Who is it for?
The Investors’ Residency Visa/Permit is for applicants who wish to benefit from the advantages of being a resident of Spain and yet not be classed as a resident for tax purposes. This permit requires an investment of at least €500,000 in Spanish property (one or several), per applicant, provided the first €500,000 of the property value is unencumbered. It is also possible to apply by depositing €1,000,000 in a Spanish bank account.
Can apply with my family?
Yes, it is possible to apply with the spouse, children under 18 years of age that are financially dependents as well as parents in the same situation.
How long is the permit for?
There are 3 periods of validity: the initial visa -if applied through the Consulate- is valid for 1 year, followed by a 2-year residency permit and then by 5-year residency permit periods. If the application is made from Spain whilst on a visit the authorities will grant the 2-year residency permit directly, followed by the 5-year residency periods.
It is also possible to become a permanent resident and then apply for citizenship (10 years of residency).
What is the eligibility criteria?
Aside from the above noted investment, the first applicant must be able to prove a monthly income of at least 4 times the I.P.R.E.M. (€532 x 4), an additional €532 per additional family member.
For example, a family with 3 members will have to prove a monthly income of 6 times the I.P.R.E.M., or approximately €3,200 per month.
You are also required to have a bank account with enough funds for the duration of your permit.
Finally, you are required to have a clean criminal record in the country where you have lived in the last 4 years and private medical insurance, in Spain.
How long can the process take?
According to the law, the Consulate has 10 days to approve the permit from application (provided the right documents have been submitted).
Do I have to spend more than 6 months in Spain?
This is not required. The only permanency criteria for renewal of the visa permit to residency permit is to have traveled to Spain at least once (during the initial visa permit).