Roma Barcellona valencia madrid
Contact: Email abogadafernandez@nonbisinidem.com - Ufficio (4 linee) +34 960 627 073 - Linea Italia +39 0861 18 86 156

GET A SPANISH PERMANENT RESIDENCY PERMIT INVESTING IN REAL ESTATE

GET A SPANISH PERMANENT RESIDENCY PERMIT INVESTING IN REAL ESTATE - After the housing bubble bursting in 2007 and after that Spanish banks have been constricted by the European Union to discard its real estate stocks, 3.000.000 real estate properties were on the market causing a collapse in prices up to 40 percent. This is the reason why, today, you can buy villas in beautiful coasts or on the shorelines at incredible prices. Thanks to its know-how gained in years of on-the-job experience, the law office can offer its help to the non-EU people who want to invest in real estate, enjoying in the meantime also some long run advantages by living in Spain. For this reason, Spain has just introduced on the 27th September 2013 a special law that allows to the customer to get the GOLDEN VISA, a permanent residency permit in Spain, which is however subject to the fulfilment of certain requirements set by law. Unlike a traditional residency visa, which doesnĺt allow to the person to get away from the country for a period of than 6 months within a year, the GOLDEN VISA offers great advantages for the non-EU citizens in terms of mobility, for example moving freely within the Schengen Area for more than 6 months.

golden visa spagnagolden visa in spagna

GET A SPANISH PERMANENT RESIDENCY PERMIT INVESTING IN REAL ESTATE

 

After the housing bubble bursting in 2007 and after that Spanish banks have been constricted by the European Union to discard its real estate stocks, 3.000.000 real estate properties were on the market causing a collapse in prices up to 40 percent. This is the reason why, today, you can buy villas in beautiful coasts or on the shorelines at incredible prices.

 Thanks to its know-how gained in years of on-the-job experience, the  law office can offer its help to the non-EU people who want to invest in real estate, enjoying in the meantime also some long run advantages by living in Spain.

 For this reason, Spain has just introduced on the 27th September 2013 a special law that allows to the customer to get the GOLDEN VISA, a permanent residency permit in Spain, which is however subject to the fulfilment of certain requirements set by law.

 Unlike a traditional residency visa, which doesn’t allow to the person to get away from the country for a period of than 6 months within a year, the GOLDEN VISA offers great advantages for the non-EU citizens in terms of mobility, for example moving freely within the Schengen Area for more than 6 months.

First of all, it is mandatory to purchase one or more real estate located in Spain whose value equals or exceeds 500.000,00 (five hundred thousand) euro. The applicant has to prove that has made an investment in one or more real estate property on the Spanish territory, spending the minimum amount specified above.

 You can buy only a property as indeed it is possible to buy two (the choice is free, between houses, garages, sheds,...) whose value reach the established minimum amount of 500.000 (five hundred thousand euro).

 The Ana Fernandez & Geval law office can help you in finding the best property for your needs, advising you in the search of your house in one of the most beautiful Spanish locations.

 This residency permit allows our non-EU customers to move freely throughout the Schengen Area as any European citizen with all the opportunities and advantages for their family members, for example to gain access to education (high school, university,...) also having the chance to apply for the citizenship.

 

PROCESS TO OBTAIN THE RESIDENCY PERMIT FOR INVESTORS

 To apply for the residency permit for investors (the GOLDEN VISA), you have to be in possession of a residency visa for investors.

 

RESIDENCY VISA FOR INVESTORS (INVESTOR VISA)

 Regarding residency visas, the new law has introduced important innovations both to the process and to those aspects relating to the visas duration, which is generally equal to one year.

 

GENERAL REQUIREMENTS

 By choosing to rely on the law office, you can trust that everything related to your visa apply will be carried out by a professional team, even if as GOLDEN VISA applicant you have to fulfil these requirements:

- Avoid any kind of irregular entry or stay on the Spanish territory;

 -You must be at least 18 years old;

 -Do not have any kind of criminal record in the Spanish territory and also in the country where you used to live for the past five years, considering the criminal offenses under the Spanish legal system;

 -Do not have been declared persona non grata within the countries Spain has signed this kind of agreement;

 -Arrange public or private health insurance (the law office will also provide you assistance in the conclusion of a private health insurance) with an accredited and authorized institution within the Spanish territory;

 - To have sufficient resources for yourself and to meet the needs of your family members during your stay in Spain;

 - Pay the fee for the application for the permit.

 The GOLDEN VISA application law regulates also family reunification, resulting in the need of a permit application also for your family members, whether the family reunification is done at the same time or after the issue of the visa to the applicant.

 In this regard, it is important to remember that the possibility to apply for a visa for your partner or children under 18 years of age (or also for adults with incapacity) is done only when you can assure to meet the basic needs of them.

 Regarding the application for residence permit in Spain it is mandatory that the applicant has sufficient financial resources in accordance with the law.

 You have also to note that in accordance with the provisions of the law article, the VISA holder may apply for the RESIDENCE PERMIT FOR INVESTORS.

 There are therefore two different processes, the first one involves the application for residency visa for investor and then, if necessary, the application and the issue of a visa for a family member: the process must be done throughout the Consulate located in the location where the applicant lives.

 After the issue of the visa, the investor who wants to stay for more than a year in the Spanish territory shall apply for a residence permit: Law office can help you throughout the process.

