Spain sets strict money requirement for foreigners seeking retirement residency

This story has significance for readers across Kenya and beyond.

- Spain requires non-lucrative residency applicants to prove they have sufficient funds to support themselves without working

- Retirees must show proof of a state pension or life annuity paid in a convertible currency to qualify

- Applicants must also meet strict financial conditions when applying for the residency permit

Spain has set out financial requirements for foreign retirees and other non-working applicants seeking a non-lucrative residency permit.

Applicants must demonstrate that they have enough money to cover their living expenses for the first year in Spain without taking up paid employment.

Financial threshold for Spain’s non-lucrative residency permit

Applicants for Spain’s non-lucrative residency permit must prove they have sufficient financial means to support themselves without working in the country.

The required amount is 400% of Spain’s IPREM, which is €33,600 (about KSh5.0 million) for the main applicant. An additional 100% of the IPREM, or €8,400 (about KSh1.25 million), is required for each dependent included in the application. The calculations use an exchange rate of roughly KSh149 per euro.

According to the Spanish Consulate, retirees must be receiving a state pension or life annuity paid in a convertible currency to qualify. Applicants must also provide three months of bank statements and their latest tax return, with financial documents carrying an official stamp or seal.

Spain’s debt and employment restrictions

Applicants with an active loan or mortgage in the United States are not eligible for the permit at the time of application.

Self-employed applicants must also submit a notarized affidavit confirming that they will not undertake professional or business activities while living in Spain under the non-lucrative residency permit.

UAE Sets KSh36 Million Savings Requirement for Retirement Residency

In a related development, TUKO.co.ke reported that the UAE requires foreigners seeking retirement residency to meet specific financial conditions.

Applicants can qualify by owning property or maintaining a deposit worth at least AED1 million (about KSh36 million), or by proving a fixed annual income of AED240,000 (about KSh8.7 million).

Source: Legit.ng

Reporting originally appeared via TUKO. Read the full source for additional context.