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Residence permit for the purchase of a house in Spain

If you are a foreigner and intend to buy a home in Spain, don't stop paying attention to the investment arrangements by the Spanish government since, from September 27th, 2013 and through the repeal of Law 14 / 2013, it is possible to obtain Spanish residence permit by applying for a Golden Visa.

The advisers at the Engel & Völkers Real Estate Madrid team explain what this is, what are the benefits and how this alternative can be handled in a quite interesting way.

What is a Golden Visa?

Golden Visa or Gold Visa gives foreign citizens the possibility of settling in the Iberian Peninsula provided they make an important investment within the Spanish territory.

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What is the investor profile required for obtaining a Golden Visa?


Within groups of investors that the government considers suitable for obtaining a Golden Visa are those who make a purchase in the property market -business premises or houses- on a minimum basis of 500,000 euros free of charge.

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In addition to real estate investors, they may also apply for Golden Visa if they choose to make deposits in Spanish banks or acquire shares from 1 million euros, or invest in public debt bonds from 2 million.

They will also have their chance to get the Golden Visa if they are highly skilled foreign professionals and entrepreneurs who decide to pursue a business project in Spain that can be categorised as "general interest".

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How to apply for the Golden Visa in the case of buying a property in Spain

Those interested in buying a property should, in principle, write to the Consulate of Spain located in their country of origin. The letter should be addressed to Large Business Unit Strategic Economic-spread ( Unidad de Grandes Empresas-Colectivos Estratégicos) , then the corresponding residence authorisation.


Then, they must submit the following documents:


Acto seguido, tendrán que aportar la siguiente documentación:

a) General

  • Identity card or passport (the person must be over 18 years).
  • Health insurance (public or private) granted by an institution to conduct operations in Spain.
  • Proof of no criminal record.
  • Decleration of financial solvency for personal and family members for the period of residence.

b) Specifics

  • Foreign identification number or NIE (can be processed online at: http://www.nienumber.com)
  • Domain Certificate of Land Registry and letter of support to purchase real estate.

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What are the main benefits of having a Golden Visa?

The Golden Visa entitles its holder to live and work in Spain for a period of one year. The visa can be renewed for two more years, provided that the property is maintained regularly.

Finally, long-term residence may be obtained whenever the applicant has proven his residence in Spain for 5 years; that is if you have not lived outside Spanish territory for more than 10 consecutive months or for less than 6 months.

In addition, the Golden Visa allows the investor to have free movement in the Schengen area; This means you can travel through Germany, Austria, Belgium, Denmark, Slovakia, Slovenia, Spain, Estonia, Finland, France, Greece, Hungary, Iceland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Norway, Netherlands , Poland, Portugal, Czech Republic, Sweden and Switzerland.

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Who are the key stakeholders in buying property in Spain?

The Spanish property market is enormously attractive for foreign investors, especially for Chinese citizens. Meanwhile, the Argentines are the ones who pay per square metre. Russians also acquire luxury upscale homes in Spain; Alicante coastal region and the Costa Brava are the favourites among this community.

By the way, our real estate Engel & Völkers Madrid puts all our expert advisors at your disposal in order to guide you throughout the process of acquiring the best houses located in different districts and neighbourhoods of Madrid and, of course, provide all the paperwork and suggest the most convenient business opportunities.

We therefore expect to provide you with accurate and updated information on every property that's worth more than 500,000 euros in Madrid which, by purchase, allow the foreign citizen to obtain a Golden Visa immediately. The renewable residence permit that will allow you to invest in our country, work in any part of Spanish territory, or develop as an entrepreneur or as a professional.

Engel & Völkers

Madrid
Génova, 27 - 5th floor
28004 Madrid
Spain
Phone
+34 91 277 45 00

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