Last Updated on April 18, 2026 by Bruno Bianchi
Question
Spain Non Lucrative Visa proof of funds question: I have a pension fund in a private pension, do I have to cash it in in order to give proof of savings and are cash ISAs proof of savings or do I have to cash those in?
Answers
These are the answers of Spainguru’s Facebook group members:
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Start the Moving to Spain Hub →“Several people have confirmed this who have already been accepted for Spain Non Lucrative Visa and now living in Spain as long as you can provide a letter from the pension provider that the funds are accessible if needed this will suffice you do not need to be taking it.”
“Your pension fund is good evidence of funds. You don’t need to cash it in but you will need to prove how much you withdraw each month.”
“Your money needs to be readily available if you are asking re a visa. You should also take financial advice as I am not an expert but know once you become a tax resident the 25% tax-free allowance you get in the UK on your pension is taxed in Spain and ISA’s aren’t tax-efficient in Spain either.”
Make sure to consult with a tax expert, familiar with US and Spain filings.
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For those applying for a Spain Non lucrative Visa, using a pension fund as proof of savings does not require cashing it in. It is sufficient to demonstrate that the funds are accessible, for example, through a letter from the pension provider.
However, applicants should be aware of the tax implications once they become tax residents in Spain, as the conditions under which pensions and ISAs are taxed may change. Proper financial advice should be considered to manage these aspects effectively.
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