Not all consulates post an exact number as to what qualifies as “proof of financial means.” These numbers here reflect quantities posted by the consulate in Chicago as of January 2021. Use these amounts regardless of where you’re applying.
The amounts are provided in euros. Use this currency converter to calculate the current equivalent in US dollars.
For the Primary Applicant: 2,259.60 euros per month (27,115.20 euros annually)
For Each Dependent Applicant: 564.90 euros per month (6778.80 euros annually)
These numbers equate to the minimum amount of financial means you must prove. The consulate can always ask for more.
Further, the income used for your financial means should all come from non working sources.
“Income from Non Working Sources?” What’s That?!?
Think along the lines of:
- Cash savings
- Dividends from investments
- 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! Print and translate your three most recent bank statements and you’ll be good to go.
Not your case? Plan ahead. Ideally, you want paperwork that exceeds those minimum amounts and funds you show you’ve had for some time.
Money just magically appearing in your bank account mere days before your consulate appointment? You must 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.
How To Show Proof of Financial Means at Your Consulate Appointment
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.
- Bank statements — Minimum three months. They might ask for more if you’re barely meeting the minimum or you only recently came into that money
- Investment portfolio statements
- Trust documents
- Letters from a financial adviser or bank official stating you’re the beneficiary of a Trust and how much money you get from it
- Distributions from any businesses or partnerships
- Royalty Statements
- Rental real estate income
- Pay stubs, in the event your time in Spain will be floated by a spouse, parent or other relative who won’t be residing with you in Spain
Got Questions About Proof of Financial Means?
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.
If you wish to discuss how to plan and organization your financial means paperwork, contact me here.