What’s the minimum income required to retire to Spain as a non-EU citizen?

Melanie Radford of My Lawyer in Spain explains more about the minimum income required for non-EU citizens to retire to Spain in 2025.

The non-lucrative visa in a nutshell 

The Non-Lucrative Visa, often shortened to NLV, is the go-to route for non-EU citizens who want to live in Spain without working. It is widely used by retirees, but also by people taking extended sabbaticals or relocating early for a lifestyle change. If you are moving from the UK, USA or elsewhere outside the EU, this is the visa most likely to apply to your situation.

The NLV allows you to live in Spain legally, provided you have sufficient financial means and valid private healthcare. What it does not allow is any form of employment. That includes remote work for overseas clients or businesses, even if the income is not earned in Spain. The visa is strictly for those who are financially self-sufficient.

When first granted, the visa is valid for one year. After that, you can renew it for two years, then again for another two. Once you reach five years of legal residence, you may qualify for long-term residency status. At that point, the renewal requirements become more relaxed, including the financial ones.

💬 Crucially, the NLV does not require you to have a pension. As Melanie Radford explains, “You can actually show savings, providing you can prove that you are no longer working or in any form of paid work activity.” That flexibility can be especially helpful for younger retirees. 

For more info on the non-lucrative visa, check out our in-depth guide: ‘how to retire in Spain with a non-lucrative visa in 2025.’

The 2025 IPREM

To understand how Spain calculates the minimum income required for the NLV, you first need to understand IPREM. This stands for “Indicador Público de Renta de Efectos Múltiples” and is the government’s benchmark for calculating public benefits and visa thresholds.

In 2025, the IPREM is €600 per month or €7,200 per year. NLV applicants must prove they have 400 per cent of the annual IPREM, which totals €28,800 for a single applicant. This figure is adjusted annually and has steadily increased in line with inflation.

If you are applying with a spouse or partner, you will need an additional €7,200, bringing the total to €36,000 per year for a couple. If you are moving with children or other dependants, you must show €7,200 extra per person.

Here is a breakdown of the 2025 figures:
 

It is important to remember that these are minimums. In practice, Spanish consulates and immigration offices expect to see a financial buffer. As Melanie  points out, “More is always better.” Applications that just meet the minimum may be accepted, but those that show a higher level of financial stability tend to be processed more smoothly.

If you are close to the limit on income, you can combine it with savings. For example, if you receive €20,000 in pension income annually, you will need to show €8,800 in accessible savings to meet the minimum.

Minimum income scenarios 

The headline figure for retiring to Spain as a non-EU citizen is €28,800 per year. That is what you need to show if you are applying alone. However, most people do not move alone. And that is where the numbers start to add up.

If you are applying as a couple, the total requirement increases to €36,000 per year. That is the main applicant’s €28,800, plus €7,200 for the dependant spouse or partner. For each additional dependant, such as a child under 18, you need another €7,200 per year on top.

Let us break that down with a few examples.

Single applicant:
Claire is retiring to Spain from the UK. She receives £1,950 per month in pension income, which converts to just over €2,300 at current exchange rates. That adds up to around €27,600 per year—slightly short of the €28,800 target. She also has €5,000 in savings. Combined, this gets her over the line.

Couple:
Mike and Linda are moving from California. Mike receives a private pension of €20,000 a year. Linda has €12,000 in a small annuity. Together, that gives them €32,000—still €4,000 short. They top it up with a joint savings account showing €10,000, giving them a safe margin above the €36,000 requirement.

Family of three:
Julia and Tom are retiring from Canada with their teenage son. They need to show €43,200: that is €28,800 for one adult, €7,200 for the second, and another €7,200 for their son. Their combined pensions total €30,000. They also have €20,000 in a Canadian savings account. That gets them comfortably over the threshold, provided the funds are accessible and properly documented.

💬 As Melanie says, the Spanish authorities do not mind whether the money comes from a pension or savings, as long as you can prove the total amount. “If I have €20,000 pension income,” she says, “then I need to show that I have a further €8,800.” The maths may not be glamorous, but it is essential.

What counts as acceptable funds

Now for the question that causes more head-scratching than it should: what exactly counts as income when applying for the Non-Lucrative Visa?

The answer is not as restrictive as many people fear. You do not need to have a pension, although a pension certainly helps. What matters is that the funds are yours, available, and can be documented properly.

Acceptable sources include:

• State or private pensions
• Investment income from shares, bonds, or dividends
• Rental income from property
• Annuities or structured payouts
• Cash savings or lump sums in a current or savings account

You cannot use active income from work, including remote or freelance work, even if the income is earned outside Spain. That restriction is central to the visa. Spain wants to know that you can afford to live there without relying on employment.

If you are using a regular pension or investment income, consulates usually ask for recent bank statements—typically the last six to twelve months. These statements should clearly show the incoming payments and account holder details.

If you are using savings to top up or meet the threshold entirely, you will need to show that the funds are accessible, stable, and held in your name. Joint accounts are usually accepted for couples, provided both names are on the documentation.

💬 Melanie Radford reminds applicants to be realistic. “Even if you have a Spanish bank account, you still have to show overseas bank statements,” she says. In other words, the authorities want a full picture of your financial situation, not just what is held locally in Spain.

