Spain Announces Amount Foreigners Must Have to Qualify for Retirement Residency Permit
- Spain's non-lucrative residency visa requires applicants to prove financial means covering at least 400% of the country's IPREM index
- Retirees seeking the permit must hold a State pension or life annuity paid in convertible currency to be eligible
- Applicants are barred from holding any loans or mortgages in the US at the time of their application
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Spain has outlined a strict set of financial requirements that foreign retirees and non-working applicants must meet to qualify for a non-lucrative residency permit.
Foreign applicants must demonstrate that they have sufficient funds to support themselves for the first year of residence without engaging in any paid employment in Spain.
Source: UGC
Retirement conditions for Spain permanent residency
The financial threshold is set at 400% of Spain's IPREM, the country's public income reference index, which amounts to €8,400.00 (approximately N13,195,186), equalling €33,600 (approximately N52,778,880). It also comes with an additional 100% required for each dependent family member included in the application.
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According to details published by the Spanish Consulate, retired applicants face a specific condition that distinguishes them from other applicant categories. To qualify, retirees must be active beneficiaries of either a State pension or a life annuity, and crucially, that income must be paid in a convertible currency. This requirement ensures that pension income can be legitimately transferred and utilised within Spain's financial system.
Beyond pension status, all applicants must submit three months of bank statements along with a copy of their most recent tax return. Any documents submitted as proof of financial means must carry an official stamp or seal to be considered valid.
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The Spanish government has also placed a notable restriction on applicants with financial liabilities in the United States. Anyone holding an active loan or mortgage in the US is ineligible to apply at the time of their application.
Self-employed individuals face an additional requirement: they must provide a notarised affidavit confirming that they will not carry out any professional or business activity while residing in Spain under this permit.
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Source: Legit.ng
