“The Golden Visa requires you to invest €500,000 (approximately £433,551) in property and so is out of the reach of many British retirees.
“The NLV allows you to take up residence in Spain, provided you have sufficient funds to support yourself and you do not need to work there. It is this requirement that is causing problems for many Britons.
“You have to demonstrate an income of €33,893 (approximately £29,388) a year for a couple and €47,451 (£41,144) for a family of four.
“This requirement will rule out the option of retiring to Spain for many. Those who are retiring on a basic UK State pension, £9,339 in 2021, will not qualify.”
“Portugal has a similar visa to Spain’s NLV, the Passive Income Visa, which has a significantly lower annual income requirement – €11,970 (approximately £10,379) for a couple and €16,658 (approximately £14,444) for a family of four),” they added.
“The visa also does not restrict you from working or setting up a business as the Spanish NLV does.”