News: Differences Between the Retirement Visa and the Non-Lucrative Visa in Spain

The Retirement Visa and the Non-Lucrative Visa in Spain are often considered the same, as they share many similarities in terms of requirements and benefits. However, there are some distinctions worth noting:

Similarities

1. Purpose:
   • Both visas are intended for individuals who wish to reside in Spain without engaging in any employment or professional activities.
2. Financial Requirements:
   • Both require proof of sufficient financial means to support oneself and any dependents. For 2024, this is €28,800 for the main applicant and an additional €7,200 per dependent annually.
3. Health Insurance:
   • Both visas require comprehensive health insurance that covers all medical expenses in Spain.
4. No Employment:
   • Both visas prohibit the visa holder from working in Spain.
5. Duration and Renewal:
   • Both visas are initially granted for one year, with the option to renew for two additional years at a time. After five years, visa holders can apply for permanent residency.
6. Clean Criminal Record:
   • Both require applicants to provide proof of no criminal record.

Differences

1. Target Audience:
   • Retirement Visa: Specifically tailored for retirees who have pension income or savings to support their retirement in Spain.
   • Non-Lucrative Visa: More broadly targeted at any non-EU nationals who have sufficient financial means to live in Spain without working, not necessarily retirees.
2. Financial Proof Sources:
   • Retirement Visa: Emphasis on pension income, retirement savings, and other income sources typical for retirees.
   • Non-Lucrative Visa: Can include a broader range of financial sources such as investments, rental income, business ownership, or any other reliable income stream.
3. Application Perception:
   • Retirement Visa: Applicants might be perceived more favorably if they can show stable retirement income, reflecting a more predictable financial situation.
   • Non-Lucrative Visa: The focus is on proving sufficient financial means from various sources, which might include a mix of savings and ongoing income streams.
4. Documentation Specificity:
   • Retirement Visa: May require more specific documentation related to retirement income, such as pension statements or retirement account summaries.
   • Non-Lucrative Visa: Requires general proof of financial means, which can include a wider variety of documents like bank statements, proof of investments, and other income proofs.

Conclusion

While the Retirement Visa and the Non-Lucrative Visa in Spain are very similar, the main differences lie in their target audience and the sources of financial proof. The Retirement Visa is specifically for retirees with pension income and savings, while the Non-Lucrative Visa is for any non-EU national with sufficient financial means to live in Spain without working. Both visas offer a pathway to long-term residence and eventually permanent residency in Spain.