HEALTHPLAN MAGAZINE

Many people dream of living in Spain, captivated by its culture and beauty. A common question is whether buying property in Spain could also grant them the opportunity to become a resident. This article delves into the link between property ownership and Spanish residency, explaining the requirements, process, and potential advantages.

In this article, we aim to provide you with a clear understanding of whether purchasing property in Spain can truly lead to gaining Spanish residency.

Well the answer to that question is yes. Non-EU citizens seeking residency in Spain, can obtain a 3-year residence permit by purchasing property valued at over 500,000 euros. This special residency opportunity is commonly referred to as the "golden visa," offering significant benefits, as we'll discuss below.

Established under the 2013 Entrepreneurs Law, this initiative was designed to attract foreign investment and talent to Spain. Since its inception, numerous individuals and their families have capitalised on this visa to establish long-term stays and even secure citizenship. While the primary requirement is the acquisition of a house or apartment valued at 500,000 euros or more, this investment need not come from a single source. You can accumulate the minimum amount through the purchase of multiple properties, or by including an additional investment such as a garage. Importantly, financing your investment through a mortgage is not permissible.

Beyond the investment threshold, it is essential that you meet two other requirements. They are:

• Securing comprehensive private health insurance with full coverage in Spain and without copayments
• Obtaining and submitting a criminal record certificate.

Application Procedure

The application process is notably uncomplicated and efficient. The initial step involves finalising the property purchase, a task streamlined by acquiring a non-resident NIE (Foreigner's Identification Number), which grants you the authority to execute all legal agreements.

Once property ownership is established, the residency application can begin. This application is channelled through the Unidad de Grandes Empresas or UGE (different from the general Immigration Office), thereby speeding up the permit process.

There are two pathways you can follow, you can…

• Initiate the process from your home country, obtaining a 1-year visa that facilitates travel to Spain, followed by conversion into a 3-year residency card.
• Travel to Spain as a tourist and directly commence the application process within the country, resulting in the acquisition of a 3-year residency card.

After you receive your resolution (usually within 20 business days), the next step involves going to the nearest police station to have your fingerprints recorded and to obtain the physical residency card, referred to as the "TIE" (Tarjeta de Identidad de Extranjero). This final stage of the process typically takes about 30 days to complete.

Key Benefits of Spanish Residency through Property Purchase

Acquiring Spanish residency via property ownership offers a multitude of advantages beyond the ability to reside in the country for three years. These compelling benefits have contributed to the widespread popularity of the golden visa, particularly among foreign nationals seeking a seamless and efficient relocation process:

• Freedom of Movement: Enjoy unrestricted travel within the European Union and the Schengen Area.
• In-Country Application: Apply directly from Spain as a tourist, eliminating the need to return to your home country during the application process, including property acquisition.
• Fast-Track Application: Benefit from a streamlined application process at the UGE, receiving your resolution within just 20 working days.
• Minimum Stay Requirement: Unlike other permits that demand a minimum 6-month stay in the country, this residency enables you to renew your visa with a single yearly visit, resulting in more favourable tax conditions and avoiding tax residency.
• Work Privileges: Obtain not only the right to live in Spain but also the ability to work, whether as a freelancer or an employee in a company.
• Inclusion of Relatives: Extend the advantages to your family members through your initial investment, enabling them to live and work in Spain as well.
• Path to Spanish Citizenship: Each year under the investor residency counts toward the period required for Spanish nationality, with the duration varying based on individual circumstances (1, 2, 5, or 10 years).

By capitalising on these benefits, the residency acquired through property purchase not only grants you legal residence but also opens doors to professional opportunities and an enriched lifestyle for you and your loved ones in Spain.

Learn more about Spain's golden visa program.