Residence permit in Spain
|Real estate cost||500 000 EUR|
|Applicant's mothly income||From 2 130 EUR|
|Application state fees||3 000 EUR|
|Property onwership title tax||~ 1500 EUR|
|Length of the process||1 - 3 months|
|Visa-free travel||European Union|
Spain has had a proactive immigration policy in place since September 2013, providing several investment options for obtaining residency based on different residence permit programs, including receiving a temporary residence permit (TRP) and a permanent residence permit (PRP) afterwards.
Today a foreigner can take an advantage of the Spanish migration program for investors and receive a long stay visa by applying for a temporary residence permit at the Spanish consulate in the country of origin or residence. According to Permanent Immigration Observatory, the most popular way of relocating to Spain is applying for a TRP.
If you have questions regarding Spanish residence for investment program or you are willing to apply – contact us now!
Residence for investment program: real estate purchase
Temporary residence permit program in Spain based on real estate purchase offers foreigners a decent way of investing their financial means in Spanish immovable property in order to reside in the country. Currently this program is one of the most effective in EU, as in case of rental Spanish property may provide quite good investment return rates, making it not only an affordable immigration solution, but also a worthy investment.
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, does not have any real estate purchase debts, is capable of proving a monthly income in amount of 2 130 EUR for the main applicant, 532 EUR for any additional family members applying.
It is also possible to submit an application request for family members: applicant’s dependent children and spouse by marriage.
In order to acquire a temporary residence permit of Spain on the grounds of purchasing a real estate property the following requirements must be met:
- The purchase of one or more real estate properties must be made with a total price not less than 500 000 EUR, provided that:
- the property purchased must not include buying an agricultural land plot or a designated forest plot;
- the property must be purchased from foreigner’s personal funds, resting in his or her personal account;
- A purchase contract must be signed and the Land Register certificate shall be completed by the date of submission in the name of the person requesting a residence permit;
- All state fees and corresponding alienation taxes should be covered as well.
State fees and costs
In order to apply for a Spanish residence permit based on the real estate purchase, you will have the following expenses (apart from the investment volume itself) involved:
- Land Registry fee ~ 400-1500 EUR (may vary according to the property price and location);
- 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 have a valid travel document and submit the following documents (list of required documents may differ depending upon the applicant’s country of residence as well as other factors):
- 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 property registration and real estate purchase deeds;
- 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 of owning the property 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 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;
- 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.