Spain Non Lucrative Visa: Can Private Pension Count Toward Proof of Funds?


My wife has 40k invested in a private pension but isn’t old enough to draw on it…could this still be used towards a Spain non Lucrative visa?


These are the answers of Spainguru’s Facebook group members:

“My wife and I both have private pension pots. If you are 55 and over, you can withdraw 25% tax-free and the rest can be drawn down but taxable. We used our pots towards proof of funds.

Our financial advisor provided up-to-date statements and a covering letter which we had translated, stating that the funds were available to be drawn down at any time should we so wish. I hope this helps.”

“I’m still in the process of getting funds together and so have not done that much in-depth research because I’m thinking things could change in the 2 years I need to get enough funds. But do you mind me asking how that works then?

Because I thought that the value of the pension pot can go up or down, so its value may decrease significantly if there were a crash. I thought the only way of using the pension to fund it was if you are receiving a regular guaranteed annuity payment?”

Spain Non Lucrative Visa: Can Private Pension Count Toward Proof of Funds?

“We haven’t converted to an annuity and don’t intend to. You are correct the pot value can down as well as up. We are using our pots as a form of savings. However, even though we can draw down funds, our financial advisor has told us not to unless we really need to. We do have other savings and property which we are using.”

“If you have a second property then mortgage-free can this be used also…I understand the rental income (taxable) can but can the Capital also be used tia…”

“As far as I’m aware no, the capital has to be liquid. However, you may want to consider selling before obtaining your Spain Non Lucrative visa due to Capital Gains as Spain is higher than the UK. For the second as we did, you can use the rental income.

You need to show bank statements with the payments going in, and rental management statements. This is because you have to prove the income is managed and you are not working managing the property. (For belt and braces, we also showed a copy of the rental lease agreement)”

“No, sadly, funds need to be accessible.”

“Most private pensions you can take early from the age of 55 check the terms and conditions.”


The use of private pensions as proof of funds for a Spain Non Lucrative Visa depends significantly on the ability to access these funds.

While some applicants successfully use their pensions by demonstrating potential access through financial advisories, others may find challenges if the funds are not readily accessible or if they are below the age for penalty-free withdrawal.

It is critical to ensure that funds meet the accessibility requirements stipulated by the Spanish consulate and to consider financial advice to optimize the use of private pensions for this purpose.

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