Residence Permit in Spain & Golden Visa for Spain - TOSKOVIC Company®
Residence Permit in SPAIN! #SPAIN
Getting Residence Permit by Buying Property!
Can I Get Residency in Spain If I Buy Property?
Yes, Spain has a special program named ‘Golden Visa’ that enables you to get a residence permit by purchasing a property valued at 500.000 Euros.
The Golden Visa program allows you to legally work and live in Spain when you buy Spanish real estate valued at a minimum of €500.000 (self-funded and paid in full).
And for those who don’t have half a million Euros to invest for the Golden Visa program, there’s still good news because you can purchase property in Spain for less (than €500.000) and apply for the “Non-Lucrative Visa” also known as the “Retirement Visa”. Buying a property in Spain, even the one that does not meet the Golden Visa criteria, would make the non-lucrative visa application and approval processes easier.
What is the Non-Lucrative Residence Permit?
This category of residence permit is one of the most popular paths to residency in Spain by non-EU/EEA/Swiss nationals. The non-lucrative residence permit is typically reserved for applicants who have no plans to work in Spain and are financially self-sufficient.
How Long is the Validity of the Non-Lucrative Residence Permit?
The non-lucrative residence permit is valid for one year and can be renewed for an additional two years, renewable twice. That is, the non-lucrative visa will allow you up to five years of residence in Spain (year 1 + 2 years + 2 years). At the end of this period, you will be able to get a long-term residence permit in Spain that gives you the opportunity to live in the country without renewing your permit again for 5 years. Finally, you will be allowed to apply for Spanish citizenship.
For the visa renewal, the same documentation and proof of funds are required. However, at the end of your first year, you can modify your application and apply for a work permit also (self-employed or employed).
General Requirements and Documentation:
The application process should start from the applicant’s country of residence. Below is a list of the documents you will need:
A non-EU/EEA or Swiss Citizen.
Over eighteen (18) years old.
Passport validity: minimum one year.
Copy of birth certificate.
Spanish private health insurance, valid for one year.
Police clearance letter.
Sufficient Funds. Proof of financial solvency and economic means to support your stay, including family, without the need to find local employment in Spain.
When you are going to your appointment at your Consulate, you should bring the photocopies of the documents as well as the originals for verification.
What is the Definition of "Sufficient Funds"?
When applying for the Non-Lucrative visa you’ll need to prove that you have sufficient funds for the duration of your visa validity without relying upon access to public funding or financial support from the Spanish Government.
The minimum amount of sufficient funds necessary to apply for the Non-Lucrative Visa is defined according to Spain’s Multiplier for the Public Income Index (IPREM). IPREM is an index reference for the granting of economic aids, grants, allowances, unemployment benefits and minimum wage. The IPREM index was established in 2004 to replace the Minimum Wage as a reference. As such, IPREM determines the minimum amount of a person’s earnings. For Spain’s non-lucrative visa application, you should prove an amount of sufficient funds equivalent to 400% of the IPREM value.
A working example: the IPREM value for minimum earnings in 2019 is €538 per month. Annually, this equates to €6.456. As “sufficient funds” is defined as 400% value of IPREM, this requires proof of funds to the amount of €25.824 (i.e. 4x €6.456). Income may be derived from investments, annuities, sabbaticals and any other sources of income.
Of course, having a little bit more than this amount will make the approval easier. Note that the currency should be Euros or any other convertible currency.
If you are applying together with your family, you will need to prove sufficient funds to cover each member. The IPREM amount for each additional family member is 100%, equivalent to €6.456 annually. So, if you are applying for the non-lucrative visa for a family of four, the proof of funds required will be €45.192 per annum in total.
What are the Benefits of Non-Lucrative Visa?
You will have a one-year residency with a chance to renew and to apply for long-term residency in future
You can apply at the same time for your family members, i.e. your spouse and children under the age of 18
You can continue your economic activities in other countries
You can travel within the Schengen territory
You can study or do an internship in Spain.
Golden Visa for SPAIN! #España
What is Golden Visa?
Golden Visa is a program that gives an opportunity to Non-EU nationals for acquiring residency and citizenship in certain countries and also free circulation in the Schengen area in exchange for real estate investment.
Spain is the most popular Golden Visa country because;
It is a country where modern Europe and Mediterranean heat lives together with the clean air, wonderful climate, historical, architectural beauty, art and sports activities.
It is the most popular holiday destination with the possibility of swimming and sunbathing on the wonderful beaches all year round with mild climate and under the sunniest sky in Europe especially in coastal regions.
It offers comfortable trips throughout the Schengen Area via its excellent transportation lines including major international airports, motorways, and railways.
It has a quality educational system that provides suitable alternatives for different expectations with its wide range of schools including international schools following the English/American Curriculum, private or semi-private bilingual schools and quality state schools.
It has an excellent health service with
It offers the possibility to live more economically compared to many European countries as being a strong and modern agricultural country.
Low property prices that have decreased prior to the real estate crisis and which were not totally recovered yet are giving an opportunity for a profitable investment.
Rental yield is high and offers a high potential for investors.
The Spanish economy is the fastest growing economy within European countries.
It is an important destination country for several sports activities such as football, basketball, golf, tennis, surf, etc.
What Does Spain Golden Visa Provide?
Free travel throughout the EU-Schengen Area,
Residency and work permit in Spain,
Have the chance to issue the Visa also for spouses, children below 18 y/o, children above 18 y/o who are dependent on the investor and parents of the investor,
Right for benefiting from public education and healthcare services,
Right for applying for permanent residency and then for citizenship,
Opportunity to obtain rental yield by renting invested real estates,
Exemption from double taxation; as long as you live out of Spain, you don’t have to pay taxes for your investments or revenues coming out of Spain.
Who Can Apply?
Non-EU Nationals above 18 years old,
Without criminal records,
Who have not been refused for entrance in any of the Schengen countries,
Who are not in Spain in an illegal situation
How to Apply?
Requirements below mentioned should be fulfilled for application:
Minimum €500.000 property purchase that may be spread over more than one property.
Minimum €2.000.000 investment to Spanish Public Debt.
Minimum €1.000.000 stock purchase from Spanish companies.
Minimum €1.000.000 investment to a Spanish investment found,
Above mentioned prices are net amounts to be paid without taxes and finance.
Developing a business plan that will provide employment, creating a positive economic-social affect or contributing to the development of science and technology.
Purchased properties should be held until obtaining the citizenship or forever otherwise.
Investor and his/her family should be visiting Spain at least once in each visa period.
You will need to assign a lawyer for this process. The lawyer fee is around €1.500 per each family member.
Which Documents Are Needed for Golden Visa Application?
Passport valid for at least one more year
Marriage certificates and/or birth certificate in case of an application for spouse and children
Health insurance documents valid in Spain
Proof of sufficient resources
Proof of investment (in case of real estate; title deed or property registration document)
If you want more information about the Spanish Visa, Contact Us.
With all the respect,
«TOSKOVIC Investments Funds»
«TOSKOVIC Real Estate Business Investments & Consulting Company»