Spain Sets Financial Criteria for Foreign Retirees Seeking Residency

Spain has outlined specific financial requirements for foreign retirees applying for a non-lucrative residency permit, aimed at those who wish to live in the country without engaging in paid work.

Financial Thresholds for Residency

Applicants must demonstrate they have adequate financial resources to support themselves for the first year without employment. The main applicant is required to show proof of funds amounting to 400% of Spain’s Public Income Index (IPREM), which equates to €33,600 (approximately KSh5 million).

For each dependent included in the application, an additional 100% of the IPREM (€8,400 or about KSh1.25 million) must be proven. These amounts are calculated using an exchange rate of roughly KSh149 per euro.

Proof of Income and Documentation

• Retirees must provide evidence of receiving a state pension or a life annuity paid in a convertible currency.
• Applicants are required to submit three months of bank statements and their latest tax return, all bearing official stamps or seals.
• Those with active loans or mortgages in the United States are ineligible at the time of application.
• Self-employed individuals must submit a notarized affidavit confirming they will not engage in professional or business activities while residing in Spain under this permit.

Comparative International Retirement Residency Requirements

In a similar move, the United Arab Emirates has set its retirement residency financial conditions, requiring ownership of property or deposits worth at least AED1 million (around KSh36 million), or proof of a fixed annual income of AED240,000 (about KSh8.7 million).