VISAS – THE RIGHT ONE FOR YOU
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VISAS – THE RIGHT ONE FOR YOU

VISAS – THE RIGHT ONE FOR YOU
19. October 2021

Interested in which visa may be right for you in Lanzarote ? Read on ……

Here at Lanzarote Investments, we keep our ‘finger on the pulse’ and we always like to go that ‘extra mile’ for our clients.

We have now created a simple and handy visa guide, to help you clearly understand some of the changes that have occurred since Brexit.

LIFE AFTER BREXIT - MOVING TO LANZAROTE

Firstly, let us discuss some of the main visas.

The easiest and the most popular visa to obtain is the Non-Lucrative Visa which is sometimes referred to as the Retirement Visa.

As the name suggests, this is designed for people not intending to work.

Let’s examine some of the main requirements for this visa.

  • HAVING SUFFICIENT ECONOMIC FUNDS. This is the main and most important requirement. You will need to demonstrate the possession of over 27.000€ in a bank account (income from a pension can also count towards this capital criteria) in order to accredit that you can sustain yourself in Lanzarote.
  • PRIVATE HEALTH CONTRACT. You must possess private health insurance with a Spanish company. Make sure that the contract does not contain any co-payments and it offers full coverage within the whole Spanish territory.
  • SUBMIT THE RIGHT DOCUMENTS. You will need to submit a copy of your passport, a copy of your birth certificate (you must be over 18 years old) and demonstrate clear criminal background records. A full comprehensive list on request.

MAIN BENEFITS OF THE NON-LUCRATIVE VISA

  • BRING YOUR FAMILY MEMBERS (remember if bringing a spouse or children the capital requirement will increase by an additional 7,000 euros per member)
  • FREE MOVEMENT WITHIN THE SCHENGEN AREA
  • EASY APPLICATION PROCEDURE
  • NO NEED TO INVEST

QUICK RECAP

A non-lucrative visa is for individuals who are not working or who are retiring to Lanzarote. Proof of capital - 27,000 euros and an additional 7,000 for each dependent. Remember your visa will only be valid for one year. After the first year, you can renew for two years showing double the amount of capital (basically the funds you intend to support yourself with, over those two years). Your pension can count towards those funds

PLEASE NOTE - YOU WILL NEED TO APPLY FOR THIS VISA IN YOUR COUNTRY OF ORIGIN THROUGH YOUR NEAREST SPANISH CONSULATE. YOU CANNOT MOVE AND THEN APPLY.

The second visa I would like to discuss is the GOLDEN VISA.

If you are planning on making a large investment into property, this could be the perfect visa for you and your entire family, it even lets you work.

Let’s look at the main requirements of this visa and the benefits.

  • INVEST IN REAL ESTATE. This is the main and most important requirement. You will need to invest a minimum of € 500.000 *(not financed) purchasing one or several properties in Spain.
  • PRIVATE HEALTH CONTRACT. You must possess private health insurance with a Spanish company. Make sure that the contract does not contain any co-payments and it offers full coverage within the whole Spanish territory.
  • SUBMIT THE RIGHT DOCUMENTS. You will need to submit a copy of your passport, copy of your birth certificate (you must be over 18 years old), demonstrate clear criminal background records, and the investor visa application form.

MAIN BENEFITS OF THE GOLDEN VISA

  • BRING YOUR FAMILY MEMBERS: With the investor residency, you can easily bring your relatives through the joint application that this permit offers.
  • FREE MOVEMENT WITHIN THE SCHENGEN AREA.
  • WORK IN SPAIN. This residency will allow you to work in the country as self-employed or for a company.
  • EASY APPLICATION PROCEDURE: Just make sure to meet the main requirements and this visa will be yours easily.
  • APPLY FROM SPAIN. You can directly move to Spain and get your golden visa while in the Spanish territory.

Are you coming to Lanzarote and need to work?

