HEALTHPLAN MAGAZINE

When the Brexit transition ended on January 1, 2021, so did the ease with which British nationals could get permanent residency in Spain.

Sadly, since the UK left the EU, Brits looking to stay can only do so for a maximum of 90 days in any 180-day period. For most holidaymakers this is perfectly fine, however, the restrictions are a real sticking point for those who own second homes in Spain and want to spend long periods here.

However, it's not all doom and gloom. If you still have the dream of becoming a permanent resident in Spain from 2024 and beyond you can still do so, although you will need to be eligible for one of the Spanish residency visas.

One strict requirement for many of the visa options is the ability for you to demonstrate that you have sufficient financial income to sustain yourself and any family members so that you do not become an economic burden to the Spanish state.

Below we detail the current minimum income requirements for residency in Spain for 2024.

The following income requirements are primarily for those who wish to apply for a non-lucrative Spanish visa.

There are also other avenues you can take to gain Spanish residency such as the Golden/Investor visa, although you will need to invest an adequate sum into the Spanish economy by investing in real estate or other investments if you choose to take this route. Other options include the Digital Nomad Visa and Self-Employed Visa.

Recent reports suggest that Brits who have more than 500,000 Euros to spend on a property in Spain are taking this route to secure permanent residency.

Let’s take a look at how much you need to earn for residency in Spain.

Non-Lucrative Visa - Minimum Income for Spanish Residency 2024

Before we cover the income requirements for the non-lucrative visa, it’s important to understand what the non-lucrative visa is and who it is for.

The non-lucrative visa which is ‘visado de residencia no lucrativa’ in Spanish, is a temporary residency visa that allows non-EU residents to stay in Spain and the Schengen area for longer than 90 days.

You cannot work in Spain with a non-lucrative visa, at least not initially, although you may carry out work for individuals and businesses outside of Spain. After the first year, you can renew the visa for a further two years and then two years after that until you get to five years.

After the first year, if you wish to work in Spain, you have the option to exchange your visa to one that will permit you to work.

After five years, you may apply for permanent residency which means you are then able to work here or promote your business in Spain.

Although the non-lucrative visa is sometimes referred to as a retirement visa, it is actually more relevant to third-country nationals who can prove they have the financial clout to remain here.

As the UK is now considered to be a third country, in most cases it is the easiest and fastest route of gaining Spanish residency for those who can prove they have the relevant income levels.

To demonstrate that you have sufficient economic means, you will need to show proof of original documents including bank statements, business accounts, pension statements and/or other assets and investments that you hold.

As of 2024, the following are the minimum income requirements for the non-lucrative visa in Spain.

Main Applicant - The main visa applicant will need to prove an income of 400% of the Spanish IPREM (Indicador Público de Renta de Efectos Múltiples), which in 2024 equates to €600.00. This means you will need to have an income of at least €2,400 per month or its legal equivalent in foreign currency.

Family Members - For each family member, you will need to have a further monthly income of 100% of the IPREM which would be €600.00 month. For the support of each of the family members in charge, monthly, 100% of the IPREM, which in 2024 amounts to €600 or its legal equivalent in foreign currency.

Sample Minimum Incomes

So if you planned on moving to Spain with yourself, a partner, and two children, you would be looking at the following minimum income levels.

Main Applicant - €28,800/£25,039.18 (Yearly)
Partner - €7,200/£6,261.05 (Yearly)
Child 1 - €7,200/£6,261.05 (Yearly)
Child 2 - €7,200/£6,261.05 (Yearly)

This means that a UK couple wishing to get residency in Spain would need a total monthly income of £2,608.35 and a yearly income of £31,300.23

A UK family of three would need a monthly income of £3,130.10 and a yearly income of £37,561.28

A UK family of four would need a monthly income of £3,651.86 and a yearly income of £43,822.33

** Rates correct as of 29/12/2023 - €1 = £0.87

Learn more about the non-lucrative visa for Spanish residency.