One of the criteria that has to be demonstrated in the visa application process is proof of sufficient economic means. In short, this means that the applicant can show that they are financially self-sufficient and that they will not be a burden on the Spanish state welfare system.
There are different ways in which an applicant can show proof of sufficient means, each of which depends on the applicant’s status. A person can be self-sufficient through having a pension or an employment contract, or if not in employment, that they have enough personal savings to finance their stay in Spain or by being financially supported as a dependant of another family member.
It is important to note that the Foreigners Office (Oficina de Extranjería) recommends that all non-Spanish and non-EU documents that are submitted to prove sufficient economic means are officially translated into Spanish and the currency converted to euros, in the case that the amounts are in another currency. Doing this before you start will significantly speed up the process.
If you are dependant of a family member
If you are relying on a salaried income, savings or pension of your partner/family member, you will also need to provide a set of documents that confirm your relationship with the family member. They could be one or more of the following:
A marriage certificate, birth certificate or other similar document that confirms your relationship with that person
A bank statement of the account which holds the resources you intend to live on in Spain, showing the account balance for the past 3 months and all movements
In addition, you can support this information with other official bank documents such as evidence of shared accounts, expenses or properties.
IPREM
What is IPREM?
The Public Indicator of Multiple Effects Income (IPREM) is an index used in Spain as a reference for the granting of aid, subsidies or unemployment benefits. It is used to provide the amounts required for Visa applications. The IPREM figure for 2024 is 600€
The current IPREM may be consulted here
How to demonstrate sufficient economic means for a Non Lucrative Visa (NLV)
The amount shown upon applying for the visa must reflect the duration of the authorisation requested. Therefore, a visa for 1 year will be accompanied by documentation showing 400% IPREM x 12 months (plus 100% IPREM x 12 months for dependents).
The availability of sufficient financial means is accredited by the presentation of documentation verifying the receipt of regular and sufficient income or the possession of assets guaranteeing such receipt of income (such as accessible savings).
Availability may be proven by any legally admissible means of proof, including the presentation of title deeds, certified cheques or credit cards, which must be accompanied by a bank certificate attesting to the amount available as a credit on the credit card(s).
If the financial resources come from shares or holdings in Spanish, mixed or foreign companies based in Spain, the visa applicant must certify, by means of a certificate from these companies, that they do not carry out any work activity in these companies, and also submit a sworn declaration to this effect.
When you apply to renew a visa for years two and three, you will be required to demonstrate that you have sufficient means for two years, i.e. double the evidence you provided for year one. This is very important for those relying on savings to prove their sufficient economic means.
Student visa: different options are available.
6 months of bank statements (originals and stamped by bank) showing at least a monthly amount of the 100% IPREM (600 euros/month in 2024), unless proven that the accommodation has been paid in advance for the entire duration of the stay, or;
Letter from the centre covering all the costs of accommodation and meals.
Proof of scholarship for the specified time.
Notarised document of the applicant’s parents assuming all the costs associated with the stay and studies in Spain.
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