Residency applications in Spain require their applicants to demonstrate sufficient funds which are registered in the bank under the applicant’s name, but do these funds need to be in Spain?
Depending upon which residency type is being applied for will decide if these funds need to be in Spain or not.
- Should you want to obtain residency as an investor, but do not want to make a permanent investment, then there is an option which will allow you to deposit sufficient funds in the bank and permit you an Investor-Residency. This type of residency application will require that you to transfer sufficient funds into a Spanish bank account.
- If you would like to come Spain and work, then the Self-Employed work and residency permit will allow this to either set-up a company or work self-employed. This residency type will require you to demonstrate sufficient funds in a bank account in the applicants name, but it is not required that these funds are in a Spanish bank account.
- What about a residency applications for people who do not want to undertake business activity in Spain? While Non-Lucrative residency applications require their applicants to demonstrate sufficient funds in a bank account in the applicant’s name, they do not require these funds to be in Spain.
- The traditional Investor-Residency will require the applicant to make an unencumbered investment of 500,000€ in Spain. To achieve this, funds will need to be transferred into a Spanish bank account.
Would you like to obtain residency in Spain?
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Permanent residency is obtained after 5 years of Spanish Residency through Self-Empoyed Residency or Non-Lucrative Residency 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.