Spain Non-Lucrative Visa Early Retirement — The FIRE Mover's Guide

Yes — the NLV is an excellent fit for people who have achieved financial independence and no longer work. The visa is specifically designed for those who can support themselves from passive income without working. FIRE movers who live off investment returns, dividends, or savings drawdown are exactly the kind of applicants the NLV was created for. The key is documenting your income sources clearly and in the format your consulate expects.

Yes, dividend income from stocks, funds, and ETFs counts as qualifying passive income for the NLV. The challenge for dividend income is that it is often paid quarterly rather than monthly, which can make the monthly income picture appear low in any given month. Our specialists advise on how to present dividend income — typically by annualising the total and demonstrating the average monthly equivalent — in a way that consulates can accept. Start with your free eligibility check and we'll assess your specific situation.

Savings and portfolio value can supplement or support an income-based application. If your regular income is below the threshold but you have substantial savings or investment capital, some consulates will take this into account alongside your income evidence. The approach that works best varies significantly by consulate — our specialists have consulate-specific knowledge of how to present this. Do not attempt to guess what will work for your consulate; get case-specific advice through the free eligibility check.

Yes. Passively managing your own investment portfolio — buying and selling stocks, rebalancing funds, managing an ISA, reviewing your asset allocation — is not "work" under the NLV. You are managing your own assets, not providing services to a client or employer. What you cannot do is actively work for income in any form — no freelancing, consulting, employment, or client-facing professional services. As long as you are purely an investor in your own capital, the NLV permits this.

No. If you still earn active income from consulting, freelancing, or any other work — even occasionally, even for a small amount, even for clients based outside Spain — the NLV is not the right visa. The NLV prohibits all forms of working. If you are still earning active income from work, the Digital Nomad Visa may be more appropriate. Alternatively, if you are willing to stop working entirely before applying, the NLV is available to you once you have genuinely ceased work.

Living full-time in Spain will make you a Spanish tax resident, meaning Spanish IRPF applies to your worldwide income. Investment dividends, interest, and capital gains are taxed as savings income at 19–28% — lower than Spain's general income tax rates, but meaningful for FIRE movers with larger portfolios. Wealth Tax may apply above certain regional thresholds. The Modelo 720 requires overseas asset declarations. Double taxation treaties prevent double taxation with most major countries. This is a significant planning area — take specialist tax advice before moving. See our guide to tax on the NLV.

You can maintain an existing UK ISA after moving to Spain, but you cannot open new ISAs or contribute to existing ISAs once you are no longer UK tax resident. ISA income (dividends, interest) and withdrawals are tax-free in the UK, but as a Spanish tax resident, Spain may tax this income under IRPF. The UK-Spain double taxation treaty will determine how this is treated. Take specialist dual-country tax advice before moving regarding your ISA strategy — this is an area where missteps are costly.

Quarterly dividend income can be evidenced by annualising the total dividends received and presenting the monthly equivalent, alongside brokerage statements showing the dividend payment history. Some consulates will also accept a portfolio statement showing sufficient invested assets alongside the income evidence. The exact approach that works varies by consulate — our specialists advise on this based on your specific consulate location and income profile. Start with your free eligibility check.