If you’re looking to move to Spain, you’ll come across the term “IPREM Spain.” It is a figure the Spanish government uses for many official calculations, including the Non-Lucrative Visa and Student Visa income requirements. Read on for all you need to know about the IPREM Spain 2023.
What is the 2023 IPREM Spain amount?
- The 2023 Spain IPREM is €600 per month or €7,200 annually.
- The daily IPREM is €20 in 2023.
The 2023 IPREM is an increase of 3.6% on the 2022 annual IPREM of €6,948.
Note: there is another figure based on 14 annual payments, but this figure of €8,400 is not used for visas.
What is the Spanish IPREM?
In 2004 the Spanish government created a new economic indicator for standard calculations. They came up with the Indicador Público de Renta de Efectos Múltiple or IPREM. A direct translation is Public Multiple Effects Income Indicator. Spain uses this figure, whereas many countries would use a minimum wage.
The government reviews IPREM yearly, with the new figure announced in December.
What is IPREM used for in Spain?
1) The NLV / Retirement Visa Income Requirement
The primary applicant income requirement for the Spain Non-Lucrative Visa application (retirement visa) is 400% x IPREM.
2) Spain Student Visa Income Requirement
You’ll need to show you have 100% x IPREM to qualify for the Spain Student Visa.
3) Family Member Residency
If you include additional dependents on your residence permit application or application for family reunion residency, you use IPREM. You should show you can support them living in Spain. You’ll need 100% x IPREM for each dependent on a non-lucrative application. You’ll also need health insurance for each.
4) Social and Welfare Payments
The government uses IPREM Spain to manage unemployment benefits, social welfare programs, and some education grants and scholarships.
5) Tax calculations
The Spanish Tax Agency uses IPREM for some deduction calculations. See our Taxes in Spain guide for more information.
Historic Annual Spanish IPREM Amounts
- 2023 – €7,200.00 (3.6% increase on 2022)
- 2022 – €6,948.24 (2.5% increase on 2021)
- 2021 – €6,778.80 (5.0% increase on 2020)
- 2020 – €6,454.03 (0% increase on 2019)
- 2019 – €6,454.03 (0% increase on 2018)
Our projection for 2024 IPREM?
The Spanish Government only releases the new IPREM at the end of the year. And they provide very few hints of plans for the following year. However, as inflation is above 5% in 2023, we expect an increase of at least that figure.
FAQ – 2023 IPREM in Spain
What is IPREM in Spain?
IPREM stands for Indicador Público de Renta de Efectos Múltiples, which is the Public Indicator of Multiple Effects Income. It is an economic indicator used in Spain to calculate certain benefits, subsidies, and grants, including residency and visa-related ones.
How is IPREM used in relation to visas and residency in Spain?
IPREM is used to calculate the minimum income required to obtain certain types of visas and residency permits in Spain. For example, the minimum income required for a non-lucrative visa is currently 400% of the IPREM, which for 2023 is €28,800 per year.
What other benefits and subsidies are calculated based on IPREM in Spain?
IPREM is also used to calculate unemployment benefits, housing subsidies, and other social benefits in Spain. The exact amount varies depending on the current IPREM rate and other factors.
Will the IPREM rate change in 2024?
Yes, the IPREM rate is updated annually based on inflation and other economic factors. We expect an increase of at least 5% on the 2023 figure.
Where can I find more information about IPREM and how it is used in Spain?
You can find more information about IPREM and how it is used in Spain on the website of the Spanish Ministry of Inclusion, Social Security, and Migration, as well as on the websites of other relevant government agencies and organizations. It’s always a good idea to consult with a professional, such as an immigration lawyer or financial advisor, to get personalized advice and guidance on your specific situation.