Spain’s sun-soaked islands and culturally rich metropolises have made the Southern European nation a magnet for global travelers. But if you’d like to declare a more permanent allegiance to team España, then consider applying for its Non-Lucrative Visa.
The Non-Lucrative Visa, also known as the “non-working visa,” is a popular route for retirees looking to settle in Spain. Its requirements are relatively achievable: You don’t need to purchase property or build out a robust local investment portfolio. Instead, the visa requires health insurance and an annual passive income equivalent to 400% of the country’s Public Income Indicator for Multiple Effects, which currently equals 28,800 euros (about $32,860) per year, according to the Spanish Consulate in Washington, DC. Recipients can also bring along their spouse, children, and dependents, though it will cost an additional €7,200 (about $8,190) per person.
After the first year, you can renew the Non-Lucrative Visa for an additional four years (you can renew it twice, for two years each). Then, after five years of living in the country, you’ll be allowed to apply for permanent residency, according to Spain’s Directorate-General of Public Governance.
It’s an ideal setup for retirees living off Social Security and residual savings—but not for folks who are working, even if remote (that’s what Spain’s Telework Visa is for). While Spain makes for a great home base, this visa also opens up the option to explore all of Europe: Because Spain is part of the EU, visa holders can travel freely throughout the 27 Schengen Area countries. These perks, plus the comparatively low financial requirements, make it one of the best retirement visas in the world.
Applications must be submitted in person, by appointment, at your local BLS International Spain Visa Application Center, which has offices in major US cities such as Washington, DC, Chicago, and Los Angeles. In addition to a completed application form, you’ll need to bring documents such as proof of health insurance and passive income, a doctor-signed medical certificate, and $153 for the visa and residency permit fees.
Expect to wait up to three months for a decision on your application. If approved, it could take another three months to be processed. When your visa is finally ready, you’ll be able to pick it up at the BLS office.
Now is a great time to apply for the Non-Lucrative Visa. Spain recently ended its “golden” investor visa amid concerns that it had exacerbated local housing costs. However, the Telework Visa program is still going strong, ideal for remote workers who earn at least $3,300 a month and are looking to relocate for up to 5 years.
If you prefer to spend your golden years in Southeast Asia, Thailand’s 10-year Non-Immigrant “O-X” visa is available for retirees who have 1.8 million Baht (about $53,190) in the bank, plus an annual income of 1.2 million Baht (about $35,470). Or hop over to Portugal via the D7 visa, a similar “Passive Income Visa” that requires €11,040 (about $12,660) in savings and 920 euros (about $1,055) in monthly passive income.