Residency in Spain

Spain is one of the most preferred destinations for buying property as a second home among foreigners around the world. Excellent climate, amazing cuisine, friendly people... Residents of the European Union can enjoy these benefits on a daily basis.

It should be noted that the real estate market in Spain currently has a steady upward trend, as high demand is supported by both northern European buyers who insure themselves against high inflation in the EU at the end of 2021-2022, and non-European buyers in order to relocate to a comfortable climate for remote work. Separately, it is worth noting investors who purchase real estate in order to receive a high rate of rental income, which increased in the Costa Blanca region in 2022 by more than 35% due to the very high demand of "relocators" for medium- and long-term rental housing.

Spain offers several residence permit options for foreign citizens, including from the beginning of 2023 a new type of residence permit - digital nomad, which has become relevant after the COVID epidemic and recent global changes in the world. To obtain any type of visa, you need to take a number of very clear steps and apply for a residence permit.

Why is an investor's residence permit the best option?

In the event that you have the required amount of money, you can get into a narrow circle of owners of a "preferred" type of residence permit with the following advantages:

Guaranteed obtaining a residence permit if all requirements are met,
established by law;

The first residence is issued for a period of 2 years, then extended for 5 years, and
then – each time for 5 years, subject to the preservation of investments;

The shortest terms of consideration of the application (3-6 months);

The only type of residence with the right to work without prior search
a contract with the employer for both yourself and your children;

The only type of residence with the possibility of not living in Spain for 183 days, and how
as a consequence, to maintain the tax residence of their country (if desired);

Free movement and visa-free entry to the Schengen area only upon presentation of a residence permit card of Spain.

What do you need to
to obtain an investor's residence permit?

Due to the very minimum number of  requirements that characterize this type of residence permit, the investor visa (sometimes called the "Golden Visa") is very popular. Usually, investors choose real estate as an investment. In this case, they must invest at least €500,000 in real estate.

An alternative is to purchase shares in a Spanish company in the amount of €1 million, or to invest in Spanish government debt in the amount of €2 million.

Due to the fact that the most budget-friendly and understandable way is through the purchase of real estate, most investors choose it. 

You will also need to prove that the investor has enough money to support himself and his family in Spain. For example, if you do not have a family, and you, as an investor, apply only for yourself, then the amount in your account should be about 30,000 euros per year.  For each subsequent family member, an additional 10 thousand euros are needed. So, for a family of three, this amount is about 50,000 euros per year. These funds can be deposited in your account both in your country and in Spain – at your discretion. You can spend it (that's the point). When obtaining a residence permit, you just need to show a certificate from your bank about their availability.  Since the first residence card is issued for two years, you need to double this amount and show the corresponding amount in the bank statement.

An important requirement for obtaining an investor's residence permit is the legality of the origin of the funds spent on the purchase of real estate. Think about this in advance – whether you are able to confirm your income. To substantiate the legality of the origin of funds, 2NDFL certificates, a certificate from the place of work on salary, confirmation of the receipt of dividends, a contract for the sale of real estate in your country, a contract for the gift of money in your country and other convincing justifications are suitable.

Each member of the family must have health insurance in Spain. You determine the scope of services yourself, so the price of insurance may vary. For example, for a family of three, the minimum cost of insurance is about 1100 euros. Insurance with maximum coverage is 1600 euros per year.

Thus, in order to obtain an investor's residence permit ("Golden Visa"), only three main conditions must be met:

€500,000 real estate investment;

€30,000 for the main applicant and €10,000 for each subsequent family member per year;

Medical insurance.

Consult

Why do I need an investor visa ("Golden Visa")?

Did you know that more than half of wealthy people in the CIS countries already have residence permits in other countries? Global freedom is a new trend available to people who have achieved financial results in their lives. The relevance of this trend has been exacerbated during the pandemic and subsequent global changes in the world, when only residence permit holders had the opportunity to leave the country and move to a more comfortable place to self-isolate, and subsequently to do business remotely or open new projects abroad.

