Securing residency in Spain by purchasing a property is a common aspiration among foreigners, how is it possible to obtain residency in Spain through the purchase of property?
This article aims to shed light on the process and provide essential details.
The golden visa scheme allows non-EU citizens who invest a minimum of €500,000 in Spanish real estate to obtain a renewable 2-year residence permit. Notably, the investment must be debt-free, and mortgages cannot be used for the initial €500,000.
Investments can include multiple properties as long as the total value exceeds €500,000.
So this means that numerous lower valed properties for rental can be obtained which surmount to the total required investment of 500,000€ + VAT.
This residency avenue offers advantages such as fast-track processing, work permit inclusion, family inclusion, and the opportunity to apply for permanent residency and citizenship. To meet requirements, applicants must present ownership certificates and property purchase deeds. Other investment options exist, such as buying shares or Spanish debt, but with higher minimum investment thresholds. Additional prerequisites include private health insurance coverage, a criminal records certificate, and the legalization and translation of foreign documents.
The application process involves two steps: applying for a visa/residency and obtaining a physical residency card (TIE). The choice between applying from the home country or directly in Spain can impact processing times.
Once in Spain, registering at the city hall and visiting the immigration office for fingerprint registration are necessary to obtain the physical residency card.
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Permanent residency is obtained after 5 years of Spanish Residency through Self-Empoyed Residency or Lucrative Residency, Spain or Residency through Investment. This followed by 5 years as a permanent resident and means you can then obtain Spanish Citizenship with a Spanish Passport.