I’ve been a lurker for a while and seeing all the lively discussions, I thought I’d share my recently completed NLV + property purchase process to offer some insights for those who are considering it or are in the middle of it. The whole process isn’t complicated, but there are many details, and I ran into a few small pitfalls that I hope you can avoid.
Key Question: Apply for the Visa First or Buy a House First?
A lot of people struggle with this. My advice is: you can do both simultaneously, but it’s best to have a specific property in mind or have signed a reservation agreement before submitting your visa application. Although the Non-Lucrative Visa doesn’t strictly require you to buy property—a stable long-term rental contract also works—owning your own home definitely demonstrates a strong connection to Spain and your intention to reside long-term, which can significantly boost your application’s success rate. The idea that buying a house automatically grants you residency is a misconception. The core of the NLV lies in proving you have sufficient ‘passive income’ or savings.
How to Calculate the Proof of Funds
This is the most critical part of the entire NLV and property purchase application. The Non-Lucrative Visa requires you to have enough funds to cover your living expenses in Spain without working. The standard is calculated based on the IPREM. Simply put, the main applicant needs to prove they have 400% of the annual IPREM, and for each additional dependent, an extra 100% is required. It’s important to note that this proof of living funds is completely separate from the money you use to buy the property! Don’t mix them up. I’ve made a simple table to help you understand:
| Family Members | Annual IPREM Requirement | Proof of Funds |
|---|
| Main applicant | 600 * 12 * 400% | €28,800 |
| 1 main + 1 dependent | 600 * 12 * | €36,000 |
| 1 main + 2 dependents | 600 * 12 * | €43,200 |
Some Personal Thoughts on Choosing a Property
My family ended up choosing a small coastal town near Valencia, mainly considering the climate, cost of living, and community environment. While Madrid and Barcelona are bustling, the property prices and stress of living are high, which didn’t align with our goal of a more ‘laid-back’ lifestyle. When viewing properties, whether new or secondhand, it’s crucial to hire a reliable lawyer to review all documents, especially the property’s Nota Simple, to confirm there are no debts or ownership issues. For resale properties, be sure to ask about details like utility bills and community fees in advance.
Although the whole process was a bit tedious, by following the guidance of our lawyer and agent step by step, it went quite smoothly. The key is to prepare sufficient proof of funds and conduct thorough due diligence on the property. I hope my experience is helpful. Has anyone encountered anything unusual during their application or property search? Feel free to share and discuss!
