Obtain Spanish Wealth Visa
Updated on Thursday 17th October 2019
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The Spanish wealth visa, also referred to as the non-lucrative visa, is one suitable for individuals who wish to immigrate to the country without needing to have a reliable source of income. In order to obtain the Spanish wealth visa, a foreign national will need to prove that he can sustain himself financially while in the country.
It is advisable to request the services offered by our team of immigration lawyers in Spain before applying for this type of visa. The applicant is required to comply with specific requirements in terms of proving the source and the value of the income, thus, the specialized legal aid offered by our team can prove important during the application process.
Who can apply for the Spanish wealth visa?
Any individual who has sufficient means to stay in the country without working can apply for this specific type of visa. The main requirements are the following:
- prove the fixed income: bring forward documents to show the fixed monthly amount received by various means.
- provide income about the bank account balance: the applicant shall show that he has had a high average balance in his personal bank account over the year prior to the application;
- comply with the monthly amount: the approximate average amount per month to obtain the visa is almost 2,200 euros; to this, 500 euros are added per every family member that joins.
- show other documents: a medical certificate and a criminal record issued by the authorities in the home country may be required.
The applicant will be required to have medical insurance with a company that is allowed to operate in Spain. The medical certificate will state that the individual does not suffer from any disease that may have implications for public health (according to the International Health Regulations).
Our team of Spain immigration specialists can provide applicants with more details about these documents. Individuals should note that the bank account excerpts should clearly state the name of the account holder.
What are the main requirements for the wealth visa holder?
The wealth visa in Spain may seem accessible for wealthy entrepreneurs or investors as well as other individuals who can afford to stay in Spain without working. However, the applicant should know that there are several restrictions:
- the source of income may not be a salary or interest received from a mutual fund.
- the wealth visa does not allow the holder to become employed in Spain during the first year.
- the account provided when showing the value of the income must be in the applicant’s name; the account does not need to be opened with a Spanish bank for the visa to be granted.
- citizens of the European Union, Iceland, Liechtenstein, Norway or Switzerland are not eligible for this type of visa.
Foreign nationals who wish to apply for this visa can do so at the Spanish Embassy or Consular Office in their country (in the area of residence). The visa is to be applied for and collected in person and, in some cases, it can be collected by an authorized person, provided that a power of attorney was concluded for this purpose.
The visa application fee is non-refundable in the event in which the application is rejected. The entire process can last approximately one month from the moment the application is submitted with the Spanish Embassy. It is important to submit the application no more than 90 days in advance to the planned travel date. If approved, the visa is to be collected within one month.
We recommend getting in touch with our immigration lawyers in Spain for complete assistance during the document collection phase and for property filling in the visa application. Our lawyers can help you prepare all of the documents just as the Embassy intends so that the visa application will be approved and you will be able to travel to Spain within the intended period.
Once you are in the country, our Spain immigration experts can help you with any subsequent post-arrival steps, such as collecting the Foreign National Identity Card, as per the regulations set forth by the Ministry of the Interior.
What other types of visas can be used for Spain immigration?
Many foreign nationals are interested in emigrating to Spain because of the country’s favorable living conditions, the climate, its position in Europe and, for some, the business opportunities. The Spanish Statistics Institute released the following number for the foreign population residing in the country in 2018:
- individuals from Morocco: 682,515;
- immigrants from Romania: 675,086;
- foreign nationals from the United Kingdom: 285,698;
- individuals from Italy: 221,781.
Our team of immigration lawyers in Spain can help foreign nationals move to the country under a non-lucrative or wealth visa. Contact us for more information on how to start your application.