Requirement Overview
Applicants for Spain's Digital Nomad Visa (Ley 28/2022) must demonstrate a minimum monthly income equivalent to approximately 200% of the SMI (Salario Mínimo Interprofesional). If your regular freelance invoices do not consistently reach this threshold, you may supplement the shortfall using liquid savings.
Purpose and Regulation
This requirement stems from Ley 28/2022 (Startup Law). It ensures that residents have sufficient economic means to support themselves in Spain without becoming a burden on the state's social assistance systems.
Evidence and Documentation
To satisfy this requirement, you must provide:
- Bank Certificate: An original certificate from your financial institution showing current liquid balances.
- Account Statements: Typically, the last 3–6 months of statements to prove the stability of the funds.
- Calculation: The total amount must cover the difference between your actual income and the 200% SMI requirement for the entire duration of the requested residency (e.g., 1 year for a visa or up to 3 years for a permit).
Translation and Legalization
- Apostille: Bank certificates generally do not require an apostille, but they must be official documents issued by the bank.
- Translation: If the documents are not in Spanish, a sworn translation (Traductor Jurado) is typically mandatory for the Spanish authorities to verify the amounts and liquidity of the assets.
Common Pitfalls
- Non-liquid Assets: Real estate, crypto-assets (without conversion to fiat), or long-term fixed deposits that cannot be withdrawn immediately are often rejected.
- Sudden Deposits: Large, unexplained deposits made just before generating the certificate may trigger scrutiny regarding the source of funds.
- Exchange Rate Fluctuations: If your savings are in a foreign currency, ensure the balance exceeds the threshold significantly to account for currency volatility.