Spanish residence permit by investment in Real Estate

28.11.2023

• Grounds for obtaining a residence permit
• Benefits
• Investor Requirements
• List of required documents
• Application process
• Procedure timeframe
• Fees and charges
• Spanish citizenship
• Our services include

Grounds for obtaining a residence permit

• Investment in real estate.

Benefits

• Visa-free travel to Schengen countries;
• Easy opening of bank accounts in different countries;
• Removal of the €100,000 limit on bank accounts in EU countries; 
• No residency obligation in Spain;
• Access to European health care system and education;
• Opportunity to work and do business in Spain;
• Citizenship of an EU country after 10 years.

Investor Requirements

• The major age of the main applicant;
   
• Money to be invested was earned outside of Spain;
   
• No criminal record and no debts;
   
• Program conditions:
   
• Purchase real estate for an amount of 500,000 euros or more;
   
• Transfer to an account in a Spanish bank the amount that exceeds the annual minimum wage at least 4 times (in 2023 this amount equals to 30 000 euros, for each family member must be an additional 7000 euros);
   
• The property is allowed to rent, and after obtaining a residence permit is allowed to sell it.

List of required documents

• Passport;
• Marriage certificate or children's birth certificates (if necessary);
• Certificate of no criminal record with apostille (valid for 3 months from the date of issue);
• Spanish bank statement of funds confirming financial solvency;
• Payment of the investor residence permit application fee;
• Medical insurance.

Application process

1. Purchase of the property and execution of the notarized transaction;
    
2. Collection of necessary documents (collection, translation, legalization);
    
3. Obtaining the NIE (Tax payer number) and opening an account in a Spanish bank;
    
4. Registration at the Spanish Consulate in your home country to submit the documents;
    
5. Filing documents at the consulate;
    
6. If the decision is positive, you will be granted a three-month D type visa, on which you can enter Spain;
   
   !Other option: If you have a valid Schengen visa, you can use it to enter Spain and bypass the consulate and apply for a residence permit directly from Spain!
    
7. Travel to Spain and submit the documents to the Police Department in Spain + biometric data;
    
8. Receive notification of documents acceptance for a residence permit in Spain (as a confirmation of your legal stay in the country, if the term of consideration goes beyond the validity of the visa);
    
9. Receipt of the Spanish residence permit card.

Procedure timeframe

The whole process of application for a Spanish residence permit for investment takes up to 3 months, of which:

• Collection of necessary documents and their submission to the Spanish Consulate - 1 month;
• Entry into Spain to submit biometric data and apply for a residence permit card - 1 month;
• The period of application review by the Spanish migration authorities and receiving a residence permit card - 1 month.

Fees and charges

• State Tax which is 10% of the value of the property;
• Fee for a residence permit card application- 350 euros;
• Notary translations of all documents are up to 1000 euros;
• Payment of notary fee for the transaction - up to 2500 euros depending on the notary.

Spanish citizenship

The first residence permit is issued for a period of 3 years, with the right to extend it for further 5 years. After 5 years from the date of issuance of the first residence permit, you have the right to obtain a permanent residence permit in Spain. After 10 years of residence in Spain, you have the right to apply for Spanish citizenship.

Our services include

1. Preparing and organizing the collection of necessary documents in the territory of the applicant's current citizenship.
2. Obtaining a residence permit.
3. Recommendation of realtors for the selection of real estate.
4. Supporting the conclusion of the contract of sale of real estate and registration of the contract.
5. Support of renting out the purchased real estate.

To obtain a Spanish residence permit you can contact REVERA's Private clients specialists at y.zadesenskaya@revera.legal.

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