Golden Visa Spain: Spanish Residency for Non-EU Foreign Property Investors

Golden Visa Spain: Spanish Residency for Non-EU Foreign Property Investors


Golden Visa Spain: Spanish Residency for Non-EU Foreign Property Investors

 

In order to attract investors and qualified specialists in Spain, a new program is being implemented that allows foreign citizens to obtain the right to reside in Spain for a year legally and at the same time to travel freely around the European countries. Non-European Union individuals who invest in a Spanish Real Estate (residential property, commercial property or land) a minimum amount of 500.000 EUR will receive the “Golden Visa” of the investor or the so-called resident visa. You can invest in one single or several objects – the total cost of the property purchase should not be less than 500.000 EUR.

 

The investor’s visa will allow the applicant and his family members to live in Spain peacefully for one year and issue the necessary documents for obtaining a resident card. To purchase a property, you also must obtain the NIE (Numero de Indentificacion de Extranjeros). This identification number is necessary for opening an account and for purchasing the real estate. The NIE number can be issued in Spain as well as in the Spanish consulate of your country. Immediately after receiving the investor’s visa, both the investor himself and his family members are entitled to work in Spain.

 

Basic Requirements for the “Golden Visa”:

–  Minimum Investment of 500,000 EUR on Spanish Real Estate made by a private individual or corporate organization.

–  No criminal records.

–  Private medical insurance from a recognized Spanish provider.

–  Income verification to ensure financial stability for the family and the maintaining of the property in Spain.

 

After obtaining an investor’s visa, you can apply for a residence permit, at first such a permit is granted for 2 years, and later there is an opportunity to extend it for another 2 years. Having lived in Spain for 5 years and retaining your property in ownership, you can obtain a permanent residence permit, and in 10 years you will be able to apply for Spanish citizenship. For the holder of the investor’s visa and the subsequent residence permit, there is no need to monitor the length of stay in Spain.

To provide residence permits to family members of the investor, confirmation of the availability of funds is necessary. This is a 400% IPREM (Indicador Público de Renta de Efectos Múltiples) per month per applicant – this amount represents at least 26.000.000 EUR per year. Additional 100% IPREM per month must be available for each member of the family, which is at least 6.400.000 EUR per year for the spouse and each of the children under the age of majority.

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