Spanish Residency by Investment
There are three ways to obtain Spanish Residency by Investment:
- Golden Visa – Property purchase with value over €500,000
- Property purchase with value less than €500,000
- Investment by Company Registration
Spanish Residency by property purchase with value of over €500,000
Golden Visa - Property purchase with value more than €500,000
Similar laws have been passed in other countries, such as the United Kingdom, Cyprus, Greece, and other European countries, but a simple comparison reveals the superiority of Spain’s Golden Visa over other countries. For example, an investment of 2 million is required for a one-year UK visa and 10 million for permanent residence. Also, in order to obtain a Cyprus F visa, you must invest five million euros in the commercial market, or you must purchase a property worth two million euros in order to receive a passport from this country.
It is clear that the conditions for obtaining Spanish residency are easier than other countries and have more advantages, such as the growth of the housing market.
The residence visa is initially issued for one year and then for two two-year periods and one five-year period, eventually leading to the issuance of a Spanish passport.
Property purchase with value less than €500,000
If the applicant is not willing to obtain a Golden Visa, the next option is to buy a property worth less than five hundred thousand euros which has less privileges than the golden visa. In this method, conditions other than the property price such as the Area of the property and the number of bedrooms are considered. The applicant must buy a property with sufficient space in proportion to the number of members of his family. For example, a family of four needs a two-bedroom apartment with an area of at least 80 meters. The applicant can also use a bank loan to buy a property. In order to obtain a residence permit with this method, the applicant must prove the possibility of providing for living without government financial assistance, sufficient financial documents must be submitted to the Embassy of Spain.
Applicants for this type of residence permit are not allowed to work or engage in economic activitis in Spain, but can apply for a change of residence permit after obtaining a residence permit. It is also required to be in Spain for 6 months of the year. The residence visa is initially issued for one year and then for two two-year periods and one five-year period, eventually leading to the issuance of Spanish passport and identification documents.
Steps of Property purchase in Spain
- Seonsa sends an invitation for the applicant which should be provided to the embassy
- Applicant makes an appointment with Embassy of Spain
- Applicant travels to Spain and visits existing projects and properties
- Applicant makes a reservation of selected property with an amount of about 6 to 10 thousand euros for 46 to 60 days
- Identification number is obtained (NIE)
- A bank account is opened for the applicant and he will be able to apply for a loan if needed
Once the applicant returns to his country of residence, he then reapplies for a visa while the lawyer and the bank perform the administrative procedures such as the necessary inquiries from the registry office and the municipality and the evaluation of the property. The buyer deposits the amount of the property or the difference between the loan in his account and travels to Spain. In the notary’s office, the property is named after the buyer and the buyer receives the key.
Obtaining a residence permit in Spain through financial means
Proper financial means in your country of residence is another way to get a residence permit in Spain. If the applicant does not want to invest in the real estate sector in Spain but has the appropriate financial means in his country of residence, he can apply for a residence permit in Spain through the lease of a property. Proof of financial means is possible by submitting documents to the Embassy of Spain. These documents can include bank deposits and their interest and rents received from real estate.
Spain Residence Visa by registering a company
Registering a company in Spain is another way to get a residence permit in Spain. By registering a limited liability company as well as developing a business plan by a lawyer, the applicant has provided a description of the goals and economic activities in front of him which if approved, the applicant will be able to perform economic activities and earn money in Spain. It takes between 6 and 8 months to obtain this type of residency. In this method, the applicant must be present in Spain for 6 months of the year, and the issuance of a residence permit will be one year, which then will be 2 years if the conditions are met, and then 5 and 10 years. After ten years, the applicant can receive a Spanish passport.
All initial steps are taken through the Embassy of Spain in current country of residence of applicant, so that the applicant can obtain the file set by the lawyer, including the lawyer’s letter, relevant forms, real estate document, financial documents, certificate of no criminal record, health certificate, etc. After reviewing and submitting the application to Spain and obtaining confirmation, the embassy will agree to your application for a residence permit and provide you with a three-month visa entitled a residence visa. With this visa, you travel to Spain, register your fingerprint and receive the residence card at the police station.
For more information, please contact us.