If you are considering investing in Spain… keep reading. Because chances are you will be able to obtain a 3-year residence permit with additional advantages as long as you meet the requirements we will see below. Next, you will find everything you need to know about how to obtain residency in Spain after buying a property, including how much you have to invest.
Can you get Spanish residency by buying a property?
Yes, if you are a non-EU citizen, you can obtain a residence permit in Spain valid for 3 years as long as the property you purchase is valued at over €500,000.
This residency is famously called golden visa, and comes with great advantages (which we will explore below).
It is part of the popular 2013 Entrepreneurs Law, which from the very beginning had the aim of attracting talent and foreign investment in the country.
Since the approval of this law, many foreigners and their families have benefited from this special type of visa, staying in the country for the long-run and even obtaining citizenship.
As we mentioned, the main requirement is buying a house or flat valued at €500k (or higher), but this investment does not need to come from a single source.
That means you can purchase 2 or 3 properties in which the added values sum more than the minimum amount to get residency; or you can even purchase a garage (as an extra) that finally adds up the total required amount.
The crucial thing to consider is that you can’t use a montage to finance your investment.
Apart from the investment, the other 2 requirements you must meet are:
- Hire private health insurance, with no copayments and full coverage in Spain
- Request and submit a criminal record certificate
And that’s it!
Which other EU countries give residency by buying a property?
Apart from Spain, there are 2 other countries in the European Union that also grant a residence permit after buying a house: Greece and Portugal.
In each country the specific requirements do differ, so you can encounter different investment minimums.
For example, in Greece, that amount is €250,000 for a permit valid for 5 years; whereas in Portugal the investment is set at a minimum of €280,000 for also 5 years.
Then, you also have the case of Malta, which also grants a 12 or 36-month residency permit as long as you invest in the country, in this case requiring you to invest €500,000 in capital assets, of which a minimum of €150,000 must be financial assets.
In the end, it is a matter of balancing the easiness of the requirements (that is, how big the required investment is), with the advantages the visa grants but also with what the country has to offer.
That is why many times Spain, due to its varied landscape, amazing cuisine, charming population, and overall opportunities ends up beating its neighboring competitors.
Main advantages of Spanish residency after buying a house
Obtaining residency in Spain after buying a property comes with great advantages (not only being able to live in the country for 3 years).
Those are the same benefits that have made this residency type (the golden visa) so popular for many foreigners looking for a straightforward and effortless relocation process:
- Move freely within the EU and Schengen Area
- You can apply directly from Spain, as a tourist, and complete the whole application without needing to go back to your country of origin (including the property purchase)
- Instead of suffering from a long or tedious application process, you will enjoy a fast-track application at the UGE, receiving your resolution in just 20 labor days
- You will just need to visit the country once per year in order to renew your visa. As you don’t need to stay for a minimum of 6 months in the country (required for the rest of the permits), you don’t need to become a tax resident, hence enjoying much more favorable tax conditions
- The residency after buying a house not only allows you to legally live in the country but also to work; as a freelancer or as an employee for a company
- Bring your relatives with you and include them in your application (thanks to your initial investment) so that they can also live and work in the country
- Obtain Spanish citizenship. Each year with the investor residency count towards Spanish nationality (with a required 1, 2, 5, or 10 years depending on your situation).
As we have mentioned, the application process is quite straightforward and fast.
The first thing you will have to complete is the process of purchasing your property, something you can do by just requesting a non-resident NIE (the foreigner’s identification number that will allow you to sign all legal contracts).
You can access a complete guide on how to buy a property as a foreigner here
Once the house is yours, then you can start your residency application. This application is submitted at the UGE (“Unidad de Grandes Empresas”), which differs from the general Immigration Office where all other residency applications go through (and what allows you to obtain your permit faster).
Here you can two different options:
- You can start the process from your country of origin, which will help you obtain a 1-year visa with which you can travel to Spain, and then convert into the 3-year residency card
- Travel to Spain as a tourist and start the application directly in the country, obtaining the 3-year residency card
Once you get your resolution (in a maximum of 20 labor days), you will have to visit the closest police station to register your fingerprints and get your physical card (called “TIE”). This last part of the process lasts about 30 days.
Remember that if you need step-by-step guidance in both purchasing your property and obtaining your residency, our team of immigration lawyers is at your complete disposal. Get in touch through the following form and get all your doubts solved: