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Digital Nomad Visa: Economic Requirements 2024 🇪🇸💸

Navigating Spain’s Digital Nomad Visa: Economic Requirements 💰 (EDITED JANUARY 2024)

In an era where remote work is more accessible than ever before, Spain has opened its doors to digital nomads and remote workers seeking to experience the country’s rich culture, vibrant cities, and beautiful landscapes. The Spanish government introduced the Digital Nomad Visa to welcome international teleworkers to live and work in the country. To obtain this visa or residence authorization, applicants must meet certain economic requirements, as outlined in Law 14/2013.

In this blog post, we’ll delve into the details of these economic requirements, helping you prepare for your Spanish adventure.

Understanding the Economic Requirements

Applicants for the Digital Nomad Visa or residence authorization must demonstrate that they possess sufficient financial resources to support themselves and their family members while residing in Spain. These financial requirements are based on a percentage of Spain’s minimum interprofessional wage (SMI), which, is €1,134 per month this year 2024.

⚠️ Knowing how to calculate this requirement can have a substantial impact on your application and can also lead to an unfortunate denial if not calculated properly.

The specific requirements are as follows:

👨‍💻 1. Holders of Visas and Residence Authorizations (MAIN APPLICANT).

Applicants who are the primary visa or residence authorization holders must prove that they have financial resources equal to at least 200% of the SMI in 14 payments. This means that, as of January 2024, they would need to demonstrate resources amounting to €2,646. (This is of utmost importance because it is not €2,268 per month contrary to popular belief; multiplying the 200% SMI x 12 months).

👫 2. Family Units with Two People.

If the applicant is forming a family unit that includes both the primary holder and another family member, they must have resources equivalent to at least 75% of the SMI. For 2024, this would amount to €926.10 per month.

👨‍👩‍👦 3. Each additional family member.

A 25% of the SMI (€330.75) will be required for each additional member in addition to the two persons mentioned above.

Proving Your Financial Resources

To meet these financial requirements, applicants are expected to provide evidence of their financial means. The Spanish authorities allow for various means of proof, and each application undergoes an individualized analysis. The acceptable forms of proof include:

📃 Employment Contract:

If you have a job offer or employment contract with a Spanish company or an international company that allows remote work from Spain, this can serve as evidence of your financial stability.

💼 Professional Activity:

If you’re engaged in a professional activity, a mercantile contract relevant to your work can be used as evidence.

🏧 Funds Ownership:

Regardless of your employment status, you may also use funds in a Spanish bank account or other financial assets as proof of your financial resources. It’s crucial to demonstrate the ownership, legality, and availability of these funds.

Calculating the Minimum Interprofessional Wage (SMI)

As of our last update in September 2023, the SMI was €1,080 per month. However, it’s important to note that the SMI is calculated on a 14-month basis, which is unique to Spain. Therefore, the annual SMI would be €15,120 (€1,080 x 14). To calculate the required financial resources, you would apply the percentages mentioned above to this annual figure.

Ready to get your digital nomads permit?

Spain’s Digital Nomad Visa is an excellent opportunity for remote workers and digital nomads to experience the beauty and culture of this European nation. Meeting the economic requirements is a crucial step in the application process, and it’s important to stay updated on the latest requirements and guidelines. Be prepared to provide the necessary evidence of your financial resources, whether through an employment contract, professional activity, or funds in a bank account. As regulations may change over time, always consult the latest information from Spanish authorities or your local embassy or consulate to ensure a successful application process. Enjoy your journey as a digital nomad in Spain!

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