Residence permit in Spain
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:
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:
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:
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):
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.