One of the key eligibility criteria for Spain’s Digital Nomad Visa (DNV) is proving that you meet the required monthly income. This income requirement ensures that you have the financial stability to support yourself and any dependents while living in Spain. Below is a detailed breakdown of the income thresholds and some frequently asked questions to help clarify this important aspect of the visa application process.
Key Considerations
- Variable Income Requirement
The income requirement isn’t fixed. It’s based on 200% of Spain’s minimum interprofessional salary (Salario Mínimo Interprofesional), which is normally adjusted annually. The figures provided below are applicable for the current year.
Income Requirements for 2024
Frequently Asked Questions (FAQ) on Income Requirements
- Is it Gross or Net Income?
- The income requirement is based on gross income, not net. This means the total income you earn before any taxes or deductions.
- Do You Need to Provide Proof of Property (e.g., house, car, land)?
- No. You don’t need to provide proof of property. Meeting the monthly minimum income requirement is sufficient.
- Do You Need to Provide “Show Money”?
- No. You do not need to provide “show money” or proof of lump sum in your bank account. As long as you can prove that you meet the required monthly income, that will suffice.
- Do You Need to Provide Proof of Savings?
- Generally, no. However, there have been cases where applicants who fall slightly short of the monthly income requirement try to supplement it with proof of savings. For example, if you’re missing €100 per month, you could show savings of €100 multiplied by 36 months (i.e., €3,600) to cover the three-year authorization period.
- Important Note: This approach has seen mixed results, with some applicants being approved and others denied. Therefore, it is not a recommended strategy unless absolutely necessary.
- What If I Don’t Meet the Required Salary Yet?
- If you’re not currently meeting the required salary, take this information as a goal to work toward. Knowing the income thresholds can help you plan for the future, ensuring that when you do reach the necessary income level, you’re prepared to apply for the DNV. Keep staying informed about the requirements so that when the time comes, you’ll know exactly what to do.
Final Thoughts
Meeting the income requirements for Spain’s Digital Nomad Visa is crucial to ensuring your application is successful. While the amounts may seem high, they reflect Spain’s desire to ensure that digital nomads and their families have the financial stability to live comfortably while residing in the country.
If you’re unsure about your current eligibility or need help preparing your application, reach out to us for assistance or book a consultation. We’re here to guide you through every step of the process and ensure your transition to life in Spain is as smooth as possible.
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