The IPREM (Indicador Público de Renta de Efectos Múltiples) is a key concept in the field of social and economic policies in Spain. Here we answer some common questions about this indicator:
1. What is the IPREM?
The IPREM is an indicator used in Spain as a reference to determine the amount of certain aids, subsidies, grants, scholarships and other social and economic benefits.
2. How is it calculated?
This indicator is calculated annually by the Spanish Government and is based on the Minimum Interprofessional Wage (SMI) and the variation of the Consumer Price Index (CPI). It is established by means of a formula that takes into account the SMI and the inflation forecast.
3. What is the value of the IPREM in 2024?
The value may vary from one year to another. It is important to consult the current legislation to know the exact value of the IPREM in a given year. For example, for the year 2023, the monthly IPREM was set at 600 euros. This value remains in force in 2024 until this year’s public accounts are approved.
4. What is it used for?
This indicator is used as a reference to determine the amount of different social and economic benefits, such as grants, rental subsidies, unemployment benefits, university fees, among others.
5. Who uses the IPREM?
The IPREM is used by various public bodies and organisations, as well as by private institutions, to establish the criteria for access and the amounts of aid and benefits they offer.
6. Why is it important?
The IPREM plays a fundamental role when applying for a residence permit and/or visa in Spain. This indicator is crucial because it helps to prove that the applicant has sufficient financial means to cover the costs of his/her stay in the country.
By establishing a reference value for income, the IPREM serves as an objective criterion that migration authorities use to assess the applicant’s financial capacity. This is especially relevant in the case of temporary residence visas, where proof of financial solvency is required to ensure that the individual can support himself or herself during his or her stay in Spain.
The IPREM provides a clear and transparent framework for determining whether the applicant meets the financial requirements established by migration laws and regulations. Therefore, understanding and taking into account the value of the IPREM is essential for those wishing to undertake migration processes in Spain, as it can significantly influence the success of their residency and visa application.
Do you need advice on immigration issues? Contact our team at Immigration Services Spain.
