One of the determining factors on which digital nomad visa you can apply for is the minimum income. When you finally find a visa that you are eligible for, you may be wondering how to prove your income for digital nomad visa application.
Each digital nomad visa has its own a set of requirements and necessary documents 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 of your digital nomad life and temporarily relocating to a new country, Nomads Embassy has created essential guides and Partnering with handpicked immigration lawyers to support you with the process.
In this article we will discuss how to prove your income for digital nomad visa applicationthe 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 that applicants must meet in order to be eligible for the visa. Because of this, immigration officials need to verify that you meet this requirement using official documents showing your income.
Now you might be wondering why digital nomad visas have income requirements at all.
Well, the purpose of a digital nomad visa is to allow remote workers to relocate to a foreign country and be self-sustaining with their remote income. These visas do not permit applicants to seek local employment opportunities or engage in business.
So, countries set a minimum income that they think is enough to live comfortably in the country. Often the wage requirement is double or even triple the national minimum wage to ensure teleworkers enjoy a high quality of life.
What documents are required to prove your income?
There are several ways you can prove your income for a digital nomad visa application. They mostly involve collecting official documents and submitting them with your application and other supporting documents.
Below is a list of just some of the documents you may need to submit for your digital nomad visa application.
bank statements
Most countries require applicants to provide bank statements to prove their income for a digital nomad visa.
Typically, applicants must submit bank statements for the past three or six months. These statements should show that you deposit your income each month and that the income level meets the minimum requirement.
Applicants may be able to obtain these bank statements through their online banking portals or request them from the bank itself.
payslips
Another way to prove your income for a digital nomad visa application is to attach previous payslips.
Sometimes the authorities require payslips for the last three to six months.
Payslips should show the net amount you take home each month or week, depending on your pay plan, along with the date, company name, and your name.
investment reports
Some applicants may not have recurring income by working as an employee or running a business. Some may earn income through dividends or capital gains.
If this is the case, sharing monthly or yearly reports of the income you have earned from your investments may be enough to prove your income for a digital nomad visa application.
employment contracts
In addition to submitting bank statements and payslips, authorities may also require employment contracts stating your salary.
These contracts can also serve as proof of remote work if they state that you are actually allowed to work remotely.
tax returns
Some countries, such as Portugal and Malaysia, request our annual tax returns when applying for a digital nomad visa.
Filing your tax return can do two things. First, it shows how much you have earned and that you meet the minimum income requirements. Second, it proves where you are currently resident for tax purposes.
Does crypto count towards the income requirement?
We are often asked if crypto counts towards minimum income when applying for a digital nomad visa.
It’s a bit complicated, but the simple answer is no.
In order to prove your income for a digital nomad visa, the authorities need to see a certain amount of money in your bank accounts or payslips from your employer.
Cashing out your cryptocurrency and depositing the money into your bank account may be enough 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 have to be notarized?
In some cases, your bank statements may need to 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 capital and have the documents notarized.
Before notarizing your Proof of Income, check the document requirements or your immigration attorney to ensure the apostille is required.
Does the income have to come from a job or business?
In order to prove your income for a digital nomad visa, it does not have to come from a job or company.
If you are a freelancer or have multiple jobs or companies, you can prove your income with employment contracts, payslips, bank statements and tax returns.
As long as the authorities can see that you meet the income requirements, 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 that do not require any income at all!
Although you do not need to raise a specific amount to qualify for these visas, you may be asked to submit your bank statements to show you can earn a living without seeking local employment.
Do you have to pay taxes with a digital nomad visa?
One of the most frequently asked questions about digital nomad visas is whether you have to pay taxes.
While many countries will claim you as a tax resident if you stay 183 days a year, there are a handful of digital nomad visas with no tax implications.
Other digital nomad visas offer a reduced tax rate, such as B. Portugal, Spain and Thailand.
However, it’s always a good idea to speak to a professional accountant or lawyer to get a full picture of your tax situation when living abroad.
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 attorneys.
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 handpicked immigration attorneys will review your documents and support you with your application and your move.
Save time, energy and stress when applying for a digital nomad visa at Nomads Embassy!
Contact us to request a consultation with our immigration attorneys today!
