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Introduction to Spain Relocating to Spain Residency in Spain: buying bonds Residency in Spain: bank deposit Residency in Spain: real estate

Relocating to Spain

All the foreigners who wish to relocate to Spain are welcomed to obtain country’s residence without having the knowledge of Spanish language or studying the history of the country. Immigrants can also retain their own nationality and passport while becoming Spanish residents.

For decades Spain used to have immigrants mostly from the African and European countries due to rather similar lifestyle and culture. Today non-EU immigrants all over the world are also moving to the country in order to have greater job opportunities. Spanish statistics shows that the majority of children born in the country between 2000 and 2010 are children of immigrants. Several years ago (2014) there were numbers, showing that more than 25% of the total population of Spain are those foreigners, who relocated to the country from other corners of the world: Romania – 730, 340; Morocco – 714, 221; United Kingdom – 311, 774; Ecuador – 212, 970; Italy – 182, 249).

There were around 2.6 million first residence permits issued to third country nationals by European Union member states in 2015. Most of the residence permits were granted by United Kingdom. However, Spain was given the 5th place in the Migration Top with one of the highest numbers (193, 000) of registered residents. The three most popular reasons for obtaining a residence permit in EU countries were: family reunion (753, 000 or 28.9%), employment (708, 000 or 27.2%) and education purposes (526,000 or 20.2%).

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Advantages of having a residence permit or a second citizenship

Residence permit program as well as a second citizenship allows visa free travel to other European and Schengen countries. This means that a person can obtain the right to live in one EU member state and stay in any other for a definite period of time. Foreigners are not obliged to stay in the country permanently, they can travel to other countries while having registered themselves as residents of another country. This is especially convenient for those people who have to travel often or who are not planning on establishing their main place of residence in one particular country.

There are several advantages of becoming another country’s resident. For example, it is possible to work and do business in the country like the others citizens of that country without legal limitations, equally enjoy social services and benefits, receive salaries equal to other citizens’ salaries and also have a right to vote in European elections. Therefore, the country can offer great infrastructure network, mild climate, legal security and a high quality of life.

Residence permit program in Spain

In 2013 Spanish Parliament launched the program called Golden Visa, enabling the immigrants to obtain country’s residence by several means of investment. Non EU, EEA and Swiss citizens must apply for a temporary residence permit (Tarjeta de Residencia or TIE) within 30 days of their arrival in case they wish to stay in the country longer than 3 months.

Permanent residence permit can be obtained after living in Spain for 5 uninterrupted years and allows foreigners to stay in the country for between 90 days and 5 years with a possibility of its renewal.There is no requirement towards physical residence in Spain while having made an investment, however, there are several basic requirements concerning investor’s contribution to the country’s capital which should be fulfilled in order to receive a residence permit. Foreigner should be able to make:

Real estate purchase
That can be done by purchasing one real estate property which is worth not less than 500, 000 EUR in particular cities of Spain and has to be renewed annually. It is also considered to be the simplest way to obtain a temporary residence permit.
Bank deposit
That can be done by making a bank deposit not less than 1 million euro worth or investing the same amount of financial means in Spanish companies.
Government bonds purchase
That can be done by purchasing zero-percent government bonds not less than 2 million euros worth.

Additionally, foreigners also can receive a residence permit if the person is planning to carry out business activities dedicated to innovative product development on Spanish territory. It can be a business project of general interest or an innovative activity which makes particular interest to the country by creating jobs, having a notable social and economic impact on Spanish society and making contribution to scientific or technological infrastructure. In this case an individual can be granted a residence permit with a validity period of maximum 2 years and renewable for another 2 years.

Today (2017) the Spanish market gives many advantages to foreign investors due to focusing on facilitating foreign entrepreneurship. Spanish economy concentrates on internationalizing country’s financial resources, granting residential statuses to foreign investors.

Double citizenship program in Spain

Double citizenship program in Spain is currently unavailable, however, the country is running a residence permit program instead. Foreigners wanting to naturalize in Spain must renounce their old citizenship, except citizens of several Iberoamerican countries: Equatorial Guinea, Puerto Rico, the Philippines, Andorra, Portugal (2 years of residence in Spain required).

If you still have questions regarding procedures described above – please check our FAQ section or contact our advisors now.