Question about the Non lucrative Spain visa
Looking to apply for the Non lucrative Spain visa next year. Miami embassy. We have 2 properties that we want to keep and rent. I haven’t found any info about it we have to sales our properties be able to apply or not?
Answers
These are the answers of some Facebook group members:
”The DC embassy never asked us if we owned a property nor if we had a mortgage when applying”
”If you need it to show it for income than you could. What we did is transferred the dollar amount required for the 1 yr visa into a savings account and turned that for proof of funds to support ourselves for one year and also mentioned that we were getting SS & pension but didn’t have to provide the monthly dollar amount”
”No you don’t have to sell them. If you have a mortgage on them, that may be a complication. Some members report that some of the US consulates deny applications where income is earned on a leveraged asset”
”Things may have changed when I went through it, but I didn’t have to show proof of property management, just show rental leases with money coming in, bank statements, a self written affidavit. No attorneys involved”
”No, you don’t. But you will pay Spanish taxes 1st after you become a tax resident. That includes the income from the rental of your American Properties. You should take that into account”
”You need to include a statement in your notarized letter to the consulate that states someone else will be managing the properties. But they can be used as income to qualify for the Non lucrative Spain visa”
In conclusion, according to Spainguru Facebook group members, when applying for the Non lucrative Spain visa at the Miami Consulate, it is not mandatory to sell your properties. Applicants have used rental income from properties as proof of funds, though it’s advisable to show a consistent income source, like bank statements or rental leases. If properties are mortgaged, complications might arise as some consulates may deny applications based on income from leveraged assets. Once approved and you become a tax resident, be aware that you will need to pay Spanish taxes on the rental income from your U.S. properties. It’s recommended to mention in your application that someone else will be managing the properties if you’re not present.
We recommend you reading: “Will Spain tax my US rental properties?” and “Can we apply for the non lucrative Spain visa having a mortgage on a house in the US, or should we sell it before we apply?“
