Spanish residency is granted for those who have invested a minimum of 500,000 Euros on any real estate property purchase. Residency grants upon the individual the right to live indefinitely in Spain. It is separate from citizenship, which has to be applied for at a later date. Spanish citizenship can lead to residency of other EU nations.
This 500,000 real estate investment can be comprised of either a single property or several. It can be of a commercial, industrial, rural or residential nature and includes developed land, rural land or decrepit/under construction buildings.
An Investor Visa allows a real estate investor and their family to live in Spain. This legislation is now subject to a minimum period of residence, so an investor can buy a property in Spain then travel to it with no restrictions. The family can live in the country permanently, and gaining access to both state and private schooling. Citizenship will grant the ability to study at universities abroad within the European Union.
Applicants for this visa must meet these requirements:
- They cannot have illegally entered any Spanish territory
- They must be over the age of 18
- They must have health insurance that is authorized within Spain
- They cannot have been refused entry to a Schengen country
- They must have the economic pocket to cover any personal or family expenses
- There must either be a Registry of Property certificate or if the ownership title hasn’t been registered, a copy of the proof of filing of the deed within the registry.
Investment must come from sources that comply with money laundering legislation. There is no limit to debt financing with a mortgage in Spain.
Year 1 Initial Residence Visa for Investors
Begin with an ordinary 90-day visa allowing you to search for a property within Spain. Upon arriving in Spain, sign a power of attorney motion that will give your lawyer the power to act on your behalf when it comes to the residency and conveyance process.
If you aren’t able to come to Spain, but you have found a property you are willing to buy, you may be able to arrange power of attorney from your home country. This will then allow your lawyer to buy the property on your behalf.
After buying the property that meets the criteria for investment, you will have to apply for a one-year visa. This allows you to spend a year in Spain and travel within the Schengen area for 90 days out of every 180. Your lawyer can apply for this for you.
After getting the visa, there is no minimum amount of time that you need to spend in Spain. However, in order to obtain residency you do need to visit Spain at least once throughout the year. Do not apply for the one-year investor visa unless you know for definite that you will be spending time in Spain during that year.
The investor visa can be authorised in Spanish Consulates and Diplomatic Missions and can also be issued for multiple entries into Spain.
Visa applications can be processed and have notification sent within two working weeks. This does not apply to applicants who have had prior consultation.
After an investment has been made and a year has passed, investors can then apply to live in Spain for an additional two years, and another two years after that, onto infinity.
The investment threshold of 500,000 Euros has to be maintained for this, so be careful with the properties that you sell.
Again you have to have travelled to Spain in the previous year for this to be passed, but there is no minimum stay requirement. There is no limit to the number of times this residency can be renewed.
Investors can stay as tax residents outside of Spain.
Applications are made to the Spanish Ministry of Foreign Affairs and will be responded to within four working weeks of submission. If there is no answer within this time scale, the application can be considered as accepted. An application can take as much as six months, although this is not a usual occurrence.