A beautiful phrase no lucrativa is a residence permit in Spain without the right to work, a rentier residence. Do you have passive income or you are a freelancer, you want to change the harsh climate to a mild Mediterranean one or just enjoy life in a kingdom with red oranges and the sea - this type of residence is for you!

 

 

  Earlier we wrote about the residence permit No lucrativa. Today we will talk about the advantages and disadvantages of this type of residence.

Let's start with the positives..

 

What benefits will you get:

 

+ Variability of renewal after the initial receipt of a permit for the first year of residence:

1. The first and second renewals are valid for 2 years. And when you request a third, you can already apply for a long-term residence in Spain for 5 years.

2. Modification of the type of residence after 1 year for a residence permit with the right to work.

 

+ The period of stay under No lucrativa counts towards obtaining citizenship in the future (as opposed to a student visa)

 

+ Ability to work remotely without losing your usual income.

 

+ Staying in Spain does not depend on external factors: you are not tied to an employer, place of study or internship.

 

+ Life in a comfortable mode: in a year you will have time to learn Spanish, get acquainted with the mentality and culture of the country and understand if Spain is right for you.

 

+ If you wish, you can study and undergo a paid internship.

 

+ The ability to move to Spain at the same time with the whole family from the first day (unlike other types of residences). It is enough to show financial guarantees.

 

+ The right to Spanish citizenship for a child born in Spain after 1 year of legal residence in the country.

 

+ Receiving passive income through investments, even without the right to work.

 

+ Ability to travel to EU countries without additional documents and visas. The pandemic will end, the borders will open and you can safely explore new countries and enjoy life.

 

 

But not everything is so rosy. Cons of residence permit no lucrativa:

 

- Proof of a large amount of money in your account. The longer the renewal period, the larger the amount. That is, if you renew for 2 years, then the IPREM (currently 538 euros) is multiplied by the amount of that period.

 

- The integration process can be delayed, since less effort is required compared to other types of residence.

 

- You cannot work in Spain.

 

- Temporary qualification: at least 183 days must be spent in Spain to further extend the residence permit. As a result, you become a tax resident, which entails the payment of IRPF income tax worldwide

 

 

There are pros and cons but in the new reality of a pandemic and closed borders, the no lucrativa residence permit will make life much easier and open up new opportunities for you.