Residence permit in Spain
|Bank deposit||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|
Today Spain is considered to be one of the EU countries having a greater number of foreigners interested to live and invest in it. Few years ago Spanish government proposed the Law on Entrepreneurs for foreigners. According to this law, 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!
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 Spain’s healthcare system, widely regarded as one of the best in the world;
- having an access to country’s education system;
- 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).
Residence for investment program: bank deposit
Temporary residence permit program in Spain based on making a bank deposit offers foreigners a decent way of investing their financial means in Spanish credit institutions in order to reside in the country longer than 3 months within a 6-month period. Depositing money in a local bank can facilitate person’s business and ensure dividends from the invested financial means.
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 – main applicant’s dependent children or spouse by marriage.
In order to acquire a temporary residence permit of Spain on the grounds of depositing financial means in the bank account of one of the Spanish financial institutions the following requirements must be met:
- The deposit must be made in the total amount not less than 1 000 000 EUR;
- A bank deposit contract must be signed and the Certificate of deposit shall be completed in the name of the person requesting a residence permit;
- 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 bank deposit, 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).
There may be other fees involved on case-by-case basis, so it is highly recommended to contact us in order to acquire a full list of costs involved prior to proceeding.
In order to receive a temporary residence permit in Spain, the foreigner must present a valid travel document and submit the following documents (document list may vary 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 Spanish Bank, stating that the applicant is the sole owner of the bank deposit;
- 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.
General time frames for obtaining TRP are 1-3 months once the formalities making a bank deposit 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.
After a temporary residence permit is issued – it must be registered on the basis of a 2 year period and need to be fully renewed after 5 years. Renewal does not require a person to permanently live in the country during past 5 year period.
Permanent residence application
After acquiring temporary residence, if the foreigner resides 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 reapply for another 5 years of temporary residence.
Contact us now in order to ask questions or apply.