 Even for family members, it is mandatory that they fulfil some requirements, just like is the case for the GOLDEN VISA applicant, especially because it is necessary to provide the marriage and filiations documentation.

 

RESIDENCY PERMIT FOR INVESTORS

 After getting the investor visa and moving to Spain, the investor may obtain also the residency permit for investors, fulfilling the requirements set by law and also providing:

 -A copy of a valid document (as passport,...);

 - Prove to hold a valid residency visa for investors;

 - Demonstrate to have moved to Spain at least once during the period of the duration of the visa;

 - Prove through the land registry the property ownership of one or more real estate bought as an investment;

 - Submit a bank receipt for the payment of the permit application fees;

 - Prove that you fulfilled all the taxes and social security requirements.

 

RESIDENCY PERMIT FOR INVESTORS FAMILIES

 Also with regard to the families of investors, the law set the requirements to apply for the residency permit, but in addition there are also these specific provisions:

 - Hold a non expired family investors visa;

 - Prove that you move to Spain during the period of durability of the residency permit;

 - Prove the family relationship between the family members and the investor, with a

certificate issued less than 6 months before the application.

 

FOREIGN IDENTIFICATION NUMBER (IN SPAIN N.I.E.)

 When the foreign holds a residency visa or permit usually gets also a foreign identification number (in Spain it is called the N.I.E., Número de Identidad de Extranjero), which is fundamental in order to do business in Spain.

The foreign identification number is usually issued ex officio to the visa or permit holder, but can happen that not all the family members have got it.

 

FOREIGN IDENTITY CARD

 After the issue of a residency visa or permit, the investor and the family members are required to apply for a foreign identity card.

 

MAINTAINING THE SPANISH RESIDENCE EVEN IF YOU ARE OUT OF THE COUNTRY FOR MORE THAN 6 MONTHS

 The law ordains that it is not mandatory to maintain uninterrupted residency in order to apply for a permanent residency permit in Spain or for the Spanish citizenship.

It doesn’t matter if you are away from Spain for a period longer than 6 months if you have one or more real estate ownership and the financial resources as required by law: you will be able to renew your residency permit.

 

TYPES OF INVESTMENT IN SPAIN

 Nonresident foreigns who intend entering Spain to make an important capital investment may apply for a residency permit or a residency visa for investors.

 It considered as an important capital investment, the investment that meets the following requirements:

 - A 2 million EURO (or higher) investment on Spanish national debt, or a 1 million EURO (or higher) investment on shares or corporation stocks of Spanish companies, or finally a 1 million EURO bank account on a Spanish bank or financial institution.

 - A 500.000 EURO (or higher) investment – per applier - on real estate in Spain;

 - A BUSINESS PLAN that is going to be developed in Spain (it must be considered a GENERAL INTEREST investment) and has to meet at least one of the following requirements:

 

- Create jobs;

 -Make an investment that impacts economic and social development in the area where the business plan will be developed;

 -Relevant contribution to the scientific and/or technological R&D.

The VISA applicant can also decide to make an investment (meeting the requirements described above) through a legal entity that must not to be based on tax haven jurisdictions according to the Spanish laws.

 The VISA applicant must have directly (or through nominees,...) more than half of the voting rights and also the power to appoint or remove more than half of the company board of directors.

 

ADVANTAGES

 - This residency permit is appropriated to the foreign investors who want to come to Spain several times per year, WITHOUT THE TAX RESIDENCY, who do not want to be LONG-TERM RESIDENT IN SPAIN AND DO NOT WANT TO NEED TO APPLY FOR ANY KIND OF ADDITIONAL PERMIT OR VISA to enter and leave Spain.

- Getting the RESIDENCY PERMIT to buy real estate in Spain, the foreign investor can LIVE IN, LEAVE AND ENTER Spain or any other European country (any EU country – Schengen Area *) and MOVE THROUGH THE EU, without the need to work and avoiding the waiting periods and the restrictions on VISA applications.

 - SPOUSE AND UNDERAGE CHILDREN can apply simultaneously with the foreign investor for a joint application to get the investors permit.

 - May access to the BEST EUROPEAN UNIVERSITIES: this permit allows to access – with the same requirements as any European citizen – to university studies and training, continuing the studies already completed in the country of origin, or to pursue the studies already started but not completed (in this case it is possible to obtain some kind of credits achievement) and get an academic degree recognised by the EU countries and all around the world, getting more jobs chances as a skilled worker.

 - THE DIFFERENCE BETWEEN THIS AND OTHER VISAS: the applicant get AUTOMATICALLY the right to apply for a residency permit without any risk of refusal of the permit application. The residency permit application must be done within 20 days of the VISA issue date.

 - The first residency permit is 2 YEARS valid from the issue date until the expiration date: the second residency permit can be used for 2 YEARS from the date it is issued until the date it expires and after five years it is possible to apply – without any particoular requirement - for the PERMANENT RESIDENCY permit. To extend your permit it is not mandatory to demonstrate you stay longer than 6 months per year in Spain. It is however required to travel to Spain at least once between the issue and expiration dates of the permit.

 (*) Schengen Area: Spain, Germany, Denmark, Poland, France, Portugal, Finland, Hungary, Italy, Austria, Sweden, Slovak Republic, Belgium, Greece, Estonia, Slovenia, Netherlands, Luxembourg, Latvia, Czech Republic, Lithuania and Malta. Norway, Iceland, Switzerland and Liechtenstein are members of the Schengen Area,but they aren’t members of the European Union.