There is no single format that works for everyone, but as a rule of thumb: if it is not earned through work, is legally held, and can be documented in full, it can usually be included.

Paperwork and proof 

Once you have your income and savings sorted, the next hurdle is proving it. This is where many applications hit avoidable delays, usually because the documents are incomplete, out of date, or not properly legalised.

Start with your bank statements. These must be official, cover the required period (usually six to twelve months), and clearly show your name, account number, and the relevant incoming funds. If you are using savings, the balance should be stable rather than a recent transfer. Sudden top-ups tend to raise questions.

If your statements are from a non-Spanish bank, they must be accompanied by a sworn translation into Spanish. Some consulates may also ask for them to be legalised or apostilled, so check local requirements early.

Next comes health insurance. You will need private medical cover from a provider authorised to operate in Spain. The policy must be fully comprehensive, with no co-payments or exclusions, and must be valid for the entire first year of your stay. Travel insurance is not accepted.

You will also need a police background check from every country where you have lived over the past five years. These certificates must be recent (usually within three months of your application) and legalised or apostilled, then translated if not already in Spanish.

Add to that your passport copy, completed visa application form, visa fee payment receipt, and a medical certificate confirming that you do not have any diseases that could pose a risk to public health.

💬 It sounds like a lot, and it is. But the key is preparation. Melanie advises applicants to treat this stage seriously. “Even if you have everything in place financially, it can fall apart if your paperwork is not presented properly.” 

Application timeline and costs 

Applying for the Non-Lucrative Visa is not something to leave until the last minute. It is a multi-step process that takes time, especially if you are applying from abroad.

Most applicants apply through the Spanish consulate in their home country. You will need to book an appointment, attend an in-person interview, and then wait for a decision. Appointments can fill up months in advance, especially in cities like London, New York or Berlin.

Once submitted, visa processing typically takes between four and eight weeks. That said, it is not unheard of for some consulates to take longer, especially during peak periods. If your application is approved, you will receive a visa valid for 90 days, during which you must travel to Spain and apply for your residence permit and TIE card.

As for costs, the visa application fee varies depending on your nationality. For UK and US citizens, it is usually between €100 and €150. You will also need to pay for document translations, apostilles, health insurance, background checks, and possibly legal or gestor support.

Renewals follow a two-year cycle. In year two and again in year four, you will need to show double the financial requirement to cover the two-year period. Be aware that income thresholds are likely to rise each year with inflation.

Tax and budget considerations 

Moving to Spain with the Non-Lucrative Visa may be the lifestyle shift you have been dreaming of, but it also comes with financial realities beyond the visa itself.

The most important is tax residency. If you spend more than 183 days a year in Spain, you are considered a tax resident. That means your worldwide income may become taxable in Spain, depending on your circumstances and any double taxation agreements in place with your home country. If you are drawing a pension or receiving rental or investment income from abroad, it is worth speaking to a tax adviser before making the move.

Spain also has a wealth tax, although it does not apply to everyone. It only kicks in if your total worldwide assets exceed the regional threshold, which varies depending on where you live. Again, advance planning is advised.

Healthcare is another consideration. Private medical insurance is mandatory under the NLV, and you will need to budget for premiums each year. Once you become a long-term resident, you may qualify for access to Spain’s public health system, but until then, your insurance will need to meet very specific coverage criteria.

The bottom line? The NLV is not just about proving your income once. It is about planning for a sustainable, well-documented life in Spain.
 

Alternatives and pitfalls

The Non-Lucrative Visa is a solid option for many non-EU retirees, but it is not the only one. Depending on your circumstances, another route may offer more flexibility, or fewer financial hoops.

The Digital Nomad Visa, introduced in 2023, allows non-EU citizens to live and work remotely from Spain, provided they meet its own income test and work exclusively for clients or employers outside the country. It is a good option for those not quite ready to retire, but it comes with stricter tax implications and less predictability.

The Golden Visa, which granted residency through a €500,000 property investment, was officially discontinued in April 2025. While it was never designed with retirees in mind, it previously offered an alternative route to residency for those with significant capital. With this option no longer available, the Non-Lucrative Visa has become the primary choice for non-EU retirees moving to Spain.

Whichever route you choose, the biggest pitfall is assuming that documentation can be fixed after arrival. It cannot. Spanish bureaucracy rarely works in your favour if you have left something incomplete. Common reasons for rejection include income that is too low, unclear bank statements, insufficient insurance, or attempting to use employment income on an NLV application.

As ever, a strong application is one that is boringly thorough—and delivered on time.

FAQs  

Can I use a joint bank account to meet the income requirement?
Yes, joint accounts are accepted for couples, but both names must be clearly shown on the account and statements.

Do I need to lock funds in a fixed deposit?
No, but funds must be accessible, stable, and not the result of a last-minute transfer. Consulates prefer to see accounts with a consistent balance over time.

Can I combine income and savings?
Yes, and this is very common. For example, if you fall €6,000 short of the income threshold, you can show that amount in savings to bridge the gap.

Will I pay tax in Spain on my pension?
If you are in Spain for more than 183 days in a year, you will likely become tax resident. That means your pension may be taxable in Spain.

Can I reapply if my application is rejected?
Yes, but you will need to correct the issue and go through the process again. Some consulates allow an appeal, others require a new application.