For a retiree contemplating a move to Spain, whether to settle long-term, or to invest in a property for occasional use, there are two main types of residency programs.

The first rather simple option is known as the “non-lucrative” visa. To qualify, one needs to show proof of recurrent passive income from being self-employed, pensions, or investments of at least €2,316 a month ($2,400), or to provide proof of an annual amount of €27,792 ($29,000) in your bank account.

If there’s a dependent family member coming with you, you’ll need to add roughly an additional $7,220 a year to that total. This visa comes with two conditions: you cannot work for an employer in Spain (hence the “non-lucrative” moniker), and you need to reside in the country for no less than six months a year.

The second type is the so-called “Golden Visa”, also known as the property visa. In a nutshell, to get it one needs to buy a property (or properties) in Spain with a total value of at least €500.000 (in ready funds, without mortgage). The Golden Visa, which covers the applicant, the spouse and dependent children, comes without minimum stay requirements and gives you the right to work in Spain. (Beyond the purchase of property, it can be also obtained through several types of larger investments starting at €1,000,000).