Advantages of having a Non-Lucrative Residence Visa in Spain

The non-lucrative resident visa is one of several Spanish visas available to non-EU citizens with sufficient financial resources who wish to stay in the country without working. That also applies to the individual's relatives, since you may take your family with you. 

So if you are planning to move to Spain and not work for at least a year or plan to settle there after your retirement, this is an exciting prospect.

Just read on to know more; alternatively, you can also check out articles like https://wherecani.live/blog/view/non-lucrative-visa-spain/ to have a general idea of the non-lucrative Visa in Spain.

Non-EU / EEA citizens can apply for long-term residency in Spain through the NLV. It is a passive revenue visa ( i.e., portraying financial independence) as you must verify that you have sufficient income to support yourself on your stay. The permit allows you and your family to reside and study in Spain. The NLV will enable you to stay in Spain for one year after coming into the country, and it will be renewable every two years until you get permanent resident status (after five years in the country).

It is an excellent choice for anybody considering relocating to Spain after retirement. It is a pathway to obtaining a Permanent Residency (PR) in Spain, followed by Spanish citizenship and an EU passport.

The Spanish non-lucrative Visa is appropriate for folks who want to spend their retirement life in Spain. It's also perfect for foreigners who have enough money to sustain themselves in the country without working. Subsequently, people who choose to spend their first year in Spain without working (to explore and discover the country) but intend to continue with their professional activity after one year will find this Visa very helpful.

As a result, the non-lucrative Visa is perfect since it allows you to change to a work permit after your first year. There are a good amount of benefits to having an NLV.

You will be able to quickly get residency for your entire family if you file a joint application. Unlike other processes, such as family reunification, which requires you to have been in the country for one year, this is not necessary with the non-lucrative. You will be able to receive their NLV simultaneously.

Just show them that your financial resources can support them as well.

The non-lucrative resident visa differs from other visas, such as the investor's Visa, which requires you to invest in the real estate property market to get residency. You do not need to invest in the country to obtain an NLV; only prove that you have enough money to cover your expenses.

You can invest! 

Many NLV applicants are unsure if investing in a non-lucrative residency is permissible.

You know very well that this Visa does not allow you to engage in professional activity; nevertheless, it does let you invest. Yes, you read it right! You can make any investment (for example, in company stock) to generate additional revenue.

The deadline for the temporary residency of the NLV is one year. The first and second renewals are after two years. You will be able to obtain a long-term residence permit in Spain when applying for the third one, allowing you to stay in the country for five years without renewing it. After a while, you will also be eligible for Spanish citizenship, as each year you spend in the country with this permission contributes to the amount required for citizenship.

If you are a citizen of Latin America or the Philippines, the non-profit Visa will allow you to achieve citizenship in as little as two years.

Websites and blogs like https://wherecani.live/blog/view/non-lucrative-visa-spain/ can highly enlighten you in the NLV process. It's just easy, with no complications!