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 this amount in cash; you can use a mortgage for any amount over 500k€. The 500k€ does not include taxes on the property or other costs. You can buy more than one property to reach the 500k€ threshold.
1) Allows you to live and work in Spain. You can work self-employed or for someone else.
2) You can apply with your spouse, and children under the age of 18, and they receive the visa too.
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) You don’t have to live in Spain, you only need to enter Spain once during the 2-year validity of the visa. ‘Residents’ of Spain must file an annual income tax return and pay taxes on their worldwide income in Spain. This visa is for people who want to avoid this. However, the definition of ‘resident’ is quite broad. See F below and consult with 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 investment 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
After you sign the property deed, you apply for the visa. The application is filed in the Spanish embassy in your resident country. The visa is granted ‘priority’, but no promises can be made regarding processing time. We work a Spanish immigration attorney who manages the visa-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 you don’t have a home elsewhere so your principal residence is in Spain.
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.