Visa and permanent residence permit for non-European citizens who want to invest in property in Spain.
In September 2013, Law 14/2013 in support of entrepreneurs and their internationalization came into force in Spain, which allows the entry and residence of non-European foreigners who do not enjoy the rights of free movement and residence by granting Visa and residence permits are simplified and facilitated. This is the case if you buy a property in Spain and which is valid throughout the national territory. The law applies to natural and legal persons at the same time.
The visas are issued by the diplomatic missions and consulates of the country of origin or residence and the residence permits are processed by the employers' association and strategic associations and issued by the immigration authorities. The necessary administrative procedures can be carried out by an appointed representative.
Spouses and minor children under the age of 18, or adults who are objectively unable to pay for themselves due to their state of health, can apply for a visa or, if necessary, a permanent residence permit at the same time or later.
The acquisition of a property by an investor.
The acquisition of an urban or rural property in Spain after September 29 this year (2013) with a value over 500,000 euros is treated as a significant capital investment and is the reason why for the owners the visa, or residence and the reason why permanent residence permit is simplified. More than one property can of course be purchased, one above the stated value is sufficient (which are considered luxury properties). However, the property must be free from encumbrances (except for the part that exceeds the 500,000 euros).
The sum of 500,000 euros is the net price of the property plus all processing costs, taxes and the like. Real estate is understood to mean: premises, garages, storage rooms, factory buildings, land, apartments, chalets, hotels, fincas, villas, etc.
In the case of an acquisition by two people, if the value is 500,000 euros, only one of the co-owners can take this privileged route to obtain the visa or permanent residence permit, while if the value is 1,000,000 euros, both investors can use it can do.
Proof of an investment
The applicant must prove that he has made the acquisition in the required period, within a maximum of 60 days before submitting the application. This means that the investor must have made the acquisition no more than 2 months in advance.
He must prove ownership of the acquired property through a certificate of ownership and encumbrances from the land registry, as well as by presenting the notarized deed of acquisition of the property in Spain.
If the registration of the acquisition of the property in the land registry has not yet been completed when applying for the visa, a notarization from the property register about the submission of the purchase documents is sufficient, as well as proof that the payment of the taxes can be seen.
For visas and residence permits, the applicant must prove that he:
- does not stay irregularly in Spain
- is older than 18 years. Proof by presenting your identity card or passport
- Has no previous convictions in Spain or the countries he has lived in in the past five years
- does not appear in the list of persons to be rejected in the countries with which Spain has signed an agreement
- has public or private health insurance with an insurance company authorized to operate in Spain
- Has sufficient financial means to support himself and his family members while in Spain
- has paid the processing fee for the approval of the visa.
In any case, he must meet his tax obligations and prove the social security, as well as the actions to avoid money laundering and financing of terrorism.
It is valid for one year.
It authorizes stay in Spain without the need to apply for a foreigner identity card.
The application will be decided upon and delivered within 10 working days.
It does not include a work permit.
Residence permit through the visa
The validity is initially two years.
If after this period the applicant is interested in an extension, he can apply for it for an additional two years if he maintains the conditions that gave him this right.
In no case can the approval exceed five years.
The application will be decided within 20 days of submission. If it is not decided during this period, it is considered an implied assumption.
The applicant must meet the general requirements and also:
- have a valid residence visa or have not exceeded the 90-day expiry date
- prove that he will maintain the investment 90 days in advance and continue to own the property
- have entered Spain at least once during the residence permit period.
In practice, it is enough that he has stayed in Spain for a few hours. Thus, it is not required that the stay or residence in Spain actually exists, the applicant can continue to live in his country of origin without hesitation.
The visa in connection with a citizenship
The law does not mention anything regarding the right to apply for Spanish citizenship. This publication contains general information without representing a professional opinion or legal advice. We do not assume any liability for the correctness. For the exact current legal situation, please consult a lawyer who will advise you in detail and handle all formalities.
If you would like to find out more about permanent residence permits, send us an email using the contact form.