Residence permit in Spain
- Investment in local company: From 1 000 000 EUR
- Applicant's mothly income: From 2 130 EUR
- Application state fees: 1 000 EUR
- Length of the process: 1 - 3 months
- Visa-free travel: European Union
For the past few years Spain is considered to be one of the EU countries having a greater number of foreigners interested in living and investing in it. In 2013 Spanish government proposed the Law on Entrepreneurs for foreigners, according to which, foreigners can take an advantage of the Spanish migration program for investors and receive a long stay visa by applying for temporary residence permit (TRP) at the Spanish Consulate in the country of origin or residence.
If you have questions regarding Spanish residence for investment program or you are willing to apply – contact us now!
Residence for investment program: bond acquisition
Temporary residence permit program in Spain based on making bond acquisition offers foreigners an easy way of investing their financial means in Spanish Economy in order to reside in the country longer than 3 months within a 6-month period.
Eligibility
A foreigner is eligible to apply for a residence permit, if he or she has reached legal age of 18 years, has no criminal record, does not have been refused entry to any of the Schengen countries, has proven monthly income 2 130 EUR for the main applicant, 532 EUR for any additional family members applying.
It is also possible to submit a request for family members – applicant’s dependent children or spouse by marriage.
Requirements
In order to acquire a temporary residence permit of Spain on the grounds of bond acquisition the following requirements must be met:
- The investment in securities of Spanish government debt in amount of at least 2 000 000 EUR must be made;
- An investment in amount equal to or greater than 1 000 000 EUR in shares or shares of Spanish companies must be made;
- A copy of the declaration of the investment made with the Registry of Foreign Investment of the Ministry of Economy and Competitiveness should be submitted;
- All fees and extra costs should be covered as well.
State fees and costs
In order to apply for a Spanish residence permit based on the bond acquisition, you will have the following expenses (apart from the investment volume itself) involved:
- notary and registry fees ~ 450-750 EUR;
- application fee 60 EUR;
- examination of the documents submitted for requesting a temporary residence permit 190 - 400 EUR for the main applicant, the spouse, children (depends on the processing period);
- documents legalization fee ~ 30 EUR per document (if applicable).
In order to apply for a Spanish residence permit based on the bond acquisition, you will have the following expenses (apart from the investment volume itself) involved:
Documents
In order to receive a temporary residence permit in Spain, the foreigner must have a valid travel document and submit the following documents (requirements for residency can differ depending upon the applicant’s country of origin):
- a copy of passport;
- passport-sized photos;
- a copy of driver’s license/ID (if applicable);
- a definite sample form for a residence permit request;
- a police clearance certificate;
- a medical certificate;
- a marriage certificate (if applicable for spouse application);
- a certificate of the financial intermediary, recorded in the Bank of Spain;
- a certificate from the Bank of Spain, stating that the person is really the only holder of the investment for a period not less than 5 years;
- a travel/health insurance (prepared and submitted after a positive decision is issued);
- copies of documents confirming relationship: birth or marriage certificates (if applicable for family members applications).
Other documents may be requested by the Immigration office on case-by-case basis, therefore, this list is not final.
Time frames
General time frames for obtaining TRP are 1-3 months once the formalities of acquiring the bonds are completed (normally residence permit decisions are made within 10-20 working days).
However, Confidus Solutions lawyers are not responsible for final decision-making whatsoever, therefore, case hearing period may extended by the Immigration office.
Annual extension
After a temporary residence permit is issued – it must be registered on the basis of a 2 year period and need to be renewed after 5 years. Renewal does not require a person to permanently live in the country during past 5 years period.
Permanent residence application
After acquiring temporary residence, if the foreigner lives in Spain for at least 1460 days (4 years) within 5 year period – he or she may apply for a permanent residence. Otherwise a person can fully reapply for another 5 years of temporary residence.
Benefits of holding Spanish temporary residence permit
Holding Spanish residence permit grants its holder the following benefits:
- free movement and living in the 26 countries within the Schengen zone for 3 months in 6-month period;
- visa-free travel;
- getting a job or set up a business in a stable European economy;
- easier to transfer large sums of money in and out of the country;
- a wider range of products and higher interest rates, lower commissions offered to residents;
- having an access to country’s healthcare and education systems;
- having reductions in a number of charges and taxes;
- having an access to financial benefits and discounts of country’s social services;
- having rights to vote in local European elections;
- obtaining Spanish driving license and number plates for the car (-s).
Contact us now in order to ask questions or apply.