Visa requirements in Spain are changing
Rising inflation across Europe during 2022 is pushing up minimum wage rates. Because visas offered to people who want to move to a country and prove they can financially support themselves are usually based around multiples of the minimum wage, this means thresholds will increase.
In Spain, the IPREM (Public Multiple Effects Income Indicator) was introduced to replace the minimum wage with reference to benefits and for immigration purposes and on 1st January it will increase by 3.6%.
How much income will you need to prove?
Instead of a visa applicant needing to prove an income of €2,316.08 per month (four times IPREM) or €27,792.96 per year; the figures will rise to €2,399.46 per month, or €28,793.51 per annum. At the exchange rate of €1.16 at the time of going to press this is £24,792.
For a married couple, the new figures will be €2,999.32 (up from €2,895.10 in 2022) per month; or €35,991.88 per year (up from €34,741.20).
For a dependent child the 2023 rate will be €599.86 per month; or €7,198.38 per year.
These income requirements will be relevant for anyone applying for a Non-Lucrative Visa or Golden Visa – or renewing a visa after a year.
Renewing your visa and about to reach state pension age?
Renewals of the NLV (for another two years) in 2023 will need to show two years’ financial resources so for a married couple this is an extra €2,501.37 to achieve the €71,983.77 (£61,977) per year for two years (up from 2022’s €69,482.40).
Says Melanie Radford of the relocation department of My Lawyer in Spain: “The impact will be felt upon renewal of these visas when two years proof of financial resources is required as opposed to one year. But, if you are just becoming eligible for your state pension at this point – but you weren’t when you first applied for a visa - you can have this taken into consideration.”
For example, state pension income of £500 per month X 12 = £6,000 each year so total for two years is £12,000 / €13,936.80 (at €1.16 exchange rate) – to add to your other source(s) of income.
Adds Melanie Radford: “There is still time to start the renewal before the end of the year but you can’t apply for a renewal more than 60 days before TIE card expires.”
Big pension pot but no income?
For proof of sufficient financial resources, you can no longer show a pension pot value where you are not receiving any income even if you are eligible to take drawdowns. You need to prove you are receiving a regular pension income or the quantity required has to be in your bank account. They are not able to consider the funds managed through a pension provider, as it is not guaranteed and can change. However, funds in savings vehicles are acceptable such as ISAs & NS&I Premium Bonds.
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