How Much Money Do You Really Need to Move to Spain?

How Much Money Do You Really Need to Move to Spain?

The question of money is where most relocation conversations should start — and where many people get it wrong. Whether you are applying for a visa, buying a property or simply budgeting for your first year, understanding the real financial requirements is essential.

This article breaks down the figures honestly. No inflated estimates to scare you, no optimistic underplaying of the reality.

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Part 1: Visa Financial Requirements

If you are moving to Spain on a visa (Non-Lucrative or Digital Nomad), the Spanish consulate will require proof that you can support yourself.

The IPREM

IPREM (Indicador Público de Renta de Efectos Múltiples) is the Spanish public income indicator. Visa financial requirements are stated as a multiple of IPREM.

Current IPREM (2025): €600 per month (approximately)

Note: IPREM is updated annually. Always check the current figure before applying.

Non-Lucrative Visa Financial Requirements

The standard requirement is 400% of IPREM per year for the main applicant.

What this means for a couple:

• Main applicant: €28,800
• Spouse: €7,200
• Total required: €36,000 per year

For a family of four:

• Main applicant: €28,800
• Spouse: €7,200
• Two children: €7,200 + €7,200
• Total: €50,400 per year

What Counts as Income?

The consulate accepts:

• Pensions (state and private)
• Rental income (with evidence of ongoing tenancy)
• Investment dividends and interest
• Savings held in a bank account

What typically does not count:

• Employment income if you are applying for the NLV (which does not permit work)
• One-off lump sums (unless they are very substantial and can be shown to sustain you)
• Uncertain or informal income

How Savings Are Treated

If you do not have ongoing monthly income, you may be able to use savings. The general rule is that you should show savings equivalent to the annual requirement multiplied by the number of years the visa is granted for.

For the initial NLV (typically 1 year):

• Single applicant: €28,800+
• Couple: €36,000+
• Family of four: €50,400+

Important: Consulates are not simply looking at a bank balance. They want to see that the money is:

• Available to you
• Sufficient to cover the period
• From legitimate sources (they may ask for evidence)

Digital Nomad Visa Financial Requirements

The DNV has two possible financial thresholds:

Option A: Percentage of SMI (Salario Mínimo Interprofesional)

• 200% of SMI for the main applicant
• SMI is approximately €1,134 per month (2025)
• Main applicant: approximately €2,268 per month or €27,216 per year

Option B: Income level showing sufficient means

• Some consulates use IPREM-based calculations similar to the NLV
• Requirements vary by consulate
• Check with your specific consulate before applying

The DNV advantage: You are permitted to work remotely, so an employment contract or client income is acceptable as part of your proof.

Proof of Funds Documents

You will typically need:

• Bank statements for the last 3–6 months
• Pension award letters
• Property rental agreements with payment evidence
• Investment portfolio statements
• Employment contracts (for DNV)

All documents may need to be:

• Apostilled (Hague Apostille)
• Officially translated to Spanish by a sworn translator (traductor jurado)

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Part 2: The Cost of Moving

Pre-Arrival Costs

Pre-arrival total for a couple (rough estimate): £3,000–£7,000 depending on number of documents, insurance costs and pets.

First-Month Setup Costs

Ongoing Monthly Costs (Typical)

Typical monthly total (couple, renting, modest lifestyle): €2,000–€3,500

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Part 3: Hidden Costs Nobody Talks About

Gestor and Professional Fees

Even if you handle much of the bureaucracy yourself, you will likely need:

• Gestor for NIE/TIE applications: €50–€200 per service
• Tax adviser for Spanish tax registration: €150–€500
• Lawyer for property matters (if buying): €1,500–€3,000
• Accountant for annual tax returns (if autónomo): €500–€1,200/year

Currency Costs

If your income is in Sterling and your expenses are in Euros, exchange rate fluctuations affect you. A 10% drop in the pound means a 10% increase in your costs.

Mitigation:

• Use a currency exchange service (Wise, Revolut, specialist brokers) rather than high-street banks
• Consider fixing exchange rates for large transfers
• Budget for a buffer if the pound weakens

Emergency Buffer

Things go wrong. Budget for:

• Medical costs not covered by insurance
• Emergency flights back to the UK
• Unexpected property repairs
• Bureaucratic delays that extend your setup period

Recommended buffer: 3–6 months of living expenses on top of everything else.

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Part 4: What "Affordable Spain" Really Means

Spain is less expensive than the UK for most everyday costs, but the gap is not as large as some imagine — especially in popular expat areas.

Where Spain is cheaper:

• Dining out
• Council tax (IBI vs UK council tax)
• Some groceries
• Public transport (where available)
• Wine and eating out

Where Spain is similar or more expensive:

• Electricity (especially with air conditioning)
• Car running costs
• Private health insurance for older people
• Some imported goods
• Property purchase costs

The regional factor:

• Madrid and Barcelona are comparable to UK cities for housing
• Costa Blanca and Costa del Sol vary by town
• Rural inland areas are much cheaper but have fewer services

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Part 5: Financial Planning Checklist

Before you move, confirm:

• [ ] I know the current IPREM and SMI figures
• [ ] I have calculated my visa-specific financial requirement
• [ ] I have bank statements or evidence covering the required period
• [ ] I have budgeted for apostille, translation and visa fees
• [ ] I know what health insurance will cost me
• [ ] I have a realistic monthly budget for my target area
• [ ] I have a 3–6 month emergency buffer
• [ ] I have a plan for currency exchange
• [ ] I have accounted for professional fees (gestor, tax adviser if needed)
• [ ] I have considered the cost of returning to the UK if needed

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Part 6: The Most Common Financial Mistakes

Mistake 1: Assuming Spain Is "Cheap"

Spain is cheaper than the UK, but not drastically so in popular areas. If your UK budget was tight, your Spanish budget may also be tight.

Mistake 2: Underestimating Setup Costs

The first six months are expensive. Deposits, furniture, bureaucratic fees, professional services and the general chaos of settling in all cost money.

Mistake 3: Not Budgeting for Private Health Insurance

For visa applicants, this is mandatory and ongoing. For retirees, it may be needed until S1 registration. For working-age people, it may be needed until Convenio Especial eligibility. Do not treat it as a one-off cost.

Mistake 4: Forgetting Currency Risk

A falling pound increases your costs. A retired couple on a fixed Sterling pension loses purchasing power if the pound drops.

Mistake 5: Not Having an Exit Fund

If you need to return to the UK, you need money for:

• Transport
• UK rental deposit
• Re-establishing yourself
• Potentially selling a Spanish property in a hurry

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What Costa Bridge Can Do

Our Move-to-Spain Readiness Review includes a financial readiness assessment:

• Do your funds meet the visa requirement for your route?
• Is your monthly budget realistic for your target area?
• Have you accounted for setup costs, ongoing costs and emergency buffer?
• Where are the financial risks in your plan?

We do not provide financial advice. We help you organise your financial picture so you can ask the right questions of the right professionals.

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This article is current as of July 2026. IPREM, SMI and other financial thresholds change annually. Always check current figures with your Spanish consulate or official sources before applying.

This is practical guidance, not financial or investment advice. For detailed financial planning, speak to a qualified financial adviser with cross-border experience.