London, UK, 11 December 2021
Summary: Changes to ‘retirement’ visas show that both Spain and Portugal are still keen to encourage immigration in 2022. However, the changes mean that would-be Expats will need to double-check their budgets, as visa and Expat advice service Where Can I Live highlights the importance of adhering to the latest guidelines.
Vicentine Coast Natural Park, Portugal
From 1 January 2022, some of the visa requirements for those moving to Spain and Portugal will change. Both the Spanish non-lucrative visa and the Portuguese D7 passive income visa have upped their financial qualification requirements. This means that would-be Expats will need to go over their figures to ensure they still meet the criteria.
However, according to specialist visa and Expat advice service Where Can I Live, the changes could have been much more dramatic. The firm’s Alastair Johnson comments:
“Most in the industry did expect an increase in both the Portuguese D7 and the Spanish non-lucrative visa’s financial requirements. However, the fact that these increases were at the lower end of expectations means that most who qualified in 2021 will still be able to move to Europe in 2022 using these immigration options. It’s a strong signal that Portugal and Spain are still welcoming Expats with open arms.”
Both visas are commonly viewed as unofficial ‘retirement’ options, as they apply to those who have an income outside of work. In reality, they cover a wider cohort than retirees alone (notably, investors and those with plenty of savings).
The changes to the Spanish non-lucrative visa were announced in October 2021. Anyone applying from 1 January 2022 will need to show evidence of at least €27,792 guaranteed income or savings. That’s an increase of 2.5% compared to 2021. For an applicant with a dependent, that figure jumps to €34,731.
Spain Non-Lucrative Visa Financial Requirements
Portugal, meanwhile, announced the changes to the D7 visa in December 2021. A person applying from 1 January 2022 must now show a minimum income of €705 per month, up from €665 per month in 2021. That equates to €8,460 per year, with a further €4,230 per year for dependent adults and €2,358 per year per dependent child.
Portugal D7 Passive Income Visa Financial Requirements
“Both Spain and Portugal base the financial qualification for these visas on their minimum wage rates,” comments Where Can I Live’s Alastair Johnson. “Both governments have increased these figures for 2022, so anyone planning to retire in Spain or move to Portugal using the D7 or non-lucrative visa will need to do a quick budget review. On the plus side, though, the Covid-related delays in processing visa applications and immigration paperwork seem to be decreasing in both countries.”
While the financial requirements have changed slightly, both affected visas are unchanged in other ways. Eligibility, the application process, and visa conditions remain as they were in 2021, meaning that UK and US citizens looking for permanent residency and EU citizenship still have a clear path to doing so.
For further details, visit https://wherecani.live/