Non Lucrative Visa
The Spanish residency through the financial capability is for those who want to stay in Spain and live in this country without intending to do economic work and do not need a large investment.
The applicant must have good financial support and be able to run their business without employment in Spain. To do so, they must prove that they have a saving in their bank account, which is enough for a year for themselves and their families. Therefore, at least € 26,000 in cash should be in the bank account in his own name, and € 2,200 should have a fixed monthly income without the need to work (plus € 550 for each family member and €7000 saving for each member of family ). Note that this amount cannot be credited to your bank account immediately, which means that the Spanish Immigration Service will check all of your bank printouts over the past 12 months, proving that this amount belongs to you and is fully legal. Therefore, it is necessary to provide reliable documents from official and reputable sources such as legal receipts, bank certificates, leases and more.
Certificate of no criminal record for obtaining a Non Lucrative Visa, as well as a certificate of physical health from your doctor and having health insurance from a Spanish company based in Spain and having a valid address in Spain, which can be a lease in Spain or buying a property (this property should be in a city where you will apply for residency).
If your application is accepted, you will be initially allowed to stay for one year, and if you still meet the requirements, you can apply for a further extension, in which case your stay will be extended for two years and then for another two years. It is renewed and eventually becomes a permanent residence in Spain after five years.
It should be noted that your temporary residence will be extended only if you have been in Spain for at least six months each year.
If you want to be eligible for the Spanish Permanent residency then, during five years you cannot be out of Spain for more than 12 months.
If the applicant has children under the age of 16, it is mandatory for children to attend Spanish schools. Once the applicant has been granted permanent residence in Spain, he has all the rights and entitlements of a Spanish person, which means that there will be no restrictions on the place and time of residence or occupation.