Residency in Spain

Spain is one of the most preferred destinations for buying real estate 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 currently the market for non-residential property in Spain has a steady upward trend, as high demand is supported by both Northern European buyers who insure themselves against high inflation in the EU by 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 obtain a high rate of rental income, which increased in the Costa Blanca region by more than 35% in 2022 due to the very high demand of "relocants" 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 - a digital nomad, which became relevant after the COVID epidemic and the latest global changes in the world. To obtain any type of visa, you need to take a number of very clear actions and issue a residence permit (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 "privileged" type of residence permit with the following advantages:

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Guaranteed residence permit upon fulfillment of all requirements established by law;
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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;
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The shortest time for consideration of the application (3-6 months);
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The only type of residence with the right to work without first searching for a contract with an employer for both yourself and children;
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The only type of residence with the opportunity not to live in Spain for 183 days, and as a result, to keep the tax residence of your country (if desired);
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Free movement and visa-free entry into the Schengen area only upon presentation of a Spanish residence permit card.

What is needed in order to get an investor's residence permit?

Due to the very minimal number of requirements that characterize this type of residence permit, the investor visa (sometimes called the "Golden Visa") is very popular. Investors usually choose real estate as an investment object. In this case, they should invest in real estate in the amount of 500,000 euros.

 

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

Due to the fact that the most budgetary 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.An additional 10 thousand euros is needed for each subsequent family member. So, for a family of three, this amount is about 50,000 euros per year. These funds may be in your account both in your country and in Spain.; at your discretion. You can spend them (actually, that's the point). You just need to show a certificate from your bank about their availability when obtaining a residence permit. Since the first residence card is issued for two years, you need to double this amount and show the corresponding amount in the certificate from the bank.

 

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 it in advance whether you are able to confirm your income. To substantiate the legality of the origin of funds, 2NDFL certificates, a salary certificate from the place of work, proof of receipt of dividends, a real estate sale agreement in your country, a money donation agreement in your country and other convincing justifications will be suitable.

 

Each family member 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 of 1600 euros per year.

 

Thus, to obtain a residence permit investor ("Golden Visa") Only three basic conditions are required:
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Real estate investment in the amount of 500,000 euros;
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Availability of funds for accommodation in the amount of 30,000 euros for the main the applicant and 10,000 euros for each subsequent family member per year;
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Medical insurance.

 

To consult

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

Did you know that more than half of the wealthy people in the CIS countries already have a residence permit 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 intensified during the pandemic and subsequent global changes in the world, when only holders of a residence permit had the opportunity to leave the country and move to a more comfortable place for self-isolation, and subsequently to conduct business remotely or open new projects abroad.

Investor visa gives you:

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The right to work for the whole family (including children over 16 years old);
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The ability to fly to Spain (and from there to any European country) without hindrance, even in the face of a pandemic or border crossing restrictions on a Schengen visa.
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Schengen you will no longer need to enter European countries with a resident card;
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The opportunity to obtain a residence permit for three generations of the family: for yourself, your spouse, children and parents;
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There are no restrictions on the maximum period of stay in Spain;
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There are no restrictions on the minimum stay in Spain (at least 1 day per year);
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The ability to maintain a tax residence in Russia;
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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:

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Conclusion of a preliminary contract with the developer/seller;
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Obtaining the NIE – number of a foreigner at the Spanish Consulate in Russia or your country;
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Opening a bank account;
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Conclusion of a notarial contract for the purchase and sale of real estate;
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Registration in Spain and obtaining a digital signature (personal presence of the applicant);
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Obtaining a certificate of non-criminal record in Russia or your country, affixing an apostille on a certificate of non-criminal record and collecting documents for applying for a residence permit;
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Sworn translation of Russian documents for applying for a residence permit;
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Registration of Spanish health insurance for all applicants and receipt of its payment;
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Submission of documents for a residence permit by a lawyer (without the need for the presence of applicants);
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Waiting for a positive decision on issuing a residence permit;
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Fingerprint registration;
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Fingerprinting (personal presence of applicants);
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Obtaining a residence permit card and re-taking fingerprints in one day (personal presence of the applicants).

 

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

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Passport with a stamp on entry to Spain;
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Certificate of no criminal record for each adult applicant, certified by an apostille in Russia or your country;
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Children's birth certificate (if we also issue a residence permit for them);
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Marriage certificate (if applicable;)
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Bank statement on the availability of funds for living in Spain (valid for 1 month);
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Confirmation of the legality of the origin of money to pay for real estate;
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Notary real estate purchase and sale agreement;
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Confirmation of payment of taxes on the purchase and sale transaction;
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Certificate of registration of ownership (valid for 3 months);
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Certificate from the Spanish tax office on the absence of tax arrears (not necessary if you have not previously lived in Spain);
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Registration in the purchased real estate;
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Medical insurance for all family members.

How much does it cost to get a residence permit?

Your costs when obtaining a residence permit:

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The cost of a lawyer's services to support the process of obtaining a residence permit (1000-2500 euros); The price depends only on the tariffs of the lawyer you choose;
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Translations of documents into Spanish by a sworn translator (about 40 euros per page);
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Government fees and duties (50 euros for fingerprinting);
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Payment for medical insurance (1100-1600 euros for a family of three).

How many times do I need to come to Spain to get a residence permit for an investor?

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The first trip is the conclusion of a preliminary purchase and sale agreement and the opening of a bank account. In some cases, this can be done remotely.
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The second trip is the conclusion of a notarized contract of sale and acceptance of the act of acceptance and transfer of real estate, registration in Spain, obtaining an electronic digital signature.
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The third trip is fingerprinting.
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Fourth trip repeated fingerprinting and at the same time obtaining a residence permit card.
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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 most unfortunate 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 for a month and a half at the same time. Therefore, if the notary's transaction takes place in August, your documents will be in the registration authority without consideration until the end of the holidays. Accordingly, after going to work, the staff of the registration authority will gradually sort out the accumulated cases over the month, and the contract registration process alone may take two to three months compared to registration at other times of the year.


We 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 possibility of using 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.

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