# Residency and rental home in Spain



## MMort (Aug 19, 2021)

Hello, 
My wife and I have travelled few times to Spain and are considering to have a place in Barcelona or Tarragona which is about an hour away from Barcelona.
We are US citizens and ready to retire and enjoy the rest of our time.
We are told that the Spain residency is difficult for our age (62 and 55), unless we apply for a Golden Visa. 
We would appreciate some inputs to our questions and concerns:
1: Is this the only way to get Spain residency? Any experience on this ?
2: The Golden Visa requirement is €500K Which is pretty substantial. Is this a one time transaction ? Can it be used in multiple transactions such as buying a or multiple property, renovation and furnishing it? Is there a time limit?
3:We never lived in an apartment, we are considering renting a furnished apartment for a few month. Is there a way to find expat members willing to rent their place for a short term?
please let us know all your thought…We don’t want to do anything crazy! 
Thanks
Mm


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## Do28 (Dec 21, 2010)

Take a look at the NLV. It is perfect for retirees. The €500k is a cumulative figure in transactions but still has to meet the total before visa. SO you can buy multiple properties but you have to demonstrate the spend and total value for the visa. I have a friend that has an apartment for rent in Sabadell just outside Barcelona.

Talk to some of the visa experts like Pelicar Hardy or Barcellis.


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## Mark427 (Dec 22, 2020)

MMort said:


> Hello,
> My wife and I have travelled few times to Spain and are considering to have a place in Barcelona or Tarragona which is about an hour away from Barcelona.
> We are US citizens and ready to retire and enjoy the rest of our time.
> We are told that the Spain residency is difficult for our age (62 and 55), unless we apply for a Golden Visa.
> ...


Residency at any age is not difficult as long as you meet the requirments required for NLV!.
The amount you need to SHOW (you dont have to spend it) for the first year of the visa is 4x the IPREM (currently €6779), so €27,115 in available savings or guaranteed income.You’ll need an additional 1x IPREM of €6779 for each family member on the application.
The non-lucrative visa is then renewable for two x two-year periods.
The renewal process is similar to the application with a couple of key differences-
You must have lived more than 183 days in Spain in the first year of the visa.
The financial requirement is 8x the IPREM (to cover the full two year period) so €54230. You’ll also need an additional 2x IPREM (€13558) for each family member on the original application.
Also you must have private insurance with no co-payments and paid up for a full year. This is where most people have problems as it can be difficult finding an insurer if you already have health issues.


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## xabiaxica (Jun 23, 2009)

Mark427 said:


> Residency at any age is not difficult as long as you meet the requirments required for NLV!.
> The amount you need to SHOW (you dont have to spend it) for the first year of the visa is 4x the IPREM (currently €6779), so €27,115 in available savings or guaranteed income.You’ll need an additional 1x IPREM of €6779 for each family member on the application.
> The non-lucrative visa is then renewable for two x two-year periods.
> The renewal process is similar to the application with a couple of key differences-
> ...


In addition, one can only leave Spain for a total of 10 months in the first five years, so if 6 months are used in the first 12, only four remain until permanent residency is achieved at the five year mark.


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## MMort (Aug 19, 2021)

Thank you for all the great information. I was not familiar with NLV and will check into it. I am not clear on the few things: 
What is the NLV tax implication? Will my passive income outside Spain be taxable as a Spain resident? Will it apply after gaining the residency after 5 years? What will be the tax rate?
Also the 183 days requirement. Does it mean we must stay in Spain without traveling in Europe? We have many friends in Europe, also have grand kids in USA. Being away only 4 more month during the 5 years before residency is impossible.
Any thoughts?
Thanks in advance


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## Mark427 (Dec 22, 2020)

Yes any income will be taxed before and after permanent residency. No idea on the tax rate as it can vary from region to region and amount earned. Prob best to speak to an accountant/lawyer who is familiar with the sysytem.You are only allowed to be out of country for 10 months in the first 5 yrs, so you could be out on holiday/visiting 2months of every yr.You cannot be out the country for more than 183 days in any single yr.
If you require to be out of country more than this then you may want to consider Portugal which does not have a minimum stay requirement.It also has much better tax benefits under its NHR program (google it) - no tax on inheritance, shares, cryptocurrency and 10% on income which lasts 10 yrs. It also allows you to work if you wish unlike NLV.


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## MataMata (Nov 30, 2008)

In practice with open borders travel within the EU is virtually unrestricted, it's only if you leave the Schengen area that you could encounter problems.


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