Overview of Financial Requirements
Under the Ley 28/2022 (Startup Law), digital nomad freelancers must demonstrate sufficient financial resources to support themselves and any accompanying family members while residing in Spain. This ensures the applicant has the economic means to live without becoming a burden on the state.
Minimum Income Thresholds
The thresholds are tied to the Salario Mínimo Interprofesional (SMI):
- Main Applicant: Minimum monthly income of at least 200% of the SMI.
- First Family Member (e.g., spouse): An additional +75% of the SMI.
- Additional Family Members: An additional +25% of the SMI per person.
Evidence and Documents
To satisfy this requirement, freelancers must provide proof of a professional relationship with foreign clients for at least 3 months. Acceptable evidence includes:
- Service Contracts: Contracts with non-Spanish companies.
- Bank Statements: Showing regular deposits from clients.
- Invoices: Recent billing history matching the income requirements.
- Certificate of Experience/Education: University degree or documentation of at least 3 years of professional experience in the field.
Legalizations and Translations
- Apostille: Foreign official documents (such as certificates or registrations) generally require a Hague Apostille to be valid in Spain.
- Sworn Translation: Any document not issued in Spanish must be translated by a Traductor Jurado (sworn translator) authorized by the Spanish Ministry of Foreign Affairs.
Common Pitfalls
- Irregular Income: For freelancers, income is often averaged. Significant fluctuations below the 200% SMI threshold in recent months can lead to rejection.
- Spanish Source Income: The primary income must come from companies located outside of Spain. While freelancers can work for Spanish companies, this income must not typically exceed 20% of their total activity.
- Tax Planning: Remember that spending more than 183 days in Spain makes you a tax resident, meaning you will be taxed on worldwide income (IRPF).