresponding Spanish Diplomatic mission or Consular Office. In the same way, all the documents that you submit must be translated into Spanish by a duly authorized Public Interpreter.
In order to offer you an overview of these two non-lucrative visa, you will find a below the difference and requirements to apply for each one of them.
Wealth Visa for RetireesPursuant to Royal Decree 2393/2004, a person may achieve residency in Spain without developing any lucrative activity, if he or she can submit documentation proving that he or she is a pensioner or a beneficiary of a government regular payment, life payment or private pension.
After many years of hard work, you deserve to have the chance to relax and have fun using wisely your funds and pension. If you are thinking in visiting our country for a long period to relax, meet the culture, travel to new places and enjoy new experiences, you should visit our country for it counts with adequate infrastructure and public services.
The key documents to be presented in this case are first a letter explaining the reason to request the visa, the purpose of such visit, the place and the period you will be staying in Spain, and second, a document proving that the applicant counts with a permanent retirement pension from an official institution, whether social security or other private source.
Non-Lucrative Wealth VisaSimilarly to the previous permit, this will allow a foreigner to reside in Spain without working. The difference lays in the source of the funds to cover your expenses while living in Spain, which could be a bank statement proving that the main applicant has a trust fund, annuities, etc., for at least one year. The same conditions shall apply if the main applicant wish to come to our country with his/her family.
The time for resolution for a Wealth Visa may vary between 1 and 2 months from the application date. Contact our Law Firm to receive the guidance you deserve to issue your Wealth Visa in Spain.