If you are planning to study in Spain, the process of getting started can be stressful and confusing, especially when you need to provide an "accreditation of economic means" for every step of the process, but you don't even know what that document is. Don't worry! At Glex, our mission is to make this process a simple experience, and in keeping with this purpose, we will explain how you can prove your financial solvency to study in Spain.

First of all, what is an accreditation of economic means? This is a document that proves you have sufficient means to cover the expenses of your stay in Spain, including the cost of your course, accommodation, meals, and so on. These can come from your own financial resources, scholarships, loans, savings, and others. Through this document, you must prove that you have 100% of the IPREM for each month you will be studying in the country.

The IPREM stands for the Public Multiple Effect Income Indicator and is used as a reference for the granting of employment subsidies, government economic aid, and so on. Currently (2021), the monthly IPREM is €564.90, while the annual amount is €6,778.80. Therefore, this would be the amount you need to prove. As this figure may change, we invite you to check for more information here.

There are three ways to prove your economic solvency, and we will explain each one below, as well as the necessary documents for each:

• With your own resources:
• Three latest bank receipts stamped by the bank, including all transaction details and movements made.
• Three latest payslips.
• Additional: Other bank receipts, such as savings accounts, mutual funds, deposits, etc.
• If you wish to present a credit as a means of solvency, it must be credited to the applicant's current account.
• With family resources (parents, guardians or any other relative):
• Notarized apostilled statement committing to cover the full cost of the applicant's studies and stay at 100% of IPREM.
• Copy of the official identification or passport of the declaring relative.
• Apostilled birth certificate of the applicant.
• Three latest bank receipts stamped by the bank, including all transaction details and movements made.
• Three latest payslips.
• Additional: Other bank receipts, such as savings accounts, mutual funds, deposits, etc.
• If you wish to present a credit as a means of solvency, it must be credited to the declarant's current account.
• With scholarships:
• Sealed and signed letter from the granting institution stating the donated amount. If this amount is enough to cover 100% of IPREM, it will not be necessary to present the documents mentioned in the other two categories.

To learn more about this process, you can approach the Spanish Consulate in your country or click on the following hyperlink. At Glex, we will be happy to help you if you have any questions or need guidance on the necessary processes to start your study process in Spain!