Money help! How much savings or passive income do you need to get the Spanish Non Lucrative Visa?
Is there a simple formula?
Skatz and his expert guest, residency specialist Chris from Upsticks.es, discuss IPREM, passive income, how the embassies interpret your financial requirements, and how you can work out how much money you will have for your visa renewals in years 2&3 and 4&5 if you have a mixture of savings and passive income.
Plus they answer viewers questions live and give out prizes for the best questions and comments. You can still ask questions in the comments if you’re watching the video playback after the livestream, and find the answers you need from the TIMEcodes below:
TIMECODES (will be added soon after the live show has ended):
00:00 Intro
02:00 Guest intro and Skatz’ COVID alert!
07:25 Embassy Strike, Ferry delays and Transport strike updates
13:45 Money, IPREM, NLV, what’s the formula?
17:20 Dependants – viewer question
19:53 Passive income only NLV
28:38 Currency exchange
29:17 More about Passive Income
30:25 Savings only NLV
34:30 Savings and passive income combined and the year 2/3 renewal
39:50 Viewer Questions
41:25 Can you use a parental loan as proof of savings? Also sporadic income and rental income.
44:26 Proof of finances and putting it simply
46:20 Income requirements for couple where one is EU citizen
49:02 Do you now not need double income in Years 2&3?
49:50 Does owning a property in Spain count?
50:34 Different interpretations by immigration of UK financial products
53:20 How do you prove you’re not working anymore?
54:20 Premium Bonds!
54:50 Exceptional circumstances and strange requests from immigration
57:00 Is a Vegas wedding marriage certificate legal?
57:40 Another strange request by immigration
58:32 More about Premium Bonds
59:05 Partners with an Irish passport
59:50 Is Elvis alive?
1:00:10 Shoutouts and prizes and stories about postage difficulties!
1:06:30 Summary of money and NLV
1:07:30 Switching to a different visa after the NLV
1:08:48 Outro and what’s on next week
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Long time listener, first time caller… If you were in a healthy enough financial position to cease work, meet all the criteria for the NLV and apply for residency, renew for two years after the initial year, and then renew again for the further two years, and apply for full residency at five years, what would the situation be if you were to take paid employment again after that, either through financial necessity (investments can go down as well as up), or if for example, you were a specialist in a certain field and required to do consultancy work? What would happen if that situation were to occur during the intervening five year period? Apologies for the dreadful punctuation! Thanks in advance.
My wife and I have reached the NLV savings requirement. However, our income source is from a website that earns around $3.5K/month thru ads. We're not actively managing the website anymore since it is not a blog but more of a utility website. Can it be considered a valid source of passive income? Thanks in advance.
I know there is a process for bringing pets to Spain. But what about service dogs? I can’t seem to find any information on what is required to bring a service animal and getting them registered in Spain (I am asking from US for reference). Could you and your friend do a video about what is needed for service animals?
I think private health insurance is more of a problem than proof of savings or income.
Maybe you can have your tax guy talk more about the wealth tax. I own rental properties and I might sell 2 of them before I move to Spain to make my life easier. If I do that I'd have about $1M in the stock market and I'd still have about $1.5M worth of real estate in the US. I've been researching how the wealth tax works and it seems a bit confusing. Also, the rentals make more than $35K a year but my taxes show a loss. If I need a NLV will they add back in things like depreciation etc? Maybe its to complicated for a quick answer but probably other people who have rental properties don't show much income from them on their tax returns.
I think David Wright did not get Chris’ explanation that on renewal you just need to prove that the income will continue for the renewal period of 24 months NOT that it doubles in amount per month.
Presumably the income/savings requirement is designed to cover your living expenses for initially 12 months and then 24 months on renewal, does the total include the premiums for the required health care coverage. E.g. if I demonstrate passive income of 30,000 euros but my health care premiums are 3,600 euros per year, does the net amount qualify under the requirement?
guess saving is good enough, like 30k euro per person ?