Visa for wealthy persons in Spain.
Among the available options for immigrating to Spain, there is one specific type of visa intended for people who want to live in the country for any period of time (without restrictions), while avoiding economic activity (without a work permit). This option is called Wealth Visa, also known as Non-Lucrative Visa.
It is aimed at applicants who have sufficient capital to support themselves & their family without the need for regular income in Spain for the entire duration of the visa.
The key to obtaining a visa is the proof that the applicant has sufficient funds to live in Spain:
- in the form of passive income - due to the fact that the applicant receives a fixed monthly amount from the trust fund or in the form of a retirement benefit (for example). Salary, as well as bank interest, are not passive income. Requirements for the amount of passive income depend on the composition of the family, the cost of rented housing (if it is not about immigration of citizens who are property owners), other assets of the applicant;
- due to the fact that the applicant is able to demonstrate a sufficiently high average balance in his bank account for at least one year.
Bank account must be open the name of the applicant.
Other documents required for a visa are:
- certificate of no criminal record,
- medical certificate,
- rental agreement with a valid address in Spain & documents confirming the fact of ownership of residential real estate,
- medical insurance.
In essence, Wealth Visa is akin to the Italian Residenza Elettiva, for which you also need to demonstrate passive income. But in the Italian version, it is practically impossible to replace passive income with a high average balance. In Spain, it is much easier to do; immigration authorities are prepared to consider a bank account as an alternative to passive income.
There is an opinion that Wealth Visa is “available” only to persons who are homeowners. This is not entirely true. Naturally, preference is given to third-country nationals who have invested in housing in Spain. But, the rented housing corresponds to Wealth Visa status, so if the average balance convincingly proves that there is no reason to doubt the financial independence of the applicant, then there will be no problems with obtaining a residence permit.