The accreditation of economic means in the different types of residences and visas
13 Septiembre, 2023
Currently both the Law and the Aliens Regulations collect a multitude of cards and authorizations to live and work in Spain. We will see throughout this article what are the economic means to be credited in some of them.
Non-profit residence
Regarding the accreditation of sufficient economic means, the following minimum monthly amounts are established:
- 400% of the IPREM, or its legal equivalent in foreign currency for the applicant, and
- 100% of the IPREM or its legal equivalent in foreign currency for each of the relatives that the applicant has in his charge.
The IPREM is the (Public Indicator of Income of Multiple Effects) and the reference amount in 2021 is 564.90 euros per month, a value that corresponds to a total annual income of 6,778.80 euros without extraordinary payments and 7,908.60 euros with extraordinary payments. It should be borne in mind that, each year this indicator is revalued so that the calculation must be made according to the authorization period that is intended to be requested.
<u>Considerations</u>: There is an important point to highlight in this type of applications, the accreditation of having sufficient economic means can be made by any means of valid proof in Law that allows to prove the periodic income or the possession of sufficient patrimony that guarantees the stay of the applicant without depending on the public administration, nor to carry out work activities in the Spanish territory.
Included for the accreditation of these economic means are the contribution of property titles, certified checks or credit cards, accompanied by a bank certification where the amounts available to the applicant are accredited. You may also have shares or participations in Spanish, mixed or foreign companies proving by means of an affidavit that no work activity is carried out in them.
It is important to emphasize that Spanish legislation does not require that no work activity be carried out, but that it cannot occur in Spanish territory.
In addition, there is the possibility that the person travels periodically to his country to be able to attend to his business, as long as the effective residence in Spain is maintained.
On the other hand, it must be taken into account that the maximum term of this initial authorization is 1 year, without prejudice to the fact that, when requested for periods of temporary residence less than one year, the requirement of the economic means will be proportional to the period for which the non-profit residence is requested and that it would be logically less than that corresponding to the period of 12 months provided for in the initial application.
Reagrupación familiar.
Many are foreigners who live in Spain legally and want to reunite their family. Nowadays this process of family reunification is somewhat complicated and has become a procedure that requires compliance with certain requirements, and a file that involves the management of many documents, including the economic accreditation that follows.
For family units formed by two people, 150% of the IPREM will be required. For this year 2021 the IPREM amounts to 564.90 euros. That is, if you live in Spain and want to regroup a relative, you must prove at least 847.35 euros per month.
To this must be added 50% of the IRPEM for each additional family member who wants to regroup. That is, if you live with your spouse in Spain and you want to regroup a child, you must add to those 8847.35 euros the amount of 282.45 euros (you must prove that you have at least 1129.8 euros approximately each month).
In order to prove the availability of these economic resources , for example, all the documentation that proves that you have employment and / or sufficient economic resources to meet the needs of the family may be provided.
Another aspect that the Aliens Office will take into account to grant family reunification is that the economic means are stable and continuous for at least six months prior to the request for our family reunification.
Community card
The Community Family Member Card, or better known as the Community Card, is a residence card that can be applied for by family members of a Spanish citizen or of another Member State of the European Union, or of another State party to the Agreement on the European Economic Area or Switzerland, who do not hold the nationality of one of those States, when they meet him or accompany him, and go to reside in Spain for a period of more than three months, but what economic means do I have to prove to obtain this card?
The rule to be able to access this Community Card is to have for yourself and for the members of your family, sufficient economic resources so as not to become a burden for social assistance in Spain during your period of residence. You must also provide public or private health insurance, contracted in Spain or in another country, that provides coverage in Spain during your period of residence equivalent to that provided by the National Health System.
In relation to this requirement (proving sufficient economic means), the regulations do not contemplate a specific amount to be accredited by the Community so that this requirement is understood to be met. In this case, therefore, the amounts required for family reunification under the general scheme apply mutatis mutandis. In this case, if the family unit is composed of two family members, it will be necessary to prove that we have € 10,167 per year. For each additional member to that family unit we must add the amount of € 3388.2 per year.
Study visa.
Financial resources must be credited for an amount equivalent to 100% of the <u>IPREM</u> for each of the months that comprise the period of studies. It will necessarily be accredited with the presentation of the following documents in the following cases:
The applicant who proves economic solvency with his own means
- Last three bank statements.
- Three last settlements of own salary.
- Additionally, the above economic information can be supplemented with other official bank documents such as: savings accounts, term deposits or mutual funds.
- Exceptionally, the granting of a credit may be considered as a means of economic support. In this case, the credit must be credited to the applicant's current account. Documentation relating to the granting of such credit must be submitted.
The applicant who proves economic solvency with family means (father, mother, legal guardian, other relatives):
- Apostilled notarial declaration of the family member (declarant) who undertakes to finance all the studies and the stay in Spain of the visa applicant for an amount equivalent to 100% of the IPREM for the entire period of the studies.
- Photocopy of the Identity Card or Passport of the declaring relative.
- Apostilled birth certificate of the visa applicant.
- Three last bank statements.
- Three last salary settlements of the declaring relative
The applicant who accredits economic solvency with a scholarship:
By means of an official letter duly stamped and signed, stating the granting of the scholarship by the entity that grants it and where the amount granted is expressed. If the amount granted satisfies the economic resources required, it will not be necessary to provide the documentation indicated in the previous sections. The granting of non-pecuniary amounts (tickets or others), will not be considered as a financial contribution.
Schengen visa or enter the Schengen area.
If it is decided to travel to a Schengen country, the financial readiness to deal with the existential costs during the period of staying abroad must be demonstrated.
The Embassy or Consulate of the Schengen country to which you plan to travel, among other things when applying for the visa, will ask for some supporting documents to be provided, one of which is "means of subsistence". This is a document accepted to demonstrate that the applicant who wishes to enter a Schengen country, has the necessary financial capacity to travel and reside abroad in the specific country of the Schengen area, complying with the standard of living of that Schengen host country.
Generally, there are several recognized ways to demonstrate your financial sufficiency:
- A personal bank statement indicating financial movements (for at least the last 3 months)
- Credit card
- Cash
- Payroll
- Proof of employment
- Etc
To come to Spain, as far as the European Commission reports, under the Order of the Ministry of the Presidency of Spain (PRE / 1282/2007), a foreigner who intends to enter the territory of Spain must prove to have at least € 100 / day, with a minimum of € 900 per person regardless of the expected duration of the stay. The foreigner must prove possession of this amount to the Embassy or Consulate of Spain at the time of applying for the Spanish visa.
