NEWS

Procedure to obtain Residence Permit by Foreign Investors

24Oct

Property Law and Tax Issues

  In case of requesting Residence Permit through an economic investment in property in Spain for non EU citizens:  1.- Request the N.I.E. Investor and family who also wish to obtain the residency card. 2.- Purchase the Property for a value of at least 500.000€, this amount being free of any charges.  3.- When the purchase of the property has been completed the owner only has a time limit of 60 days in which to request the visa in the Spanish Consulate of his/her country of residence/origin but note the following must all be done in Spain by the owner prior to his/her return to country of origin. 3.1.- Open a Bank Account in a Spanish bank in Spain by the foreigner and deposit: - 25.560,52 € for the applicant and 100 % of the i.p.r.e.m. - 6.390,13 € for each extra family member. - An additionally deposit the amount of 500.000€ for the purchase of the property. 3.2.- Have or take out Spanish Public or Private Health Insurance with a valid company in Spain. 3.3.- A certificate of “Ownership, Charges and Encumbrances” must be requested issued by the Property Registry Office in order to then present it in the Spanish Consulate in the country of origin. If the Public Deed of Purchase/Sale is not yet registered, expires at 90 days, the investor should request the “Entry of Presentation” of the Public Deed of Purchase/Sale in the Property Registry Office and pay the taxes concerning the purchase.  4.- With all the above mentioned documents go to the Consulate in country of origin and present the corresponding application to request the “residency visa” as investor. All the above must be presented and the applicant must show: - Proof of his/her income resource before the consulate in order to comply with the special Spanish regulation concerning Money Laundering law and account for the bank movements carried out during the last year. - Provide the valid passport of the applicant and all his/her family members together with the payment of the corresponding Spanish Consulate stamp duties. - It is possible the consulate also request photos, Certificate of Criminal Record from the country of origin or Certificate of Good Behaviour or Certificate from a Doctor certifying that the applicant and his/her family do not have any illness that could prevent their moving to Spain.  5.- When the Residency Visa is granted the applicant should return within a period of 30 days from its issue to Spain to request the Residency permission. The Residency Visa will be given for two years, without the police issuing the residency card. Therefore, If you hold a card or Residence Permit in Spain you are able to enter Spain without a visa from your country and can also travel to Europe, only Schengen countries, without Residency Visas but cannot stay in those countries for no longer than 90 days that the corresponding governments can only verify through flight details.  
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