If you are a citizen from a European Union country, from Switzerland, or from a country member of the European Economic Area (EEA). Then, you don’t need to apply for a working visa: you implicitly possess one through the Schengen agreements.

In that case, you will just need your identification number (NIE), and to prove that you have sufficient funds and health insurance that offers full coverage in Spain.

If you are not from an EU-country, you will need permission from the Spanish government to live and work in Spain. This means you need to apply for a work visa.

There are two main types of visas.

Highly Qualified Visa

The Highly Qualified Visa or Highly Skilled Professional Visa is a work permit that enables citizens from outside the European Union to live and work in Spain legally, if they find a job offer in a Spanish company under a qualified or technical position, or as a manager directing people.

Required documents to apply for the Highly Skilled Worker Visa in Spain

  • Job Contract as a skilled staff member
  • Job Description
  • Your CV
  • Copy of your Passport
  • College Degree
  • Legal Documents of the Employer
  • Criminal Records

HOW TO MAKE SURE YOU ARE ELIGIBLE

There are a few requirements you will need to make sure you meet:

  • You should have completed a masters or Ph. D
  • The company you will be working for should be a large business or corporate group, a small or medium Enterprise which operates in a strategic sector for Spain, or the project that the company develops must be aligned with the socio-economic interest of Spain.
  • Your tasks must be regarded as skilled or highly qualified, meaning that you will hold a managerial or technical position. You will earn more than 50.000€ per year (some exceptions)

THE ENTREPRENEUR VISA

REQUIREMENTS FOR THE ENTREPRENEUR VISA

  • The entrepreneurial activity. You just need to demonstrate that your business idea is considered innovative and of special interest for Lanzarote (it creates jobs, it contributes to the socio-economic development of the island)
  • Documents. To get your residence visa as an entrepreneur, you will need to provide a copy of your passport, the application form, criminal records, the business plan, insurance and proof of sufficient funds.

Basically, we are talking about a residence permit created for those non-EU citizens who want to open their own business. Under certain requirements, the Spanish immigration law will grant you residency thanks to your business idea.

This path will allow you to get your visa if you open an innovative project that must be aligned with the interests of Spain.

Starting any type of business idea won’t work. To be accepted, your project must fulfil the following conditions:

  • It must create employment for the country, at least in the long run. This means that your project must create new job positions and be a positive stimulus for the general Spanish economy.
  • It must create good investment opportunities.
  • Its operating process must involve a high level of technology (for example, use algorithms or machine learning) and enhance the socio-economic development of Spain.
  • Finally, having patents, recommendation letters or some clients will increase your chances of getting your application accepted.
  • Unlike many other European countries, there is no upfront investment or capital amount needed beforehand.
  • Even though it is highly valued that your project creates employment in the country, it is not a strict requirement. This means that the Commercial Office won’t deny your application if you start on your own (with no other employee). That is also the case for renewals: you can renew even if you have not hired anyone else for the first years.
  • With the entrepreneur visa, you will have free movement inside the countries that form the Schengen area.
  • No need to come to Spain for the application. You can simply define a representative to apply for you, avoiding the need to travel to the country to get your business permit.
  • Joint application. You can apply for your Spanish residence permit as long as the one for your family with just one member of the family starting a project. This makes the start-up visa a good ticket for those families who want to move together. In that sense, you can bring both your parents, spouse and children under 18 years old.

TO ENSURE THE BEST CHANCE OF SUCCESS PLEASE GET A LAWYER TO HELP WITH YOUR BUSINESS PLAN

For regular work permits, no matter if you want to be a freelancer (autónomo) or work for an employer (por cuenta ajena), you will need to start the application process from your country of origin.

Our multilingual sales team, with local expertise will help you find the perfect property in the right location and guide you through the sales process ensuring a smooth experience. We connect people and property perfectly. Whatever you require in a new home, we believe you’ll find it with us. Please contact me direct on 0034 711008913 or email n.beista@lanzaroteinvestments.com or visit me in the Costa Teguise branch

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