The latest figures for Spain’s IPREM have now been published, so here is how much income or savings you need for the NLV financial requirement.

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How much money do you need for your Spanish Non Lucrative Visa application in 2024?

The figure for how much money you need for your Non Lucrative Visa for Spain can increase each year.

Does it go up 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.

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 having to apply for state benefits.

How much has it gone up this year?

This year it’s stayed exactly the same, which is great because it’s a very round number. So IPREM is €600 per month.

So all I 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. 

So that’s €2400 a month on your own, or €3000 for a couple, and just add another €600 each for your children.

How much is that per year?

For a single applicant, it’s €28,800, for a couple it’s €36,000. And you just add €7200 for each additional family member. But I find it easier to focus on the monthly amount, because it’s easier to calculate how much you need when you renew your visa at the end of year one, especially when you have a mixture of savings and income.

So I can have the money in the bank or I can have income?

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

What’s passive income?

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

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, that covers the financial requirement, 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.

What about 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 on social media. I’m going to make a separate blog article all about it very soon.

But I need to know now, otherwise I might not have enough money next year.

Patience my friend. What I can tell you is if you have no passive income, then yes you will need twice the amount of savings for your renewal, because it covers a two year period. 

So if I just put €57,600 in the bank for the whole 5 years, that will be fine.

That would be true if living your life, eating and drinking and paying your rent, didn’t cost anything at all. Unfortunately, that’s not the case. Also, IPREM might go up in those 5 years.

So I’d better have plenty to cover living expenses as well?

Yes, and emergencies, and holidays, and anything else you like spending money on.

Any questions? Put them in the comments below.

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Article by Skatz