smallpiff

Hi there

Question on parameters to receive a non lucrative visa from those who may have tested this previously.

Latest 2023 financial requirements are EUR 36,000 per year for a couple. That is around £2500 per month. Assuming half of that as an income stream and a lump sum balance in account, would that be sufficient to receive said visa on an annual basis?

Also Are rental / mortgage costs and medical assurance considered on top of this, or is the overall cash availability the main issue?

kind regards

Barriej

A friend of ours has just had his interview with the consulate in London for the NLV.
They accepted £30,000 in savings and a pension income of £1,000 a month. This was for a couple.
He has a UK civil servants pension and an S1.

However your bit of string may be a different length.

Rental and mortgage would be on top as these are outgoings that affect the overall position.
They already own the property they will be moving too but he did ask the question.

smallpiff

Thanks for the insight. I presume that the visa is renewable regularly and if the lump sum is still there then all is well.
I would be early-retired with a money purchase pension accrued - but not yet taken, Also a passive income of £1250 and lump sum exceeding that mentioned.
However, no property owned, as yet. Awaiting that market crash that never quite comes.
Seems they will otherwise accept a trade-off between income and capital, just like every other aspect of investment.

Barriej

The NLV has to be renewed at the end of the first year of Residence and must be at double the rate proved the first time (although) and my friend asked about this.
He was told as long as you can prove a continuous income (pension letter dated and saying you will be getting X amount) and the same level of savings you had before then its acceptable.
Now this is what the consulate said. What the person who goes through your paperwork at renewal wants will all depend on their mood on the day.
The NLV then has to be renewed again at the end of year three for two more years then the TIE gets changed for a permanent one (like my WA one will)

spainrico

Free guide here

https://www.pellicerheredia.com/en/open-library/

I have used P&H for years for all of my legal and tax requirements.

missile

LOL, that is so true :-)

smallpiff

Thanks for the replies. I had temporarily lost sight of this thread. Interesting that the renewal is double. I wonder, if going through the primarily lump-sum route and needing to demonstrate say £100K or so of funds, I am hoping that doesnt need to be sitting there in an account, on-call for x years, whilst being eaten by inflation, Hopefully it can be transferred in from other vested sources including share accounts or other liquid funds?

astera

For the visa requirement do the funds have to be in a Spanish account or can they be in your account back home or another EU bank account for instance?

Barriej

Can be anywhere as long as you get a official bit of paper to prove it (they check by the way these days).
My friends use a savings account and got a certificate from the bank its held with (Uk bank).