New Floating Exchange Rate Could Raise Costs for Cubans Applying for Spanish Schengen Visas
New Floating Exchange Rate Could Raise Costs for Cubans Applying for Spanish Visas
Cubans applying for Spanish Schengen tourist or student visas may face higher costs due to uncertainty surrounding currency exchange rates used to prove financial solvency. This change follows recent developments regarding Cuba’s potential adoption of a floating exchange rate.
Uncertainty in Current Exchange Rates for Visa Applications
Until now, Cubans applying for Spanish visas have had to navigate two different exchange rates when proving their financial means:
- The official exchange rate of 24 CUP per 1 USD (€0.965).
- The government rate of 120 CUP per 1 USD (€0.965), introduced in 2022 for purchasing dollars.
Both rates have been used in visa applications, with no consistent pattern for approvals or rejections, according to El Toque.
Potential Impact of Floating Exchange Rate
According to Canal Caribe, the introduction of a floating exchange rate is still at the proposal stage. However, experts from the Cuban Currency and Finance Observatory predict that the official exchange rate will align more closely with the informal market rate, which is currently 340 CUP per €1.
If this becomes the adopted rate, visa applicants may face an increase of 183% in the amount of Cuban pesos required to prove their financial solvency.
Financial Requirements for Spanish Visa Applicants
- Tourist visa applicants must prove they have €120 per day for the duration of their stay. This requirement is based on Order PRE/1282/2007, which sets the daily minimum at 10% of the monthly Spanish wage (€1,184 in 2024).
- Student visa applicants must demonstrate they can cover:
- Round-trip tickets, full tuition costs, and health insurance.
- Sufficient financial resources for their entire stay in Spain.
Implications for Cuban Applicants
If the floating exchange rate aligns with the informal market, the cost of demonstrating financial means will significantly rise, making it harder for many Cubans to meet the visa requirements.
As the floating exchange rate policy develops, applicants should monitor updates from the Spanish Consulate in Havana and plan their visa applications accordingly to avoid complications.
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