# What is the minimum income requirement (actual amount)?



## kimuyen (Aug 8, 2013)

I know there are zillions posts with questions about income requirement for residency on here already. Sorry that after reading the Q&A section and searching the forum I still don't get a straight answer.

According to this post: http://www.expatforum.com/expats/sp...merican-brit-wife-england-moving-spain-3.html, "i believe you need to show 4000 euros to get your residency and 8000 for your spouse"

Why was the different amount? Was it because one was an EU citizen and the other a non-EU resident?

I saw from other posts that the requirement is 430 euros per person. So if there are 3 of us, that would be 430 x 3 x 12 months = 15,480 euros (minimum requirement for 1 year). Is that correct? If so, it conflicts with the post above. I am confused as what the amount is.

This leads to the next question - How far in advance do you open a bank in Spain while preparing for your move (before your get your residency to prove you have sufficient income and pay rent, etc.)? What are the rules in transferring money (max amount and how often, etc.)? Or is it better to open after you arrive?

I am asking this question because we are coming to Barcelona next week to check things out and wonder if we should open a bank account while there, allowing us enough time to transfer money to the Spanish bank account. We don't know what the rules are and whether the bank would allow us to transfer 15,000 (assuming my math is correct) in a period of a few weeks if we open an account after moving there. Of course we don't want to pay 6.25-8 euros per month (La Caixa and Sabadell, respectively) if we don't need to open a bank account now.

Everything is as clear as mud to me. 

Again, many thanks!


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## snikpoh (Nov 19, 2007)

Having read all the threads on this topic, and from listening to friends, this is my understanding.

Please bear in mind that as you are coming from USA, the rules MAY be different for you.


There is NO set figure that is required. Each 'extranjero' office seems to have their own interpretation of the requirements.

The basic figure seems to be 600€ per month per person and seems to include children in most places. In addition to this many areas now seem to be looking for an additional amount of approx 6000€ per person in savings. 

Regarding your bank account - I would certainly open a non-resident account whilst you are in Barcelona. You might also like to try and get your NIE's if you have time.

Transferring money is not an issue but, for money laundering purposes, you might be asked to sign a document stating where the money originated. Again, I would start transferring money as soon as possible to be able to show some history.

Sabadell have an account which is free if you meet their basic requirements (expansion account) - it might be worth discussing this possibility with them when you are here.

Best of luck.


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## kimuyen (Aug 8, 2013)

snikpoh said:


> Having read all the threads on this topic, and from listening to friends, this is my understanding.
> 
> Please bear in mind that as you are coming from USA, the rules MAY be different for you.
> 
> ...


It is scary that we have to guess our "minimum" income requirement. Thanks for the updated figures. My concern is the transferring of money as in the US even when I transfer money to another account holder of the same bank, there is a limit of $1,000 per 24 hour period (one can jump through hoops with tons of paper work to transfer a larger amount). 

We won't have salaries to be qualified for the Expansion account with Sabadell and we are not moving until next May, and won't make another visit until April of next year. Oh well, we may need to eat up the monthly cost and open a bank account when we are in Barcelona next week.


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## xabiaxica (Jun 23, 2009)

kimuyen said:


> It is scary that we have to guess our "minimum" income requirement. Thanks for the updated figures. My concern is the transferring of money as in the US even when I transfer money to another account holder of the same bank, there is a limit of $1,000 per 24 hour period (one can jump through hoops with tons of paper work to transfer a larger amount).
> 
> We won't have salaries to be qualified for the Expansion account with Sabadell and we are not moving until next May, and won't make another visit until April of next year. Oh well, we may need to eat up the monthly cost and open a bank account when we are in Barcelona next week.


why not pop into the extranjería while you're here?

tell them what your plans are & I'm sure that they'd tell what the current requirements are there


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## snikpoh (Nov 19, 2007)

kimuyen said:


> It is scary that we have to guess our "minimum" income requirement. Thanks for the updated figures. My concern is the transferring of money as in the US even when I transfer money to another account holder of the same bank, there is a limit of $1,000 per 24 hour period (one can jump through hoops with tons of paper work to transfer a larger amount).
> 
> We won't have salaries to be qualified for the Expansion account with Sabadell and we are not moving until next May, and won't make another visit until April of next year. Oh well, we may need to eat up the monthly cost and open a bank account when we are in Barcelona next week.



Neither do I but I was able to show that I would be making random payments of larger sums to compensate for this. For example, an initial deposit of 15k just like you. It wasn't a problem.

How, in America, does one buy a property without transferring a large sum of money? Surely this is just the same?


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## brocher (Mar 21, 2011)

Assuming you are from the US, with no entitlement to claim EU citizenship, have you checked that you are going to be able to get a visa to stay and work in Spain before you go opening bank accounts and transferring money?

Even if you think you will get a visa, I believe it can be a lengthy process and you may not wish to be transferring money ubtil that process is complete.


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## xabiaxica (Jun 23, 2009)

brocher said:


> Assuming you are from the US, with no entitlement to claim EU citizenship, have you checked that you are going to be able to get a visa to stay and work in Spain before you go opening bank accounts and transferring money?
> 
> Even if you think you will get a visa, I believe it can be a lengthy process and you may not wish to be transferring money ubtil that process is complete.


istr that the OP's husband is entitled to an Irish passport

that will make it smooth(ish) for him

I suspect that income/funds requirements might be higher when supporting a non-EU family though


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## kimuyen (Aug 8, 2013)

snikpoh said:


> Neither do I but I was able to show that I would be making random payments of larger sums to compensate for this. For example, an initial deposit of 15k just like you. It wasn't a problem.
> 
> How, in America, does one buy a property without transferring a large sum of money? Surely this is just the same?


