Acquisition of a residence permit by purchasing a property in Spain for more than 500,000 Euros
Foreigners who are non-EU citizens can obtain a permanent residence permit in Spain by law (generally known as a Golden Visa) if they invest 500,000 Euros or more in the real estate sector in Spain.
Enacted in 2013, a visa system was established for non-EU citizens
wanting to make significant investments, including real estate investment.
It is the most convenient and quickest way to get a residency permit in a European
country because Spain offers incomparable advantages to the other community countries.
What are the requirements for obtaining a residence permit in Spain (Golden Visa)?
The most important advantages of investing in real estate on the Costa Blanca North and the associated residence permit in Spain are summarized below:
- Who does this benefit?
Citizens of non-EU countries want a residence permit in Spain quickly since it gives full residential rights and some significant tax advantages.
The Spanish Golden Visa has two important advantages: there is no requirement to spend specific periods in Spain and there is no need to be a tax resident.
- What are the characteristics of the visa?
This type of visa grants the investor an initial one-year residence permit, which can be extended for a further two years if certain requirements are met, such as maintaining or increasing the investment. The visa can be extended for up to five years with further extensions.
Residence visas for investors are one way of getting Spanish nationality after being a resident for 10 years.
- Can I use the visa to travel to the European Union?
Yes, this visa entitles you to move freely in the European Union in countries in the Schengen Agreement.
These are France, Germany, Austria, Belgium, Denmark, Estonia, Finland, Greece, Hungary, Iceland, Italy, Latvia, Lithuania, Czech Republic, Liechtenstein, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Slovenia, Slovakia, Sweden and Switzerland.
- Is it only for the investor?
No, the Golden Visa recognises the right to beneficiary’s family reunification, in other words, entitlement to the visa extends to direct family members, spouses and common-law wives/husbands, adult children and parents who are economically dependent on recipients of the Golden Visa.
The Golden Visa also entitles the investor’s spouse to work.
- What is the mandatory minimum investment?
In the case of property investments, this must be equal to or more than 500,000 Euros (before tax), in one or more purchases.
- What are the other requirements to obtain a golden visa?
Non-EU residents must be of legal age, have no criminal record in Spain or in any other country, and must have entered the country legally.
- What are the requirements for entering Spain in these circumstances
Investors applying for a Golden Visa must have medical insurance to cover their stay. This also applies to family members if they are applying for family reunification.
They must prove that they have financial resources of 26,500 euros per year, plus a further 6,600 euros for each member of the family.
They must also certify that they do not have any infectious diseases.
- How do i get the ball rolling?
It’s simple. Just submit the required documentation to the Spanish consulate in your country of origin.
- How long does it take?
It takes a week to check the documentation once submitted and another 20 days for the consulate to issue its decision.
- What happens next?
Once they have a positive decision, applicants have a month within which to make a formal visa application at the consulate, and once this is received, they can go to Spain and apply for their residency permits.
Once in Spain, they must apply for the Foreign Resident’s Identity Card (NIE) which can be obtained from any National Police Station.
- How can I prove I have invested in property?
With a certificate of ownership, charges and encumbrances from the Property Registry. This certificate must be submitted within 90 days of submitting the visa application.
If the property is still being processed by the Property Registry when the visa application is submitted, a certificate attesting to the submission of the purchase deed will suffice, accompanied by the document proving payment of the corresponding fees.
