The new law giving Spanish residence to those buying properties in Spain was passed in September. There are lots of rumors and interpretations so thought it was a good idea to ask Ms. Blanca Loring, an expert on immigration law, to produce a brief note with the most important points that law refers to. This article is what she produced for me:
For additional advice, please contact Ms. Blanca Loring:
LORING INTERNATIONAL
T.: 95 282 89 43
E.: info@loringinternational.com
www.loringinternational.com
The legislation granting non-EU
nationals the Spanish residency via property investments has now officially
been made law. The residency visa will:
- Initially
entitle foreigners buying properties for 500.000 euros or more to stay in
Spain for a maximum of one year.
- Entitle
investors to obtain a further two-year Residency permit, renewable every 2
years as long as the investment threshold of 500, 000 Euros is maintained.
- Enable
investors to travel without a visa within the 26-country European
“Schengen zone”.
- Allow family re-unification.
The spouse and children under 18 can apply for Residency at the same time
as or after the initial application.
- There
is currently no minimum stay period in Spanish territory, but the holder
of the Spanish Residence Permit
must travel at least once to Spain during the period preceding each
renewal.
Procedure, requirements and documents:
The application for the Residence Visa must be submitted to the competent
consulate of Spain in the country where the foreigner lives and
the following documentation will be needed:
1. Photocopy of all pages of the passport.
2. Not being found illegally at Spanish territory.
3. Of age.
4. Not having criminal records in Spain and the countries where the
aplicant has previously lived during five years.
5. Not appear as objectionable in countries with which Spain has signed an
agreement to that effect
6. Proof of having public or private insurance authorized to operate in
Spain.
7. Having sufficient economic means to cover personal and family living
expenses.
8. If the family is being reunited, proving the family ties (marriage/birth
certificates)
9. Proving the ownership of one or more immovable properties in Spain with
an overall net investment contribution above 500.000 euros. Financing is
possible for amounts in excess of 500 thousand euros. The proof of the
investment must be made through a Registry of Property certificate attesting
ownership. Or, if the ownership title is not yet registered, via a copy of the acquisition
public deed and proof of filing the deed in the Registry
10. Proof of having paid the Visa´s fee.
The investor visa application
will be studied and solved in 10 working days.
For additional advice, please contact Ms. Blanca Loring:
LORING INTERNATIONAL
T.: 95 282 89 43
E.: info@loringinternational.com
www.loringinternational.com