In the US, one can certainly transfer a large sum of money as when they buy a house. But the amount of paper work is unbelievable and the process is frustrating. I was afraid the process and paper work in Spain is just as frustrating or even more so. That prompts the questions and how we can plan accordingly. We have our heart set on the Barcelona area and it would be a shame if the bureaucracy ruins the experience.


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## kimuyen (Aug 8, 2013)

xabiachica said:


> istr that the OP's husband is entitled to an Irish passport
> 
> that will make it smooth(ish) for him
> 
> I suspect that income/funds requirements might be higher when supporting a non-EU family though


Yes, you are correct. My husband holds Irish citizenship and he got his passport a day or two ago (my son and I are Americans). So legally, we should be able to apply for residency. It is the nuances of the process that we are still not very clear about. 

Xabiachica - As you advised from another post, my husband will visit the Foreigner Office while in Barcelona to see if we can get a more definitive answer about what the minimum amount is for our family. I will update after our trip.

Thanks!


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## xabiaxica (Jun 23, 2009)

kimuyen said:


> Yes, you are correct. My husband holds Irish citizenship and he got his passport a day or two ago (my son and I are Americans). So legally, we should be able to apply for residency. It is the nuances of the process that we are still not very clear about.
> 
> Xabiachica - As you advised from another post, my husband will visit the Foreigner Office while in Barcelona to see if we can get a more definitive answer about what the minimum amount is for our family. I will update after our trip.
> 
> Thanks!


make sure he makes it clear to them that you're non-EU 

although by the time you come it could have changed, you'll at least have a figure to work with!


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## brocher (Mar 21, 2011)

xabiachica said:


> istr that the OP's husband is entitled to an Irish passport
> 
> that will make it smooth(ish) for him
> 
> I suspect that income/funds requirements might be higher when supporting a non-EU family though



I don't know what the OP's circumstances are! They may have posted them on another thread, but not here! 

Yes, you should note that the figures mentioned here assume the whole family is EU, as Snikpoh said earlier.


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## rodap (Feb 13, 2013)

kimuyen said:


> In the US, one can certainly transfer a large sum of money as when they buy a house. But the amount of paper work is unbelievable and the process is frustrating. I was afraid the process and paper work in Spain is just as frustrating or even more so. That prompts the questions and how we can plan accordingly. We have our heart set on the Barcelona area and it would be a shame if the bureaucracy ruins the experience.


Did you asked you bank how can you transfer a big amount? We transferred years ago large amounts with just a signature from our bank to the one in Europe no problem .


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## kimuyen (Aug 8, 2013)

So I finally stumbled the official website from the Spanish government regarding residency and NIE (see navigation on the right). It still does not specify what the income requirement is but at least you can read the official copy.

The website is in Spanish but you can use google to translate it.

Estancia y residencia - Ministerio del Interior


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## CapnBilly (Jun 7, 2011)

kimuyen said:


> So I finally stumbled the official website from the Spanish government regarding residency and NIE (see navigation on the right). It still does not specify what the income requirement is but at least you can read the official copy.
> 
> The website is in Spanish but you can use google to translate it.
> 
> Estancia y residencia - Ministerio del Interior


The reason that you cannot find the income requirement is that is that they are not allowed to specify an amount. This s clearly stated in Article 8.4 of the EU Directive 2004/38 governing the Freedom of movement within the EU

4. Member States may not lay down a fixed amount which they regard as "sufficient resources", but they must take into account the personal situation of the person concerned. In all cases this amount shall not be higher than the threshold below which nationals of the host Member State become eligible for social assistance, or, where this criterion is not applicable, higher than the minimum social security pension paid by the host Member State.

The Spanish law which is based on the above EU Directive is Ley 240/2007 and the clause above is reflected in Article 7.7


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## Filsh (Apr 8, 2013)

I am moving to Torrox Costa in a couple of weeks and was wondering if anyone knows the actual amount for Residency in Neja area? I'm presuming 6k each and minimum 600 euros per month per person? Also, one other question; do I have to have the required money in a Spanish bank account or is it possible to show UK bank account? The reason I'm asking is just that I want to do the residency and NIE at the same time as soon as possible.


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## xabiaxica (Jun 23, 2009)

Filsh said:


> I am moving to Torrox Costa in a couple of weeks and was wondering if anyone knows the actual amount for Residency in Neja area? I'm presuming 6k each and minimum 600 euros per month per person? Also, one other question; do I have to have the required money in a Spanish bank account or is it possible to show UK bank account? The reason I'm asking is just that I want to do the residency and NIE at the same time as soon as possible.


most offices will want the funds in a Spanish account - if it's anywhere else they might ask for translations of all paperwork so it's easier really


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## Filsh (Apr 8, 2013)

xabiachica said:


> most offices will want the funds in a Spanish account - if it's anywhere else they might ask for translations of all paperwork so it's easier really


Cheers Xabiachica!


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