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Spanish Residency For Non EU Citizens – Information

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Spanish Residency For Non EU Citizens

Investor Visa for Spanish property buyers

Following on from Portugal and Cyprus Spain’s “Golden Visa” is proving of great interest to Chinese, Russian and Middle Eastern buyers.The Saudi Gazette recently published an article stating that agents were seeing a 1400% increase from investors in Saudi Arabia looking to purchase a property in Spain.

 

The same is true of the Russian buyers and property agents in Spain have already seen the number of Russian buyers increase tenfold over the last 18 months.

 

Similarly under a similar scheme Portugal has attracted thousands of wealthy Russian buyers, Middle Eastern buyers and Chinese investors buying property in order to gain European residence for themselves and also for their children to be able to study in Europe.

 

The South of Spain has been a favourite of the Saudis since the 1970´s when King Fayed built himself a huge palace on Marbella’s Golden Mile one of the most expensive property hotspots in Europe.

 

With prices in Spain currently at their lowest level for over 10 years and with the introduction of the new “Golden Visa”; foreign investors are being drawn back into the Spanish property market.

 

The Spanish governments official announcement of a change in the law offering investor visas was issued at the beginning of July 2013 with the finalised law expected to be passed within a couple of months. There may be some changes but at the moment the main qualifying terms are as follows:

 

Information on the proposed Qualifying Terms for Spanish Residency Visa.

  • The minimum amount to invest in Spanish property is €500,000.
  • This can be for multiple properties and these Spanish Properties can be either long term rented or short term rented.
  • The 500,000 Euros must be cash, not financed by a Spanish mortgage or other finance unless the property is over 500,000 euro’s for example a 1 million euro Villa in Spain can be purchased with 500,000 Euros cash with the remaining 500,000 Euros with a Spanish Mortgage.
  • At the moment there is no actual required date of purchase to qualify for the Spanish investor Visa, the stipulation is only that the purchase of property in Spain is recent. Purchases in Spain now may therefore qualify for the residency visa.
  • Investors must also have a valid private health insurance policy and be able to demonstrate they are capable of supporting themselves and their family financially without working in Spain.

 

Information for Non EU Investors Applying for a Spanish Residency Visa.

  • It is necessary for property Investors to buy a property in Spain then apply for the Spanish residency Visa.
  • Spanish residency will be denied to non eu investors only in extreme cases for example if they have a criminal record.
  • Investors can purchase Spanish Property via a company provided the applicant demonstrates they control and own the company.
  • All immediate family will qualify for Spanish residency.
  • The Spanish investor Visa lasts initially for one year then it is necessary to reapply. As long as the property is retained after five years the Spanish Residency Visa is unlimited and citizenship and a Spanish passport can be applied for after 10 years.
  • There is no minimum stay requirement; it is also possible for the immediate family to reside and for children to attend international school or university in Spain whilst the investor remains overseas.
  • Travel is permitted throughout the Schengen area of Europe. The Schengen Zone is a group of 26 European countries that have abolished passport and immigration controls at their common borders.
  • Multiple entry into Spain is permitted.

 

Hudson International Properties are monitoring the new law closely and any new information will be posted on our website.

Please contact us for more information or to register your interest in obtaining Spanish residency or information on:

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