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Residence permit in Spain

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In Top House Realty we assist our clients who have bought real estate in Spain in getting investor residence permits. An investor residence permit allows its holder to live on the territory of Spain legally and travel freely within the countries belonging to the Schengen area.

Option 1: a D type visa – a non-lucrative national visa allowing to stay more than 90 days per year in the Schengen area (remember that holding a Spanish touristic visa does not allow you to stay in the country more than 90 days during the period of six months and more than 180 days per year). The easiest way to apply for a D type visa is by purchasing a real estate item in Spain. Getting a D type visa is not directly related to the purchase of real estate in Spain, although its possession provides the applicant with a considerable advantage. In addition to this, in order to get a D type visa you have to guarantee enough permanent financial income to reside in Spain during the expected period of stay without the right to work or run any business. This regulation is valid not only for the applicant but also for the members of his/her family according to the following standards:

The applicant's monthly income in euros during his/her stay in Spain should be equal or superior to 400% of Spain's IPREM (a multifunctional general measure of income). This required amount increased to €2,130 in 2014. The monthly income in euros for each member of the family during your stay in Spain has to be equal or superior to 100% of Spain's IPREM, which increased to €532 in 2014. 

Please note: since the 5th of April 2010, a member state D type visa issuance fully applies to the whole Schengen area and gives the right to travel throughout its countries during a period not exceeding three months (90 days) within six months and 180 days per year, thus abolishing the combined category of a C + D type visa which existed before.

Important: Getting a D type visa is a long process which takes from 2 to 6 months. It is worth remembering that, having obtained a D type visa, you must stay on the territory of the country for at least 183 days per year.       

Option 2: You can purchase real estate in Spain. Recently, a law which enables foreigners who purchase real estate in Spain amounting to €500,000 or more to get residence permits has come into effect. It can be a residential property, commercial real estate or a building land purchased and located on the territory of Spain. It is possible to purchase one or more properties with the total price amounting to half a million euros or more for one residence permit. Such family members as husband/wife, parents or children can get residence permits together with the applicant. It does not matter if real estate was purchased for renting out or for residing. A residence permit in Spain issued for real estate purchases will initially be valid for a period of up to two years (one year minimum). Permit renewals can be requested for periods of five years. You can read about getting an investor residence permit in detail here.

Option 3: The previously mentioned law also includes residence permit issuance to foreign businessmen willing to make substantial investments in Spain. A "substantial investment" can refer to: 

a) Investments with the initial amount higher or equal to €2,000,000 in the stock market, higher or equal to €1,000,000 as a capital contribution in factories and Spanish companies by foreign investors, as well as bank deposits for an amount of €1,000,000;

b) Capital contribution in company projects of national and economic interest in Spain by foreign investors, if fulfilling the following basic requirements:

- Creation of new jobs;

- Capture of foreign investments and business developments ensuring the socio-economic growth of the area, which applies to the established company project for investment;

- Financial support of technological and/or scientific investigation development.

Option 4: Residence permit for retirees or pensioners. Citizens having reached the retirement age owning a residential real estate item and having income equal or superior to $10,000 annually guaranteed by the state or by a private company also have the right to request a residence permit in Spain. The conditions for getting such a permit are:

1.) A financial security guarantee. It is necessary to confirm sufficient funds to cover expenses during the estimated period of stay in Spain without having to perform any kind of work. The source of these funds could be: 

a) A state pension in convertible currency for an amount equal to or higher than $10,000 per year;

b) Tax-free income paid by a public or private organisation in a convertible currency for an amount equal to or higher than $10,000 per year;

2.) Being in possession of any residential unit or a long-term rental agreement (3 years). It is necessary to own a property not below the standard level stated for the Spanish citizens of the area and also to have a medical insurance certificate that would cover the expenses in case of any kind of accident. 

The good news is that the procedure of issuing residence permits to retirees was significantly simplified in 2012. The list of documents required is still the same, however, the issuance time has been reduced to two months.

Real estate investments in Spain is not only an opportunity for a profitable investment, it is also a great chance to get a residence permit in the country. Top House Realty experts specialising in foreign investments will help you to collect and process all the necessary documents. For more information, please contact us via telephone: (+34) 933 153 147 or e-mail: info@tophouserealty.com.