With such a permit, often referred to as a retirement visa, people cannot work for a Spanish company in Spain. However, they can technically work remotely for a company based abroad if they wished to.
Investing, both in Spain and overseas, is allowed too, but with double taxation rules, asset declaration and wealth tax.
Expats with this visa are also obliged to take out comprehensive private healthcare.
A UK national wanting to apply for this visa, which lasts one year, must thus prove they have access to £23,276 – around £500 more than last year.
For every family member included in the residency application, an extra 100 percent of the IPREM, £5,818, needs to be shown for the year.
Once Britons obtain their non-lucrative visa, they have to apply for a TIE residency card, too.
With both documents, they will be able to travel freely through the Schengen Area without the 90-day constraints UK residents are subjected to.
After the renewal of the non-lucrative visa for the first and second time, at which points sufficient funds must be proven again, British expats get the chance to apply for long-term residency, which lasts for 10 years and has different financial requirements.
Considering the first and second residency renewals last for two years each, five years under the non-lucrative visa are needed before long-term residency becomes an option.