What You Need to Know About Obtaining a Wealth Visa in Spain?
The Wealth Visa, also known as the Non-Lucrative Visa, is a crucial entry point for foreign nationals who want to live in Spain for an extended period of time, especially if they don’t have a steady source of income. Of the wide range of people that migrate to Spain, there are those who do so for strong personal reasons, meaning they don’t have to prove they are engaged in a source of income. Nevertheless, the Spanish Wealth Visa is only available to those who can demonstrate that they will be able to sustain themselves throughout their visit. This means having enough cash on hand and a solid financial base to guarantee a safe and secure residency in the nation.
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Managing the complexities of this visa category necessitates attending to several legal criteria, which is why hiring Spanish immigration attorneys is essential. These particular requirements are unique and very important. An application may be rejected if any required documentation is not submitted throughout the application procedure. Your capacity to provide strong proof of your financial situation is equally important.
The legal advice provided by our team of experts is extremely important and should not be taken lightly. We at MySpainVisa.com are aware of the particular difficulties involved in obtaining a Wealth Visa in Spain. Our knowledgeable legal experts are prepared to handle the complexities of this procedure and make sure you meet all the requirements. With our resolute assistance, you may start your smooth path to acquiring the Wealth Visa and take pleasure in a prolonged, safe, and prosperous stay in the dynamic country of Spain.
Who Can Apply for a Wealth Visa in Spain? What Are the Requirements?
Anyone who can afford to reside in Spain without working is eligible for the visa. Their savings may be in the form of cash or fixed-income investments that ensure no losses will occur while they are visiting. Before you begin the visa application process, make sure you meet the following prerequisites. Some more may be found in this page; you must bring them all with you when you apply for the visa.
Evidence of a steady source of income is a need for obtaining a wealth visa in Spain. It demonstrates that you have enough money to get by in Spain without having to work. Bring out all the paperwork that demonstrates the set amount you are given by all of your available sources.
Proof of your bank account balance: Your home country’s savings are displayed in your account balance. You will have to provide evidence that your bank account has a high average balance for the year prior to the application date.
Pay the monthly visa costs on time: the monthly visa price is around 2200 euros. These costs are mandatory and must be paid each month. There is a 500 euro monthly cost if you need to add any family members to use the visa.
It is imperative that you pay close attention to filling out the application form you will get from the Spanish embassy or consulate after taking into account these crucial documents and checks. When an application arrives in Spain, it is denied if it is inaccurate or incomplete. Should your application be rejected, you will have to reapply at a later date.
You should think about your wealth visa among other things. Spain
Kindly apply for the form and pick it up in person from the offices. By reviewing the papers at the offices and inquiring whether there are any more you need to obtain, you can be sure you have all you need. You may get all the assistance you want from the cops.
The application form must be returned to the offices no later than ninety-days before the scheduled departure date. It will enable the timely completion of all procedures so that you may travel comfortably.
Also, be aware that there is no reimbursement for the processing cost for a Spain visa. Even if the visa is revoked or rejected, the money you have already paid is not refundable.
You have one month from the time you receive the approval notification to pick up the visa. The visa expires after the picking date and there is no chance to extend it.
You must present the following documents for your wealth visa on the day of application.
The visa application form: it is expected that you have completed it completely and signed it where appropriate.
One clear passport photo: A professionally shot passport photo is required. The face should be visible in the picture against a white backdrop. Self-made and printed images are not accepted in this application.
The passport you use, if you have one, should not be more than 10 years old. Include two blank papers for a new visa with your application when you submit it for the specific visa you’re requesting.
Identity card: the card serves as proof of your residential address. Any card that is used to verify your identity in your own country is acceptable. These consist of a valid student ID, a state ID card, a voter registration card, and a U.S. driver’s license.
Medical certificate: the document must be provided no later than ninety days prior to the application date. A doctor’s original stamp or signature, together with letterhead and an extensive medical report, are required. Only M.D.s or D.O.s are acknowledged as doctors. The paper has to be apostilled.
Sworn Translator: All documents must be translated into Spanish. An official interpreter is available through the embassy.
Proof of funds: The original documents, including the official seal and stamp of your financial institution or agency, should be the ones you provide as evidence. It should demonstrate adequate financial resources to meet your needs for the duration of your stay in Spain. The official website of the Spanish embassy allows you to verify the minimum savings needed to create an account.
a copy of your most recent tax records. To be eligible for Spain’s wealth visa, you must not be currently owed any money on loans or mortgages.
You must provide proof of your current health insurance from a private or public firm in order to obtain private medical insurance, or S1. The insurance company needs to be active in Spain.
When traveling with your family, there are other documents you could require, such a marriage certificate. When it comes to dependent children under the age of eighteen, you may also present your birth certificate. These files are all offered in both original and copied versions.
Once in Spain, you may obtain assistance with any post-arrival matters from Spain immigration professionals. Getting a foreign national identity card that satisfies the nation’s ministry of interior regulations is one of them.
The Spain Permits for Wealth Visas
You can now go to Spain if your application for a visa was approved and you meet the conditions. The initial residency permit is valid for a full year. Because your visa is still valid, you do not need to follow up during your first year of residency in the nation. You may easily complete the year with the visa, and then the follow-up process starts if you choose to stay in Spain longer.
The visa is renewable twice. As a result, you have the option to renew it for one or two years. The Spain wealth visa is valid for five years as long as it is continuously renewed. You may use the documentation of your visa to apply for a long-term residency after the first five years. As previously stated, you are not permitted to work for pay throughout the duration of your visa in Spain. All remote work falls under this category.
Nevertheless, you can change your visa to an employment residence or self-employment residency after a year of residence in Spain, which will enable you to work for pay. The application can be submitted at the conclusion of your first year. In order to be able to work while in the nation, you will need to apply for both the new visa and an extension.
You need to have around €30,000 in your bank account or in the income component of your pension and guaranteed investments in order to be eligible for the new visa. If you have a dependant kid or spouse who lives in a country other than the EU, the investments should yield €532 per month in addition to €2,130.
Your salary or rental income is not applicable to the application for a new visa. Since you live in Spain, you will also need to get the necessary documentation from the consulates. The documentation attesting to your one-year stay in Spain must be in the form of a contract. You only need to provide proof that you have a place to stay in order to meet the requirements.
