Applying for Spanish Schengen Visas May Become More Costly to Cubans With New Floating Exchange Rate

Cubans interested in applying for Spanish Schengen tourist or study visas may be affected by the recent changes announced by authorities in Cuba.

Recently, the Prime Minister of Cuba, Manuel Marreo, announced the implementation of a floating exchange rate in Cuba starting from this year, Schengen.News reports. 

Up to this point, Cubans applying for Spanish visas have been subject to uncertainties concerning the exchange rate which is used to prove their financial solvency. It comes after the Spanish Consulate in the capital of Cuba, Havana, has not provided any specific details in this regard. 

In recent years, citizens of Cuba interested in applying for a visa have assumed either the official exchange rate which is 24 CUP per 1 USD (approximately €0.965) or the rate of 120 CUP per 1 USD (approximately €0.965), introduced by the government in 2022 for the purchase of dollars in the exchange market. 

According to a report from el Toque, in both cases, there have been instances of visas being granted or rejected, with no clear pattern. 

However, at present the establishment of a floating exchange rate is simply a proposal, and at this stage no concrete details about its implementation are provided, as quoted by Canal Caribe. 

Experts Foresee Peso Value Will Align More Closely With Informal Market Rates 
At the same time, experts from the Cuban Currency and Finance Observatory consider the measure unprecedented on the island, anticipating that the official value of the Cuban peso will align more closely with the informal market rate.

The exchange rate in that market, as of February 4, in that market is 340 CUP per €1. If this were the approximate value adopted by banks, visa applicants would be subject to an increase of about 183 per cent in the amount of Cuban pesos needed to prove the same amount in euros. 

As of February 4, 2025, the exchange rate in that market stands at 340 CUP per €1. 

Visitors interested in travelling to Spain are required to prove they have financial means to afford their stay. The minimum daily requirement is ten per cent of the Spanish wage, which last year was set at about €1,184 per month, based on the Order PRE/1282/2007. 

The requirement means that applicants must prove about €120 per day, per person. 

As for those interested in student visas, they are required to demonstrate financial resources that cover the round-trip ticket, as well as the full tuition cost, and contracted health insurance. 

Applicants are also required to demonstrate they obtained sufficient financial funds to cover their stay in Spain.

Source: https://schengen.news/applying-for-spanish-schengen-visas-may-become-more-costly-to-cubans-with-new-floating-exchange-rate/