How much money do you need in your bank to move to Spain?

Depending on the visa type, and the number of dependants, your minimum income is determined. In calculating the proof of income for non-lucrative residency, you must have an annual income of 400% of IPREM in your bank account. The IPREM for 2023 is €600 per month.



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You can stay in Spain for a maximum of 183 days per year (6 months) in order to not become a resident. If you spend an extra day (184 days and onwards), you will be regarded as a resident, hence paying resident taxes in the country.

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To be eligible to travel to Spain you must have a specific minimum amount of money. According to the European Commission, you need to attest owning the overall amount for duration up to 10 days that is representative of a 90% of the gross national minimum wage (636.93 €) that is 573.23€.

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Accreditation of financial means??? In any case, and regardless of the length of stay, the traveller must have at least 810 euros or its equivalent in foreign currency.

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While the cost of living can vary depending on location and personal preferences, Portugal tends to be slightly cheaper than Spain for accommodation, food, and transportation. Both countries offer beautiful scenery, rich culture, and delicious food, making them great destinations for travelers on a budget.

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