This new law took effect on September 2013, and allows foreigners to obtain the Spanish residence through property investments, more specifically real estate and property ones.
Do you need an insight into the necessary requirements to benefit from this law? Just keep reading:
Specific requirements for residence visas.
The key to obtain a Spanish residency visa is to make a significant investment in Spain, and that can be achieved in two ways:
- Making a property investment of 2 millions € or more in public debt or 1 million € or more in shares of bank deposits or companies in Spain.
You will need to prove that investment in order to benefit from this new law, by presenting certificates signed by the relevant authorities -the government, company, bank…- along with your residency application.
That must be done in at least 60 days prior your residency application.
- Or by the acquisition of a property with a net worth of at least 500,000 €. Such acquisition can be paid via a mortgage, but only if the property is valued at over 500,000 €.
For that acquisition to be proved, you will need a certificate issued by the Land Registry Office. Have in mind that at the time of your residency application, the title deeds of the property you have bought must be signed in front of an official notary, no matter if it has not been registered in the property registry yet. By the previous steps, you will have proved that the purchase has been paid.
Other requirements you must meet in order to obtain the residency:
1. You must not be residing illegally within a Spanish territory.
2. You must be 18 years or older.
3. You must not have any criminal records in Spain or in any other country of previous residence.
4. You must not have entrance prohibited in Spain or the territorial space of other countries with which Spain has signed an agreement to that effect.
5. You must have a public or private health insurance policy in place with an insurance company duly authorized to operate in Spain.
6. You must have sufficient financial means to meet both your living expenses and the cost of your return to your own country for both you and your family during the period of time for which you wish to reside in Spain.
7. You must have paid the legally established fee.
So, now that you have the Visa and residence permit, you have the right to reside in Spain for one year.
Also, you will be possibility to apply for a residence permit for a further 2 years, provided you meet the following requirements:
You have a current valid visa, or no more than 90 days have elapsed since its expiry date.
You have traveled to Spain at least once during your initial 1 year period of residency.
You have maintained the investments you previously made, which must be proved by means of certificates as required by law.
The law is not clear whether you can apply for subsequent residency extensions, but, since your initial investment will be maintained and there is no mention to renewal limitations, there should not be any problem.
It’s also important to that you are aware that is possible to include your wife/husband and children in your initial residency application, or they can be added afterwards.
So, you can see that, given the current state of the real estate market, and the benefits you can receive with this law, it is a perfect moment to buy properties in Spain.
And what better place to settle than the Costa del Sol, with a warm weather all year long and the chance to enjoy the tranquility of towns like Estepona, Marbella, Elviria… With the beach just a few steps away and plenty of leisure activities and places to go.
Take a few moments to peruse through our site to view our database of continuously updated property in and around Marbella