When can you spend your savings on the Spanish Non Lucrative Visa? 

Here are the very shortest answers to the most frequently asked questions.

Prefer to watch the video? Click the picture below.

So you’ve got your non-lucrative visa NLV! And all or part of your financial requirement for the first year of residency was an amount of savings 

How much savings do you need? 

It depends, it’s different for everybody and I’ve made a video all about that too. 

Non Lucrative Visa basics.

As you may know, the NLV residency visa covers the first year of your 5 years of temporary residency

At the end of year 1, you renew the residency for 2 years (years 2 and 3) and you need twice the original required amount of savings in the bank for that 

Then at the end of year 3, you renew for the final 2 years of your temporary residency (years 4 and 5). 

Once again, you need twice the original required amount of savings 

At what point can you begin to spend the savings? 

Keeping it in the bank for 5 years would be the safest thing to do if you’re worried they might check if you’re still fulfilling the financial requirements.

Do they do that?

Not as a rule, no. But if any government department happen to be checking your bank account for any reason and you were found to have less than the required amount, there’s a possibility you could lose your residency. Or, more likely, you might not be able to get the permanent residency after 5 years. It’s a grey area. 

So the safe answer is, wait until after you’ve got permanent residency. The likelihood is that nobody’s going to check after you’ve got your renewal for years 4 and 5 though, so you could get away with spending some of it. Are you feeling lucky?  

Any questions? 

Put them below.

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Article by Skatz