Hello everyone, I’ve noticed a lot of discussion on the forum lately about buying property and residency in Spain. It seems many people are a bit confused about the proof of income requirements, especially when it comes to mixing up the rules for the Non-Lucrative Residence and what’s commonly known as residency by investment, the Golden Visa. Based on what I know, I’ll break it down for you today, hoping to help those in the planning stages.
First, let’s clarify a key difference: The core principle of the Non-Lucrative Residence is to prove that you “have enough money to live comfortably in Spain without needing to work.” Therefore, the proof of income for buying property in Spain has strict requirements for consistent passive income. In contrast, the Golden Visa’s core is the €500,000 investment, which already demonstrates your financial standing. As a result, proving subsequent living expenses with documents like the Nota Simple is relatively more flexible; the focus is more on your overall assets rather than a fixed monthly ‘salary.’
Income Requirements for the Non-Lucrative Residence
This requirement is linked to Spain’s IPREM (Public Multiple Effects Income Indicator), which changes annually. Typically, the main applicant must prove an annual income of at least 400% of the IPREM. For each additional dependent, an extra 100% of the IPREM is required. For example, based on the 2023 IPREM of €600 per month, a single applicant would need to show a passive income of €28,800 per year. This income must be non-lucrative, such as rental income, pensions, or investment dividends, and you must provide documents like bank statements and relevant contracts to prove its stability and continuity.
Income Requirements for the Golden Visa
The Golden Visa does not have this strict IPREM standard. After completing the €500,000 property investment, you simply need to prove you have sufficient funds to support yourself and your family in Spain. Although there’s no explicit formula, immigration authorities will assess your overall financial situation, including bank deposits and other assets. Generally, having enough savings in your bank account to cover living expenses for one or two years is usually sufficient. The key is to prove the legal origin of your funds; suddenly depositing a large, unexplained sum of money right before applying is a major red flag and will not be accepted.
To make it easier to understand, I’ve created a simple comparison table:
| Residency Type | Primary Financial Proof | Key Requirement |
|---|
| Non-Lucrative Residence | Consistent, non-work-related passive income | Income must be stable and meet the IPREM standard |
| Golden Visa | €500,000 investment + additional living funds | Proof of sufficient funds to live in Spain; flexible standard |
The two paths have completely different focuses for financial proof. Before preparing your documents, make sure you know exactly which type of residency you are applying for and don’t mix up the requirements. The above is my personal summary and understanding. Please feel free to add your thoughts and join the discussion! I wish you all the best with your new life in Spain!
