Spain started issuing these visas in 2013 to attract foreign (non-EU) property buyers. It’s also called the Investor Visa.
A. Requirements. You must:
- Purchase property(s) that cost 500,000€ or more. See here for the property’s total cost, link.
- Pay 500k€ for the property in cash; any amount over 500k€ can be paid by a mortgage.
- The 500k€ does not include the 10% tax on the property and other closing costs.
- You can buy more than one property to reach the 500k€ threshold.
B. Advantages. The visa allows you to:
- Live and work in Spain. You can be self-employed or work for someone else.
- Immigrate your spouse and children under the age of 18.
- Travel throughout the Schengen area.
- Apply as an individual or through a company that you control.
- Be a ‘resident’ elsewhere. You only have to enter Spain once during the visa’s two-year period. If you are a Spanish ‘resident’ you must pay taxes on your world-wide income in Spain. You must consult a Spanish tax attorney for this, we can refer one. See (F) below for the definition of Spanish resident.
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 (there may be more). You must:
- Be 18 years old.
- Have no criminal record in Spain or where you resided during the last five years.
- Show proof of medical insurance whether private or public.
- Show sufficient financial means to support yourself and other persons on the application.
E. Basic Procedure
Sign the property deed 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 can manage the application procedure.
F. Spanish Resident Defined. You are a Spanish resident IF
- You live in Spain for 183 days or more per year, or
- You live in Spain for less than 183 days, but Spain is your principal residence (you don’t have a home elsewhere), or
- Your ‘central economic activity’ is in Spain; it’s where you earn most of your money or
- Your spouse or a child live in Spain. This raises a presumption that you live in Spain too. 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.