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On Tuesday November 19th, the Spanish government approved a new Immigration Reform to improve the integration of migrants in three ways – through work, training and family.
Besides changes such as being able to move more easily from a study visa to a residence and work permit, it also stated that “All initial authorisations will be for one year with four-year renewals”.
The announcement was a big concern for non-lucrative visa holders in Spain, as currently when they renew their visa these renewals last two years and they have to prove they have the financial means for those upcoming two years.
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The concern among many people on NLV Facebook groups was that the change would double the amount of money they had to prove they had available in their bank accounts and through passive income.
Spain’s non-lucrative visa is a residency authorisation for non-EU nationals which doesn’t allow them to work in Spain or for companies abroad, and for which they must show financial proof for from savings and passive income.
For 2024, you have to prove you have 400 percent of the IPREM which is €2,400 per month for one person or €28,800 for the year.
When you want to renew the visa, you currently need to renew it for a further two years, not just one. Unlike during the initial application, where you must demonstrate passive income for one year (400 percent of the IPREM), when renewing you’ll need prove you have 800 times the IPREM to last you for two years.
This works out at €57,600 for the two years, not including the extra 200 percent (100 percent per year) of the IPREM for each dependent family member.
These are large sums of money, so logically NLV applicants and holders have been worried that if the renewal period changed from two years to four years, they would have to show that they have 1,600 percent of the IPREM all at once.
For just one person renewing their NLV for four years, this would theoretically have involved proving €115,200 in available funds.
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Fortunately, the confusion and worries have lasted just one day, as the publication of the new regulations in Spain’s Official State Bulletin (BOE) on November 20th clarify the rules for non-lucrative visa renewals for the remainder of 2024 and one would presume at least 2025.
Under Article 64 of this very long legal document, the BOE states “The renewed temporary residence permit will be valid for two years, unless it is necessary to obtain a long-term residence permit or a long-term EU residence permit.”
This clarifies that there will continue to be two two-year NLV renewals after the initial one-year authorisation, and that there will not be a one authorisation 4-year authorisation renewal with proof of financial means for four years, as feared.
After five years, NLV holders who meet the criteria (including legal and continuous residence in Spain) are eligible for long-term residence and gain more rights regarding life and work in Spain.
READ ALSO: The differences between Spain’s permanent and long-term residency cards