Spain started issuing these visas in 2013 to attract foreign investment. It’s also called the Investor Visa.
You must purchase property(s) that cost 500,000€ or more. You must pay at least 500k€ in cash with no mortgage; for any amount over 500k€ you can use a mortgage. The 500k€ minimum does not include the 10% tax on the property or any other costs. You can buy more than one property to reach the 500k€ threshold.
1) The visa allows you to live and work in Spain. You can work self-employed or for someone else.
2) The visa covers your spouse and children under the age of 18.
3) It allows you to travel through the entire Schengen area.
4) You can apply as an individual or through a company that you control.
5) There is no requirement to live in Spain; you only have to enter Spain once during the 2-year validity of the visa. This is great because if you live in Spain for more than 183 days per year, you are a ‘Spanish Resident’ and as such you must file an income tax return in Spain and pay taxes on your worldwide income in Spain. This could be expensive (see F. below for the definition of ‘Resident’). You should talk to a Spanish tax attorney for any doubts. We can refer one.
The visa is valid for two years and you can renew it for as long as the property is in your name. After five years, you can apply for permanent residence and after ten years for Spanish citizenship.
D. Other Basic Requirements. You must:
1) Be 18 years old.
2) Have no criminal record in Spain or where you resided during the last five years.
3) Show proof of medical insurance whether private or public.
4) Show sufficient financial means to support yourself and other persons on the application.
E. Basic Procedure
First, you sign the property deed becoming the owner of the property, then apply for the visa in the Spanish embassy in your resident country. Although these visas are granted ‘priority’, no promises can be made regarding processing time. We work a Spanish immigration attorney who manages the application procedure.
F. Spanish Resident Defined. You are a Spanish resident IF
1) You live in Spain for 183 days or more per year.
2) You live in Spain for less than 183 days, but Spain is your principal residence (you don’t have a home elsewhere, etc.).
3) Your ‘central economic activity’ is in Spain or it’s where you earn most of your money.
4) Your spouse or a child live in Spain. Then a presumption arises that you live in Spain. You can rebut this with evidence that you live and pay taxes elsewhere.
Let us know if you have questions and we can guide you through the process.