Spain has become a popular destination for those looking to settle abroad. One of the options that many consider is the acquisition of property as a way to obtain Spanish residence.
Is it possible to obtain Spanish residence by purchasing a property?
Yes, it is possible to obtain Spanish residence through the purchase of a property. The residency program known as the “Non-Profit Residency Visa” allows foreign citizens to obtain Spanish residence by investing in real estate. However, it is important to note that there are certain requirements and conditions that must be met to benefit from this program.
Requirements to obtain residency through the purchase of a property
- Minimum investment: In the case of purchasing a property, a minimum investment of 500,000 euros is required. This amount must be demonstrated by presenting documentation that proves the property and its value.
- Sufficient funds: In addition to the investment in the property, applicants must demonstrate that they have sufficient funds to cover their living expenses and those of their dependents during their stay in Spain. A minimum annual amount is established that varies depending on the number of family members.
- Health insurance: Applicants must have private health insurance that provides full coverage in Spain.
- Absence of criminal record: It is necessary to prove the absence of criminal records both in Spain and in the countries in which you have previously resided during the last five years.
- Residence visa: Before arriving in Spain, applicants must obtain a non-profit residence visa at the Spanish consulate in their country of origin or legal residence. This visa has an initial duration of one year and can be renewed later in Spain.
The process of obtaining residency
- Purchase of property: The first step is to acquire a property in Spain that meets the minimum investment requirement.
- Residence visa application: Once the purchase has been made, the non-profit residence visa application must be submitted to the corresponding Spanish consulate, including all the required documentation.
- Obtaining the visa: If the application is approved, the non-profit residence visa will be granted, allowing the applicant to move to Spain.
- Obtaining residency: Once in Spain, the applicant must complete the necessary procedures to obtain residency, including registration at the Immigration Office and obtaining the foreigner identification card (TIE).
Buying a property in Spain can be a way to obtain residency in the country through the Non-Profit Residence Visa program. However, it is essential to meet the established requirements, such as minimum investment, sufficient funds, and obtaining the corresponding residence visa. By following the appropriate process and meeting the requirements, it is possible to obtain Spanish residence by purchasing a property in 2023.
Do you need more information about the different procedures to obtain Spanish Residence?
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