Can I use savings to qualify for the Spanish Digital Nomad Visa?

Yes, you can use savings to qualify for the Spanish Digital Nomad Visa, but they need to supplement your primary income source, which must be derived mainly from non-Spanish sources. Your savings can help demonstrate financial stability, but the focus is on proving regular income through remote work.

Eligibility Requirements

The Spanish Digital Nomad Visa is designed for remote workers who can work independently of a specific location. To qualify, you need to show that at least 80% of your income comes from clients or an employer outside of Spain. This visa is particularly aimed at freelancers, entrepreneurs, and employees of international companies who work remotely.

While the primary requirement is proving stable remote income, your savings can play a crucial role in demonstrating your financial security. However, they cannot replace the need for a consistent income stream. Spanish authorities require proof of monthly income, which should be at least $2,500 for the visa applicant, with additional funds needed for each dependent family member.

Application Process

Applying for the Spanish Digital Nomad Visa involves several steps. First, gather all necessary documents, including proof of income, such as pay stubs, contracts, or bank statements showing regular deposits from a non-Spanish source. Additionally, you should present evidence of your savings, like bank statements, to bolster your financial standing.

The application process also requires health insurance coverage valid in Spain, a clean criminal record, and a contract or letter from your employer or clients stating your ability to work remotely. Once your documents are ready, submit your application at the Spanish consulate or embassy in the U.S., or if you’re already in Spain, through the local immigration office.

Comparison with Other Visas

While this visa is ideal for remote workers, the Non-Lucrative Visa suits retirees and those who have substantial savings and wish not to work while living in Spain. The Non-Lucrative Visa requires proof of savings or passive income, without the necessity of work-related income.

In contrast, the Digital Nomad Visa for Spain is designed specifically for remote workers who wish to continue their professional activities while enjoying the lifestyle that Spain offers. The key difference is that the Digital Nomad Visa emphasizes active income from outside Spain, whereas the Non-Lucrative Visa focuses on passive income or savings.

Benefits of Using Savings

Using savings as part of your application can strengthen your case by showing additional financial security. It demonstrates to Spanish authorities that you have a safety net, which can be particularly beneficial if your remote income fluctuates. Savings can also cover unexpected expenses, ensuring you can support yourself and any dependents comfortably.

However, remember that while savings can complement your financial proof, they should not be the primary basis for your visa application. The emphasis remains on the ability to sustain yourself through remote work income.

For more details, check out our comprehensive guide – Relocate to Spain – The Definitive Guide.

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