Residence permit in Spain
When acquiring property in Spain, you receive the right to legally live in the country, as well as the right to free movement throughout the territory of the European Union. There are several ways to obtain residency.
• The first of them is known as residency by investment or the Golden Visа, which is issued to property owners (whether residential properties, commercial sites, plots of land) whose value is over €500,000. The property does not have to be a single unit in and of itself. Residency is issued to the owner and the closest family members for two years, with a further extension of up to 5 years. Investing in property does not imply taking out a loan of up to €500,000, it means that if you have bought an apartment for the value of €1 million, then you can only claim a Golden Visa if €500,000 has been paid in personally by you, in other words without the help of a mortgage. You are entitled to take out a loan for the remaining €500,000. The most important advantage that a Golden Visa offers is that you are not limited by the timeframe that you can stay in Spain – there is neither a maximum nor a minimum.
• If you have purchased a property for less than €500,000 then you may also take out residency for the period of a year, with the option of extending it for both your family members and yourself. However, in order to renew this type of residency it is necessary for you to spend at least 180 days per year in Spain.
• If you are a property owner, but do not intend to live permanently in the EU, then the other option is a type D visa, which allows you to live in the territory of the European Union without the right to work.
By working closely with lawyers, banks, construction companies and notaries, our team will provide you with the best investment opportunities, as well as provide you with information and legal assistance in obtaining a residence permit in Spain.
Please get in touch with us for more detailed information.