With Spain Golden Visa program officially ending in April 2025, Brits and Americans are increasingly turning to the Non Lucrative Visa (NLV) as a viable alternative.
- The NLV allows non-EU nationals to reside in Spain without working, provided they meet financial and legal requirements.
- Recent immigration regulation changes introduce a mandatory 183-day minimum stay requirement and maintain the renewal period at two years.
- Americans have been among the top investors in the Golden Visa program, and many are now considering the NLV to continue their residency plans in Spain.
Spain’s Golden Visa program, which allowed non-EU nationals to obtain residency by investing in real estate or financial assets, will come to an end on April 3, 2025. With this change, Brits and Americans—two of the most active investor groups—are now shifting their focus to the Spanish Non-Lucrative Visa (NLV) as a potential alternative.
Why Are Brits and Americans Considering the Non-Lucrative Visa?
The Golden Visa was popular among high-net-worth individuals, particularly Americans, who led the program in total investment, contributing over €1.57 billion. With the program’s termination, the NLV offers an accessible route for those looking to enjoy life in Spain without making a substantial investment. Unlike the Golden Visa, the NLV does not require property purchases but mandates sufficient financial means to sustain oneself without engaging in employment.
Key Changes in Spain’s Immigration Regulations
The updated immigration regulations, set to take effect on May 20, 2025, introduce significant changes to the NLV:
- 183-Day Residency Rule: NLV holders must reside in Spain for at least 183 days per year, effectively making them tax residents and requiring them to declare their global income.
- Renewal Period Maintained at Two Years: Despite initial proposals to extend the renewal period to four years, the final regulation retains the existing two-year renewal structure, easing the financial proof burden.
- Financial Proof Requirements: Applicants must demonstrate sufficient economic means to cover the two-year renewal period, ensuring financial stability without employment. The threshold is set at around 30.000€ per year for the main applicant (400% of the IPREM Index).
Eligibility Requirements for the Non-Lucrative Visa
To qualify for the NLV, applicants must meet the following conditions:
- Be a non-EU national.
- Provide proof of sufficient financial resources, currently set at approximately €28,800 per year for a single applicant, plus €7,200 for each additional family member.
- Hold private health insurance covering their stay in Spain.
- Have a clean criminal record in Spain and their home country.
- Not suffer from any medical conditions that could pose a public health risk.
- Other documentation.
Impact on the Real Estate Market and Investment Trends
With the Golden Visa’s termination, experts predict a slowdown in high-value real estate transactions previously driven by investment incentives. However, Spain’s real estate market remains attractive for those relocating under the NLV, as there is no property investment requirement.
American investors, in particular, may continue to show interest in Spain, but with a focus on long-term stays under the NLV rather than speculative investments.
The Application Process for the NLV
Applying for the Non-Lucrative Visa requires thorough documentation, including financial statements, health insurance coverage, and background checks. Many applicants are seeking legal guidance to navigate the complexities of the application and ensure compliance with Spanish regulations.
What’s Next for Potential Applicants?
As the deadline for the Golden Visa approaches, those considering a move to Spain should act quickly to explore their options. The NLV remains an attractive choice for retirees, remote workers with passive income, and those looking for a relaxed lifestyle in Spain.