An investor visa gives you:

The right to work for the whole family (including children over 16 years of age);

The ability to fly to Spain (and from there to any European country) without hindrance, even in a pandemic or restrictions on border crossings with a Schengen visa.

You will no longer need a Schengen visa – entry to European countries with a residence card;

The opportunity to obtain a residence permit for three generations of the family: for yourself, your spouse, children and parents;

There are no restrictions on the maximum length of stay in Spain;

There are no restrictions on the minimum period of stay in Spain (at least 1 day per year);

Ability to maintain tax residency in Russia;

The opportunity to send children to an educational institution in Spain.

The process of obtaining an investor's residence permit

On the way to obtaining a residence permit card, you will go through the following procedures:

Conclusion of a preliminary contract with the developer/seller;

Obtaining a foreigner's NIE number at the Spanish Consulate in Russia or in your country;

Opening a bank account;

Conclusion of a notarial contract for the purchase and sale of real estate;

Registration in Spain and obtaining a digital signature (personal presence of the applicant);

Obtaining a police clearance certificate in Russia or your country, affixing an apostille to the police clearance certificate and collecting documents for applying for a residence permit;

Sworn translation of Russian documents for applying for a residence permit;

Obtaining Spanish health insurance for all applicants and receiving a receipt for its payment;

Submission of documents for a residence permit by a lawyer (without the need for the presence of applicants);

Waiting for a positive decision on the issuance of a residence permit;

Making an appointment for fingerprinting;

Fingerprinting (personal presence of applicants);

Obtaining a residence permit card and re-submitting fingerprints on the same day (personal presence of applicants).

What documents do I need?
to obtain an investor's residence permit?

Passport with a stamp of entry into Spain;

Certificate of no criminal record for each adult applicant, certified by an apostille in Russia or your country;

Children's birth certificate (if we also apply for a residence permit for them);

Marriage certificate (if applicable;)

Certificate from the bank on the availability of funds for living in Spain (valid for 1 month);

Confirmation of the legality of the origin of the money to pay for real estate;

Notarized contract for the purchase and sale of real estate;

Proof of payment of taxes on the purchase and sale transaction;

Certificate of registration of ownership (valid for 3 months);

Certificate from the Spanish tax office confirming that there are no tax debts (not required if you have not previously lived in Spain);

• Registration in the purchased real estate;

Health insurance for all family members.

How much does it cost to apply for a residence permit?

Your costs for obtaining a residence permit:

The cost of legal services to support the process of obtaining a residence permit (1000-2500 euros); The price depends only on the tariffs of the lawyer you have chosen;

Translations of documents into Spanish by a sworn translator (about 40 euros per page);

Government fees and charges (€50 for fingerprinting);

Payment of health insurance (1100-1600 euros for a family of three).

How many times do you have to come to Spain?
to apply for an investor's residence permit?

The first trip is the conclusion of a preliminary contract of sale and the opening of a bank account. In some cases, this can be done remotely.

The second trip is the conclusion of a notarial contract of sale and acceptance under the act of acceptance and transfer of real estate, registration in Spain, obtaining an electronic digital signature.

The third trip is fingerprinting.

The fourth trip is to re-submit fingerprints and at the same time obtain a residence permit card.

The whole process from the moment of signing a notarial contract of sale to receiving a residence permit card is from 3 to 6 months and strongly depends on the time of year when you get to the notary.

August is the worst time in terms of timing, because the whole of August and sometimes half of September is the holiday season throughout Spain and in government agencies in particular. Everyone rests at the same time for a month and a half. Therefore, if  the transaction at the notary takes place in August, your documents will be in the registration authority without consideration until the end of the holidays. Accordingly, after returning to work, the employees of the registration authority will gradually sort out the cases accumulated over the month, and the process of registering the contract alone  may drag on for two or three months compared to registration at other times of the year.

We would like to remind you that the time of registration is important for you only in terms of applying for a residence permit and does not affect the ability to use real estate in any way. You receive the keys and can live in your apartment or house from the day of the transaction at the notary.