As the deadline approaches for the end of Spain’s Golden Visa Program, Brits are exploring alternative residency options, particularly the Spanish non-lucrative visa.
This visa allows non-EU citizens to reside in Spain for an initial one-year period, extendable to four additional years, provided applicants meet all necessary requirements.
What is the Non-Lucrative Visa?
The non-lucrative visa is designed for people who wish to reside in Spain without engaging in any form of employment or professional activity. One key benefit is that it also enables applicants to bring their families along, provided they meet the financial and other requirements.
Eligibility Criteria:
End of the Golden Visa Program
Spain’s Golden Visa Program, a popular route for wealthy individuals to acquire residency in exchange for significant financial investments, will officially end in April of this year.
While the program has contributed to Spain’s economy, it has faced criticism for its association with irregularities, including money laundering, corruption, and tax evasion. The European Commission has repeatedly urged member states to discontinue such schemes.
The Golden Visa allowed residency in Spain primarily through investments such as purchasing property worth at least €500,000. However, concerns over its impact on the housing market, particularly in exacerbating affordability issues, have driven the Spanish government to terminate the program.
A Growing Shift Toward Non-Lucrative Visas
With the Golden Visa Program set to end, the non-lucrative visa is emerging as a viable alternative for Brits who wish to relocate to Spain post-Brexit.
While it does not offer the employment or investment advantages of the Golden Visa, it provides an accessible pathway for retirees, remote workers, or those seeking a new lifestyle in Spain.
As the April 2025 deadline approaches, anyone considering residency in Spain is encouraged to explore their options and ensure they meet the requirements for their chosen visa pathway.
