One of the determining factors of which digital nomad visa you can apply for is the minimum income requirement. When you finally find a visa that you’re eligible for, you may wonder how to prove your income for a digital nomad visa application.
Each digital nomad visa has its own set of requirements and documents needed to apply. It can often be confusing, especially if this is your first digital nomad visa application.
To help you better prepare for this next chapter in your digital nomad lifestyle and relocate to a new country temporarily, Nomads Embassy has created essential guides and partnered with hand-selected immigration lawyers to assist you with the process.
In this article, we will discuss how to prove your income for a digital nomad visa application, the documents you may need, and other important information about the process.
Why You Need to Prove Your Income for a Digital Nomad Visa
Most digital nomad visas have a set minimum income requirement for applicants to meet to be eligible for the visa. For this reason, immigration officers must verify that you meet that requirement through official documents stating your income.
Now, you may be wondering why digital nomad visas even have income requirements.
Well, the point of a digital nomad visa is for remote workers to relocate to a foreign country and support themselves with their remote income. These visas do not allow applicants to seek local employment opportunities or engage in business activity.
So, countries set a minimum income that they deem enough to live comfortably in the country. Oftentimes, the income requirement is twice or even triple the national minimum wage to ensure remote workers experience a high quality of life.
What Documents are Required to Prove Your Income?
There are a few ways how to prove your income for a digital nomad visa application. They mostly involve gathering official documents and submitting them with your application and other supporting documents.
Below is a list of just some of the documents your digital nomad visa application may require you to submit.
Most countries request applicants to prove their income for a digital nomad visa through bank statements.
Typically, applicants must submit bank statements from the last three or six months. These bank statements should show that you are depositing your income each month and that the income amount meets the minimum requirement.
Applicants may be able to get these statements from their online banking portals or by requesting them from the bank itself.
Another way to prove your income for a digital nomad visa application is by including past pay slips.
Sometimes the authorities will ask for pay slips from the last three to six months.
The pay slips should show the net amount you take home each month or week, depending on your pay schedule, along with the date, company’s name, and your name.
Some applicants may not have a recurring income by working as an employee or running a business. Some may earn an income through dividends or returns on investments.
If this is the case, then sharing monthly or annual reports on the income you’ve made from your investments may suffice to prove your income for a digital nomad visa application.
Along with presenting bank statements and pay slips, authorities may also ask for employment contracts stating your salary.
These contracts can also serve as proof of remote work if it expresses that you are allowed to, in fact, work remotely.
Some countries, such as Portugal and Malaysia, request our annual tax returns when applying for a digital nomad visa.
Submitting your tax returns can do two things. Firstly, it proves how much you earned and that you meet the minimum income requirement. Secondly, it proves where you are currently a tax resident.
Does Crypto Count Towards the Income Requirement?
We are often asked if crypto counts towards the minimum income requirement when applying for a digital nomad visa.
It’s a bit complicated, but the straightforward answer is no.
To prove your income for a digital nomad visa, the authorities must see a certain amount of money deposited into your bank accounts or pay slips from your employer.
If you were to cash out on your cryptocurrency and deposit the funds into your bank account, then it may suffice as proof of income.
Overall, we discourage applicants from relying on their crypto holdings and earnings to prove their income when applying for a digital nomad visa.
Does the Proof of Income Need to be Notarized?
In some cases, your bank statements must be notarized or apostilled.
An apostille is a seal of approval from the issuing country that the document is verified and can be used abroad.
There are apostille services you can use, or you can visit your state’s capital and have the documents notarized.
Before getting your proof of income notarized, check the document requirements or your immigration lawyer to verify that it needs the apostille.
Does the Income Have to Come from One Job or Business?
To prove your income for a digital nomad visa, it does not have to come from one job or business.
If you are a freelancer or have multiple jobs or businesses, you can prove your income with employment contracts, pay slips, bank statements, and tax returns.
As long as the authorities can see that you meet the income requirement, you should be good to go!
Does Every Digital Nomad Visa Require Proof of Income?
No, not every digital nomad visa requires proof of income.
There are some digital nomad visas with no income requirement at all!
However, while there is no specific amount you must make to qualify for these visas, you may be asked to submit your bank statements to prove that you can sustain yourself without seeking local employment.
Do You Have to Pay Taxes with a Digital Nomad Visa?
One of the most commonly asked questions about digital nomad visas is if you will have to pay taxes.
While many countries will claim you as a tax resident if you stay for 183 days out of the year, there are a handful of digital nomad visas with no tax implications.
Other digital nomad visas offer a discounted tax rate, such as Portugal, Spain, and Thailand.
It’s always a good idea to speak with a professional accountant or lawyer to get a full picture of your tax situation when living abroad, though.
The Best Way to Know if You Have the Right Proof of Income for Your Digital Nomad Visa Application
Applying for a digital nomad visa can be complicated, especially with so many websites and bloggers giving conflicting information about the documents.
Nomads Embassy: The World’s First Embassy for Digital Nomads offers verified information and a chance to connect with professional immigration lawyers.
So, what’s the best way to know if you have the right proof of income when applying for a digital nomad visa?
Have one of our hand-selected immigration lawyers review your documents and assist you with your application and relocation.
Save time, energy, and stress when applying for a digital nomad visa with Nomads Embassy!
Contact us to request a consultation with our immigration lawyers today!