Sufficient Economic Means - Guide
Updated: 2 days ago
One of the criteria that has to be demonstrated in the residency 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 pounds or other currency. Doing this before you start the process will significantly speed up the process.
When applying for the TIE under the cover of the Withdrawal Agreement
If you are employed
If you are employed, present the following documents to the Foreigners Office:
Current employment contract.
Your last 3 payslips (if you have been working for less than three months provide the ones that you have).
A bank statement showing at least the last 3 months of your bank account movements.
If you are in receipt of a pension or not in employment
Pensioners and applicants not in employment need to present the following documents to the authorities:
A bank statement with evidence that it is your account and the account movements for the last three months.
Your average account balance (saldo medio in Spanish) for the past three months.
Your last official confirmation of the pension you are entitled to.
The pension and bank statements will need to show your personal information (such as name, address, or identification number and they will have to be officially translated into Spanish by an officially recognised translator).
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.
How much money do I need to have in my account?
The Spanish authorities currently state that every individual applying for residency must show they have (in euros) a total amount of 5.538,40 euros*, in case of no other sustained income, for the residency application (TIE). Also, for each dependant, the amount is increased by 3000 euros (this amount varies slightly depending on the region).
*These figures were provided by the Spanish Foreigners Office (Oficina de Extranjería).
If applying for a visa
Non-lucrative visa: Bank statements showing at least a monthly amount of the 400% IPREM for yourself, plus 100% IPREM for any extra family member you include in your application (2.259'60 euros/month, plus 564'90 euros per dependant).
Student visa: different options are avaliable.
6 months of bank statements (originals and stamped by bank) showing at least a monthly amount of the 100% IPREM (564'90 euros/month), 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 accomodation 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.