Proof of Financial Means for the Spanish Non Lucrative Visa

Minimum proof of financial means amounts to apply for the non lucrative visa are as follows.

• If you’re moving to Spain by yourself, you’re required minimum amount is 400% of current IPREM.
• If you’re moving to Spain with a spouse or children, you must present a minimum amount of 400% current IPREM for the primary applicant, and an additional 100% IPREM each for the spouse and every child on the application.

Let’s put some actual numbers to this.

• In 2023, Spain’s IPREM was equal to 600 euros per month. That’s 7200 euros annually.
• Based on current average exchange rates, that amount equates to roughly 645 USD per month, and about $7,750 USD annually. (Yes, believe it or not, significant numbers of Spain population live on this.)
• As an individual applicant, you’d need 400% of that amount. In USD, again at current recent exchange rates, that’s approximately $2,580 monthly or $28,800 a year.
• If you are applying for your visa with a spouse and two children (so, four of you total), the first adult would need that $28,800, plus the $7,750 for each dependent.
• Doing the math for you, that’s $28,800 + ($7,750 * 3) which equals $28,800 + $23,250 for a grand total of: $52,050 annually (or $4337.50 per month).

Remember, however, these numbers above equate to the minimum financial means amounts you must prove. The consulate can demand more. Furthermore, the income used for your financial means should all come from non working sources.

What’s a non working source to prove financial means? Think along the lines of:

• Cash savings
• Dividends from investments
• Annuities
• Royalties from intellectual property
• Distributions from a trust
• Rental property income
• Any money you get just for having a pulse

Sitting on a big stock pile of cash? Great!

Getting social security, private pension benefits or you’re the beneficiary of a trust? Great!

Not your case? Plan ahead. Ideally, you want paperwork that exceeds those minimum amounts and funds you show you’ve had for some time.

You may meet your financial proof in terms of either savings (money in a bank account), passive income or some combination of the two.

It’s anecdotal, but in Family Move Abroad’s experience guiding clients through their non lucrative visa applications, the consulates tend to favor reliable sources of passive income over straight up savings. In other words:

Social security benefits are about as reliable a source of passive income as one can get. Let’s say you’re getting about $2800/month. That’s just barely more than the minimum. Let’s further say you don’t have much in savings — perhaps an additional $10k or so. You’d be in a better position, in terms of financial means proof, than a single individual who, say, had $40,000 cash on hand but no additional income coming in.

Again, that scenario is based on anecdotal experience helping people apply for visas. If you only have the latter, aim for at least 50% above and beyond the minimum you need for the number of people on your application.

Honest to goodness paperwork that bears the name of the company, bank, trustee, or whatever organization is responsible for holding your money or disseminating income paid to you.

All consulates require you present bank statements, even if there’s little money there. Check your consulate’s website for the number of month’s statements they require.

Remember, money magically appearing in your bank account mere days before your visa appointment will look suspicious. If you got a sudden windfall, bring documentation to show where it came from. For example, if you just sold a home, bring a copy of the sales transaction statement. Get an inheritance? Bring a signed, notarized letter from the attorney or other party that distributed the estate.

• Bank statements
• Investment portfolio statements
• IRAs and 401k statements if you’re of legal retirement age
• Trust benefits statement and/or trustee letter confirming your benefits
• Distributions from any businesses or partnerships that you don’t actively work for
• Royalty Statements
• Rental real estate income profit and loss statements

Remember, proving you have sufficient financial means isn’t just about having the money — unless you’re sitting on a big pile of cash! The documentation needs to look right on paper so that the consulate is confident you’re not going to move to Spain and look for a job.

Not enough money? Or perhaps you have money, but are at a loss of how to document it? Don’t mess around! Contact Family Move Abroad to help you draw a clear road map to proof of financial means success.