Find out how much money you need in savings and/or passive income for your Non Lucrative Visa application or renewal in 2023 with this YouTooSpain guide, complete with tips on how to present your documents to immigration.

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Q: How much money do you need for your Spanish Non Lucrative Visa application or renewal in 2023?

The figure for how much money you need for your Non Lucrative Visa for Spain has gone up from the beginning of 2023.

Q: Does it do that every year?

No, sometimes it stays the same for a few years, it depends on certain things like inflation, but it’s worth knowing that the figure might increase, because the majority of people who apply for the NLV are going to be renewing their residency at the beginning of year 2 and year 4, so they should take into account the possibility of an increase.

Q: How do they work out how much you need?

It’s based on a system called IPREM, and it’s the amount people need to live on without needing state benefits.

Q: How much has it gone up then?

IPREM is now €600 per month.

Q: So all you need is €600 a month?

No, for the NLV you need 4xIPREM for a single applicant, then an extra 1xIPREM for each additional family member. 

Q: So it’s €2400 a month on your own, or €3000 for a couple?

Exactly, and just add another €600 each for children.

Q: Do I need to have that in the bank or can it be income?

You can either have it in the bank, or it can be what’s called passive income, or it can be a combination of the two.

Q: What’s passive income?

The NLV is designed for people who are retired or those who can afford to live on savings, so you’re not allowed to do any paid work. Passive income then is things like pensions or investments or money from rental property for example.

Q: So if I’m on my own and I’ve got a state pension and a private pension worth a total of €2,400 a month, do I need any savings in the bank?

No, but the more proof you have of your financial stability, and that you are future-proofed against emergencies, the easier it is for immigration to grant you your visa and your renewals.

Q: The renewal is at year 2 and year 4. Does that mean I need twice as much to cover the two years?

That’s an interesting question, and it’s caused a few arguments recently in different regions of Spain. The important thing to understand is the monthly amount you need, and how recurring passive income is counted.

Here’s an example. If you’re getting your €2400 in pension every month and you can prove you’re getting it and will continue to get it, then you don’t need to double that amount for your renewal, because you’ll be getting it for 24 months instead of 12 months, so it’s kind of already double. 

Q: What if I move before retirement and I’m just living on savings?

In that case you have to make sure that you’ve got the equivalent in savings of €2400 a month. Multiply that by 24 months and you get €57,600 for a single applicant. If you’re a couple, it’s €3000 x 24 which is €72,000.

Q: So if I just leave €58,000 in a bank for 5 years, that would be alright?

As long as you bear in mind that if you’re just living on savings, you need money to live on as well. And you’ll need to show immigration where that money is coming from in case you’re somehow hiding an income.

Q: What about if you’ve got pension and savings, how do work out how much you need?

I think the best way to work it out is by looking at it as a monthly amount rather than a yearly amount. So let’s say you’re single, and your pensions come to an easy round figure of €1400 a month. That leaves a shortfall of €1000 a month to make up in savings. So for the first year, you’d need €1000 x 12 months, which is €12,000, and for the renewals you’ll need €1000 x 24 months, which is €24,000.

Q: So if I can live off my pension without spending my savings, all I need is €24,000 sitting in a bank for 5 years?

That would do it, as long as IPREM doesn’t go up in the meantime. 

Q: I’ve heard that in some parts of Spain, they’re saying you only need one year’s worth of money.

Now, that is the thing that’s been causing arguments. I keep hearing claims, but so far no one has shown any proof yet of getting applicants their renewal with less than the required monthly amount in savings alone, or a combination of savings and passive income that’s only equivalent to 12 month’s worth of money.

If you have that proof, show me the case notes if you think what I’m saying is wrong (you can redact them if you want to hide personal information) just show me how it’s possible please. And in which region is this happening?

If the rules have changed, which there’s no evidence of in official documents from what I’ve seen, show me where to access the official proof so I can publish it here and stop the arguments. 

People are being told sweeping black & white statements like ‘the rules have changed and it’s possible to get renewals with only one year’s worth of money’, but where does it say that in law? 

There could be hundreds or even thousands of people hearing that and assuming that’s the rule for everybody, or misinterpreting it, and as you probably know, every application and renewal is individual. The circumstances are different, they’re all open to interpretation, and each region and office has their ways of dealing with the situation. If you go around telling everybody they don’t need 2 years worth of money, when that information is based on a minority of individual cases with different circumstances, perhaps in only a small part of Spain, then what’s going to happen? They’ll all get their hopes up, they’ll all come to Spain and after a year they could be refused their renewal and have to leave. People rely on information they get online. Isn’t it better that we all work together to give people a realistic idea of what it takes to move to and live in Spain?

Q: Can you give us some tips on how to present your renewal financial documents?

Let’s have a top tips list!

Number one!

The first thing to remember is to put yourself in the position of the officer looking at your documents, if you present them in a clear and straightforward way, they’ll understand them better, and if you make sure you have everything they need it will be much better. If you don’t get it right first time, you only have ten days to produce the extra documents. 

Number two!

Documents printed from online accounts can be rejected. They like to see stamped bank statements or documents that can be verified with a CSV or QR code.

Number three!

Make sure it’s clear that the documents belong to you, for example bank statements should have your full name, not just initials.

Number four!

Check which documents need translating and whether they need an apostille stamp.

Number five!

Make sure you have fresh, updated documents for your renewal. Generally, immigration won’t take into consideration the documents you used for your initial application.

Number six!

Your renewal process will be much easier if your wealth and income are in a bank in Spain.

Number seven!

Don’t forget what I said before, IPREM can change each year, so bear it in mind when you’re planning ahead.

Number eight!

Here’s a table of the minimum monthly and the total amounts you need for your first application and for your renewal. As you can see, this includes single applicants, couples and families with up to three children. If you have more than that, just add €600 to the monthly amount for each one, multiply that by 12 for the middle column and 24 for the right hand column. 

Peace & Love,

Skatz

Oh, and let’s dance!

Article by Skatz.