It is now possible to buy your Spanish Residency by spending over 500,000 Euros on property in Spain. This news is currently everywhere, as it came into force a couple of months ago. However, some people are not sure of the requirements for obtaining the residency nor the process.
Over at our sister site Spanish-Residency.co, we have produced a guide to what is required and how to get you Spanish Residency. You can see it reproduced below. For more information about the process and also to contact us if you want to start the process of getting Spanish residency, simply contact us via the site and we can start talking to you about what you need.
Here is a guideline to the new process for Spanish visa application for non EU citizens:
A minimum investment of €500,000 in Spanish property.
The total investment can be the purchase of several properties (the purchase of land only is not acceptable).
The Spanish residency visa may be granted to immediate family members (spouse and children up to 18 years).
No minimum stay requirement to renew visa (ie. living in Spain is optional).
No minimum stay means no necessity to be tax resident.
The visa will be renewable for the first five years (the visa is renewable after the first year for a new period of 2 years. After the third year is is again renewable for a new period of 2 years, and after the fifth, the residents become permanent)
Permanent residency can be applied for after five years.
The initial property investment can be sold once permanent residency has been obtained. (pending confirmation!)
The Visa allows unlimited travel throughout EU Schengen visa zone (for a maximum period of 30 days to a different UE country than the one granting the residency visa.)
The application should take a maximum 20 days (excluding time required to obtain and legalise necessary documents).
The investment must be made before the visa application.
All investments will result in a positive acceptance (usually only a criminal record will prevent acceptance).
Citizenship in Spain can be granted after a further five years of permanent residency (although the law says that the standard term to apply for the citizenship for residency is 10 years)
EU citizenship is automatic with Spanish citizenship
At this point (ie after 10 years) a family can live, work and study anywhere within Europe.
Requirements for the person making the Spanish visa application :
The applicant has not entered or stayed illegally in any Spanish territory.
To be 18 years of age or over.
To not have been refused entry in any of the Schengen countries.
To have public or private health insurance recognised in Spain.
To have sufficient economic means to cover personal and family living expenses (this amount will be revised regularly).
Proof of the investment must be made through a Registry of Property certificate proving ownership. Or, if the ownership title is not yet registered, via a copy of the acquisition public deed and proof of filing the deed in the Registry.
So, there you have it in simple terms. It is not at all complicated and can be sorted very quickly, as long as the minimum investment has been made. For more information visit our sister site SpanishResidency.co and talk to us. We provide the full service, from start to finish, to buy your Spanish Property or Properties and we can also provide Spanish Property Portfolios to buy, which we can help you to manage.