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With the deadline for the termination of the Golden Visa Program approaching, Brits have started to turn their eyes to the Spanish non-working (non-lucrative) residence visa.
This kind of visa permits non-EU nationals to acquire a one-year residency in Spain, which can be extended for an additional four years, provided applicants meet all the needed conditions, Schengen.News reports.
Among the conditions to benefit from this kind of visa is to have sufficient economic means to stay in the country without being engaged in any work or professional activity. In addition, those benefiting from this kind of visa are also eligible to bring their families with them.
Requirements for Spain’s Non-Lucrative Visa
In order to obtain this kind of visa, applicants are required to meet the required conditions, among them:
• Be a non-EU national
• Present a proof of being financially stable
• Have a clean criminal record
• Have no medical condition that could pose a threat to public health
Spain Will End Its Golden Visa Program in April 2025
Among the most famous options to acquire residency in Spain is through the Golden Visa Program.
The scheme dedicated to wealthy non-EU nationals permits them to acquire residency in exchange for financial investments and meet the needed requirements.
However, in a bid to deal with the housing crisis, the program will officially be terminated in April 2025.
In spite of bringing significant contributions to Spain’s economy, the program was often in the spotlight for its involvement in irregular affairs such as money laundering, corruption and tax evasion.
Furthermore, the European Commission several times has called on the countries that run such schemes to terminate them as soon as possible.
Increased Number of Golden Visa Applications
According to a recent report from Golden Partners, a firm specialising in advising international investors in the real estate market in Spain, the number of applications for the Golden Visa Program of Spain has increased significantly since January 3, 2025.
The most sought-after option of this scheme is the investment option, through which residency can be granted in exchange for purchasing a property worth at least €500,000.
On the same date, the decision of the abolishment of Spain’s Golden Visa Program was published in Spain’s Official State Gazette (BOE).
Source: https://schengen.news/brits-start-considering-non-lucrative-visa-an-alternative-to-spanish-golden-visa-program/
