Update from the British Embassy in Madrid.
Many of you have asked us what constitutes “sufficient resources” if you are applying for residency and not working. It’s not a straightforward question to answer! Both EU and Spanish law state that there is no set amount that a person must have in their bank account in order to meet the residency requirements for EU nationals (which apply to UK nationals during the Transition Period), but rather a series of indicators that will be considered as a guide when assessing the individual’s circumstances. These indicators are: IPREM (Indicador Público de Rentas de Efectos Múltiples. Visit http://www.iprem.com.es for information) and the annual income index for accessing social benefits in Spain and the minimum state pension from the Seguridad Social (http://www.seg-social.es/…/Pensionist…/Revalorizacion/30434…)
We know that UK Nationals are asked to demonstrate funds of varying set amounts depending on where there are in Spain. Often the authorities prefer to see regular income rather than a lump sum in the bank and, in some regions, they ask to see bank statements showing three to six months’ income in a Spanish bank account. Ultimately, it’s at the discretion of the Spanish official to take into consideration your personal circumstances and determine whether or not you have sufficient means to not become a burden on the state, so you may find it helpful to take along other evidence of assets when you go to your appointment. If you want to get a general idea of the figure asked for in your region, please contact the relevant extranjeria office. We do not yet know what the income requirement will be from 1 January 2021, but it is likely to change.