The way your banking and finances are set up can have a significant impact on your Non-Lucrative residency renewal.

Since Spain’s recent immigration rule updates, one change in particular is catching out more and more Non-Lucrative residency holders who moved from the UK — and it’s one that could have serious consequences if ignored.

The Problem: Foreign Financial Documents Under Scrutiny

Under the updated regulations, proof of financial means from foreign banks — which includes UK banks and financial institutions — must now meet far stricter standards.

Immigration offices across Spain are increasingly asking for:

• Certification by a notary
• Legalisation (apostille) of financial documents
• Detailed account statements showing specific information, including average balances, dates of opening and account holder details

For many who have accounts with UK banks and financial institutions, this creates a major problem — they either cannot get the documentation with the required information from their provider, or the process of notarising and legalising what they do provide. is time-consuming and extremely costly.

We’re already seeing people facings bills exceeding £1,000 to prepare these documents for their renewal application.  In some cases, applicants have had their renewal delayed — or risked refusal — simply because their UK-based documents didn’t meet Spain’s updated requirements or the notary certifying and legalisation could not be turned around in the short deadline given.

Our Recommendation: Change Your Banking and Financial Arrangements

When you obtain your initial Non-Lucrative Visa, you must plan ahead for the renewal. The simplest and safest way to avoid unnecessary stress, cost, and risk, is to move your savings and income streams into a Spanish or EU-based account.

This includes:

• Transferring the funds needed for renewal to a Spanish or EU bank account (such as Wise).
• Ensuring pensions or regular income are paid directly into that account.
• Changing your registered address with pension providers and financial institutions to your Spanish residence.

In short — remove your reliance on UK financial documents. and do as much as you can to avoid a UK connection being flagged.

Those who haven’t taken these steps are finding themselves facing unnecessary expense, pressure and stress, paperwork chaos, and in some cases, the devastating outcome of losing their residency and having to start from scratch by returning to the UK to reapply via the Spanish Consulate.

UK & EU Banking With Wise

Many  are understandably reluctant to change their banking arrangements. Some worry about Spanish banks’ low (or non-existent) interest rates, while others prefer dealing with familiar UK institutions, or ‘don’t trust’ Spanish banks.  That’s why we recommend Wise, an EU-registered financial institution originally founded in the UK.  It combines the trust and transparency of a British company with the compliance and recognition of  EU regulation for Spanish resident customers.  This EU connection, importantly removes any requirement for certifying and legalising of documents. such as banks statements, that they provide by them.

Wise moves £10bn monthly, is trusted by 16+ million customers, and we have partnered with them so that our clients can benefit from everything they offer, and enjoy exclusive enhanced customer service.  With Wise you can seamlessly send, hold, and receive money in over 40 currencies, all from one account, allowing you to manage your money in GBP and EUR with ease and efficiency.  There are also no hidden fees or foreign exchange rate mark-ups.

A Wise account allows you to:

• Hold Euros and Pounds your account
• Have an account just like your UK bank with a sort code and account number
• Receive your pension or income directly in GBP as you would to your UK bank account
• Get a return on your balances (linked to EU and UK base rates)
• Exhange and transfer your money in as little as seconds
• Have access to mid-market exchange rate transfer
• Get a account with an EU IBAN that under EU law has to be accepted in Spain no questions asked
• Arrange large transfers at low cost, e.g. for property purchase
• Download renewal application ready certified statements in Spanish

Through our partnership you also get access to enhanced Wise support, including by telephone – great if you are less tech-savvy or just prefer to do things the good old fashioned way.

Opening a Wise account is simple and can be done in minutes.

👉 Open your Wise account and simplify your NLV renewal 

In Summary

If you’re renewing your Non-Lucrative Residency, treat sorting out your banking arrangements and finances as mandatory.  Whether you use a Spanish bank, Wise or some other EU bank, the important thing is to make the changes.

Failing to update your banking arrangements will result in unnecessary stress, avoidable costs, and potentially losing your right to live in Spain.

By moving your finances to a Spanish or EU-based account, you’ll be fully prepared for renewal, compliant with Spanish immigration requirements, and protected from costly surprises.