Residency through property purchase in Spain.

Spain is a popular destination for those looking to obtain a residence permit (RP), combining it with the purchase of property. One of the most well-known ways is the so-called "Golden Visa" (Golden Visa), which grants the right to reside in the country based on investments. In this article, we will detail how to obtain an RP through property purchase, what requirements must be met, and what to do if your property is worth less than the minimum threshold.

What is the Golden Visa (Golden Visa)?

The Golden Visa is a type of residence permit that Spain offers to foreign citizens who invest significant amounts of money in the country's economy. One of the most popular ways to obtain this visa is by purchasing property worth 500,000 euros or more.

Advantages of the Golden Visa:

Residence in Spain: You and your family can live in Spain.
Free movement: The visa grants the right to travel without a visa within the Schengen Area countries.
No residency requirement: You do not have to be constantly in Spain to maintain the status.
Work and business: The opportunity to work or do business in Spain.
Family inclusion: The Golden Visa extends to your spouse and children.

Requirements for obtaining the Golden Visa

To apply for the Golden Visa, the following requirements must be met:

Property investment:
- Minimum amount — 500,000 euros (own funds, excluding mortgage).
- You can purchase multiple properties to reach this amount.
Financial capacity:
- The applicant's account must contain an amount equivalent to 400% of the IPREM (27,792 euros in 2024) for the main applicant.
- Additionally, 100% of the IPREM (6,948 euros) for each family member.
Health insurance: A valid policy in Spain that covers basic medical services.
Clean criminal record: The applicant must not have a criminal history in Spain or in the countries where they have lived previously.
Passport validity: The passport must be valid at the time of the application.

Steps to obtain the Golden Visa

1. Property purchase

Select and buy a property (or several properties) with a total value of 500,000 euros or more. Consider professional services for property purchases for convenience.
Ensure that the purchase is registered in the Property Registry.

2. Document preparation

Proof of ownership (property registry extract).
Financial documents proving sufficient funds.
Health insurance. Learn more about medical insurance.
Copies of passports and certificates of no criminal record.

3. Submit the application

Documents should be submitted to the Spanish consular office or the immigration office in Spain. The processing time is up to 20 working days. Use Golden Visa services to streamline the process.

4. Obtain the visa

The Golden Visa is granted for 2 years with the possibility of renewal every 5 years.

Property worth less than 500,000 euros: What to do?

If the value of your property is below the threshold for obtaining a Golden Visa, you can still apply for other types of residence permits. For example:

Residence permit without work rights:
- Suitable for financially independent individuals who can prove they have sufficient funds to live in Spain. Learn more about residence permits without work rights.
- The property you own can serve as additional proof of stability.
Digital Nomad Visa: For those working remotely for companies outside Spain or freelancing.
Family reunification: If your close relatives are already residents of Spain.

Alternative ways to obtain an RP

Employment contract: Through an employer.
Starting a business: If you invest in the Spanish economy by creating a company.
Studying: Enrolling in a Spanish university allows you to obtain a student visa.
Marriage to a Spanish citizen: You can obtain an RP through family ties.

Important aspects

Property and taxes: When purchasing property worth more than 500,000 euros, taxes (VAT or property transfer tax) are paid additionally.
Legal checks: Before purchasing, make sure that the property has no debts or encumbrances. This can be done through property verification before purchase.
Application deadlines: Documents can be submitted within 90 days after purchasing the property.

Conclusion

Obtaining a residence permit through property purchase in Spain is a convenient and reliable way to become part of the European space. The Golden Visa offers many benefits, including freedom of movement and the opportunity to live in one of Europe's most comfortable countries. Even if your property is worth less than 500,000 euros, Spain offers alternative RP options for foreigners.