Residence permit in Spain

Spain residency by investment

Spain offers a residence permit through an investment initiative referred to as the Golden Visa programme, targeting foreign investors who commit substantial financial resources to the country's economy. In addition to investing, the participant in the programme must prove savings of 4 times the annual minimum subsistence level in Spain.

Investment options and minimum amounts to obtain an investor visa in Spain:

• Ready to use property: €500,000.
• Bank deposit: €1 million.
• Securities of Spanish companies: €1 million.
• Shares of investment funds: €1 million.
• Government bonds of the country: €2 million.
• A business project that contributes to the development of the economy and job creation.

An obligatory condition for the validity of the Spanish golden visa is the safety of investments. The sale of real estate, securities or withdrawal of funds from a bank deposit will lead to the loss of residency status. At the same time, the investor can freely rent out the property purchased to obtain a residence permit in Spain. In addition, investors under the Golden Visa programme gain privileges such as the ability to conduct business, work, and enjoy visa-free travelling within the Schengen area.

Family members of the investor, such as the spouse and financially dependent relatives, also have the option of obtaining a golden visa in Spain. Inclusion of relatives in the application does not affect the amount of investment but requires confirmation of their status and financial dependence. Initially, a golden visa in Spain is issued for 12 months. Further, this document is extended at the request of the holder for an unlimited number of times for 2 years. Permanent residence in the country for the prolongation of the residence permit for investment is not required.

After 5 years, the investor and the family can obtain a permit for permanent residence in Spain. Then after another 5 years, the right to apply for Spanish citizenship arises.

Requirements for Golden Visa in Spain

An investor who plans to obtain residency in Spain, in addition to investing in the economy, must:

• Have the financial means to reside.
• Not have a criminal record for the previous 5 years.
• Be in the country legally.
• Pay for health insurance.

If family members of the investor also apply for Spain Golden Visa, the amount of necessary financial resources is increased by the amount of one minimum subsistence level in Spain for each family member.     

Documents for participating in Golden Visa programme in Spain

To apply for a residence permit in Spain by investment in real estate you will need:

• A valid passport.
• Confirmation of the fact of investment.
• Certificate of absence of criminal record.
• Medical insurance policy.
• Spanish TIN.
• Bank statement showing sufficient funds for living expenses.
• 2 colour photographs that meet the requirements for visa photographs.

Citizenship in Spain

A foreign citizen who has taken out a residence permit for investment can obtain a Spanish passport on general grounds. To do this, a number of requirements must be fulfilled:

• Residence in the country for 10 years without interruption.
• Passing the Spanish language exam.
• No problems with the law.
• Renunciation of previous citizenship.

Obtaining a Golden Spanish passport opens access to social services and benefits and allows you to freely visit more than 170 countries around the world.

The cost a Golden Visa in Spain is from €500,000

Investing in property requires taking into account not only the cost of the housing itself but also the additional costs associated with the purchase and subsequent residence. The main categories of associated costs that make up the cost of a golden visa in Spain include:

• Consular fee for issuing a national visa: €80.
• State duty for issuing a residence card: €100.
• Property transfer tax: from 6% to 10% of the value of the property.
• Tax on documented legal acts: from 0.5% to 1.5%, applicable to the purchase of new buildings.
• Notary and registration fees: approx. 1% of the value of the property.
• Legal services: from 1% to 2% of the value of the housing.
• Medical insurance policy.

In addition to the cost of a residence permit in Spain, you should plan a budget to pay for:

• Property tax: at the rate of 0.4–1.1% of the cadastral value of the housing.
• Utilities: €100–200.
• Damage insurance: €300–500 per year.