Question
Spain non lucrative visa: Can funds for IPREM be transferred a month or two before applying, and can a college fund be used for this purpose?
Answers
These are the answers of some Facebook group members:
”Some consulates need 6 months, some ask for 12”
”What we did to make it easier we transferred the IPREM required to our savings and presented it to the DC embassy & they accept it. Unless you could provide them with your passive monthly income. We also offered copies of our monthly SS & pension but they told us that they didn’t need it since we had the IPREM in our savings”
”We did 3 months of passive income statements. Bank certified. In it was also our savings. So we qualified on all counts. The more the better. The Consulates have different requirements. So you need to check with yours exactly how they want bank certified proof. It’s not an exact science”
”Has to be liquid cash, either passive or sitting in an account. Plans such as a 529’s have restrictions and can only be used for education expenses. Our Consulate’s website asks for 3 months worth of statements, but it seems that bank statements and tax returns are the two most requested “additional documentation”. We sent in 12 months and tax returns. Others have said they submitted letters provided by the financial institution, stating their investment plans can be converted/ cashed out without restrictions, and that was sufficient for their consulates”
”Also, if you do cash out a certain amount 2-3 months ahead, you’ll need to show where that money came from, to ensure you didn’t borrow it to meet the iprem requirement, which you’ll then pay back. I guess they need to see a paper trail”
Conclusion
In conclusion, according to Spainguru Facebook group members, consulates may have different timeframes, but presenting the required amount in savings or demonstrating passive income through bank-certified statements seems acceptable.
Liquid cash is preferred, and caution is advised when cashing out funds in advance to ensure a clear paper trail. It’s crucial to check specific consulate requirements and consider consulting with immigration experts for appropriate documentation.
