First-year budget for a retiree on pension income

Key rules

• Means: You need savings or passive income of 400% of IPREM per year for yourself and 100% of IPREM per year for each dependant.
• Work: The non-lucrative visa does not let you work in Spain.
• Health insurance: Your private policy must have no co-payments, no deductibles and no waiting periods.
• Transfers: Compare the total euros received against the mid-market rate before you send money.

The bottom line

On the non-lucrative visa you cannot work in Spain. You must prove you have enough money and hold private health insurance before you arrive. Both commit cash early, so plan the first year around your pension's currency and the euros you will actually need.

What you must show

You need savings or passive income of 400% of IPREM per year for yourself and 100% of IPREM per year for each dependant. At the 2025 IPREM of €600 a month (€7,200 a year), that came to €28,800 for you and €7,200 for each dependant. The IPREM is reset each year, so check the current figure with the consulate that will handle your application before you work out your budget.

You can prove means with bank statements showing savings, with proof of your pension or other passive income, or with both. The documents list below shows what each one must look like.

Health cover is a cost you pay up front

You need a private policy from an insurer authorised in Spain. It must give full cover with no co-payments (copagos), no deductibles and no waiting periods. It must cover you and each dependant. You hand the insurer's certificate in with your visa application, so you pay for the policy before you know the visa result. Some consulates ask for specific wording on the certificate, so ask the consulate before you buy.

When you renew, you must still have insurance or Social Security cover. Budget for the premium every year, not just the first.

Match your income to euro costs

If your pension is paid in another currency, the exchange rate moves what you receive in euros. To keep your budget safe:

• Count your pension at a cautious exchange rate, not today's best rate.
• Keep the insurance premium, the first rent and deposit, and the visa costs in a euro account so they are ready when due.
• Keep a cushion in savings so a weak month for your currency does not cut into rent or insurance.

Keep transfer costs low

Banks usually charge a transfer fee plus a wider exchange-rate margin, often a few percent above the mid-market rate. Specialist transfer providers usually charge a small fee and a narrower margin. Euro transfers inside the SEPA area are generally cheap or free. Non-euro transfers cost more.

Before you send money, compare the total euros that would arrive against the mid-market rate. Sending one larger transfer instead of many small ones may cut fixed fees, but compare the total cost first.

Documents you need

• Bank statements showing your savings, issued by your bank, to prove you meet the means requirement for you and each dependant.

• Proof of your pension or other passive income, issued by the body that pays it, as an alternative or addition to bank statements.

• Private health insurance certificate from an insurer authorised in Spain, covering you and each dependant with no co-payments and no deductibles.

Frequently asked questions

Does my private health insurance need to have no co-payments?

Yes, the policy must give full cover with no co-payments (copagos) and no deductibles, and no waiting periods in the first year. It must come from an insurer authorised to operate in Spain and cover you and each dependant. Ask your insurer for a certificate, since some consulates want specific wording on it.

Do I need to keep health insurance after the visa is granted?

Yes, you need to keep insurance or Social Security cover going when you renew the visa. Keep your policy active without gaps so the renewal is not delayed.