As Spain continues to adapt its immigration policies to accommodate the evolving landscape of global work environments, the “Indicador Público de Renta de Efectos Múltiples” (IPREM 2024) and the “Salario Mínimo Interprofesional” (SMI) remain central to these adjustments.
For 2024, while the IPREM remains unchanged from 2023 pending the approval of the general budgets, the SMI or “Salario Mínimo Interprofesional” has seen a significant update, with a 5% increase setting it at 1,134 euros per month. This increase, effective retroactively from January 1, 2024, has implications for applicants of both the Spanish Non-Lucrative Visa and the Digital Nomad or Teleworker Visa.
Here is the updated IPREM for the year 2025.
- 2025 IPREM Monthly: 600.00 Euros
- 2025 IPREM Yearly (12 payments): 7,200.00 Euros
- 2025 IPREM Yearly (14 payments): 8,400 Euros
Spain Non Lucrative Visa: Financial Requirements in Light of IPREM 2024 (as of 2 February 2024)
For the Spain Non Lucrative Visa, applicants must demonstrate financial sufficiency based on the IPREM. As previously mentioned, the main applicant needs to show they have at least 400% of the IPREM annually, equating to 2,400 euros per month or 28,800 euros annually. Each dependent requires an additional 100% of the IPREM, translating to 600 euros per month or 7,200 euros annually.
Spain Digital Nomad visa or Teleworker Visa: The Role of SMI (as of 2 February 2024)
The Digital Nomad or Teleworker Visa, designed for individuals intending to work remotely for companies outside of Spain, introduces a different financial criterion linked to the SMI. Applicants for this visa must prove financial means significantly above the standard requirements, ensuring they can sustain their stay without burdening the Spanish social welfare system.
It is generally understood that applicants need to demonstrate a monthly income of at least 200% of the SMI for the main applicant. This requirement places the financial threshold for digital nomads at approximately 2,268 euros per month, given the SMI’s new rate for 2024. For family members, the requirement is typically set at 75% of the SMI for the first dependent and 25% for each additional member, ensuring that families have adequate support during their stay.
However, according to Spainguru’s Facebook DNV group members, applicants must demonstrate an income of at least €30,000 per year. If the income is slightly lower, say between €27,000 and €28,000, it may still be acceptable if the applicant has sufficient savings.
Implications for Applicants
The increase in the SMI for 2024 not only reflects the economic adjustments within Spain but also impacts the financial planning of potential visa applicants. Those applying for the Digital Nomad or Teleworker Visa must account for this increase in their budgetary considerations, ensuring they meet the heightened financial requirements to qualify for the visa.
For both Spain Non Lucrative and Digital Nomad Visa applicants, staying informed about the latest financial requirements is crucial. The unchanged IPREM for 2024 provides some stability in planning for Non-Lucrative Visa applicants. In contrast, the increased SMI poses additional considerations for Digital Nomad Visa applicants, particularly in proving financial sufficiency.
IPREM Historical Data
| Year | IPREM Monthly | IPREM Yearly (12 payments) | IPREM Yearly (14 payments) |
|---|---|---|---|
| 2023 | 600,00 € | 7.200,00 € | 8.400,00 € |
| 2022 | 579,02 € | 6.948,24 € | 8.106,28 € |
| 2021 | 564,90 € | 6.778,80 € | 7.908,60 € |
| 2020 | 537,84 € | 6.454,03 € | 7.519,59 € |
| 2019 | 537,84 € | 6.454,03 € | 7.519,59 € |
| 2018 | 537,84 € | 6.454,03 € | 7.519,59 € |
| 2017 | 537,84 € | 6.454,03 € | 7.519,59 € |
| 2016 | 532,51 € | 6.390,13 € | 7.455,14 € |
| 2015 | 532,51 € | 6.390,13 € | 7.455,14 € |
| 2014 | 532,51 € | 6.390,13 € | 7.455,14 € |
| 2013 | 532,51 € | 6.390,13 € | 7.455,14 € |
| 2012 | 532,51 € | 6.390,13 € | 7.455,14 € |
| 2011 | 532,51 € | 6.390,13 € | 7.455,14 € |
| 2010 | 532,51 € | 6.390,13 € | 7.455,14 € |
| 2009 | 527,24 € | 6.326,86 € | 7.381,33 € |
| 2008 | 516,90 € | 6.202,80 € | 7.236,60 € |
| 2007 | 499,20 € | 5.990,40 € | 6.986,80 € |
| 2006 | 479,10 € | 5.749,20 € | 6.707,40 € |
| 2005 | 469,80 € | 5.637,60 € | 6.577,20 € |
| 2004 | 460,50 € | 5.526,00 € | 6.447,00 € |
Conclusion
As Spain continues to attract a diverse population of expatriates, understanding the financial requirements for various visa applications becomes increasingly important. The IPREM and SMI serve as critical benchmarks in this process, guiding applicants in their financial preparations.
With the SMI set to increase in 2024, potential applicants, especially those considering the Spain Digital Nomad visa or Teleworker Visa, must adjust their financial planning accordingly. By doing so, they can ensure a smoother application process, enhancing their chances of enjoying the vibrant culture and lifestyle Spain has to offer.
