After two years of its entry into force, it just have been reformed the Law governing the ways of getting legal residence in Spain for foreign investors, specially, through the purchase of housing or property.
This reform wants facilitate access to housing and residence by foreigners who are interested in this questions and solve the problems and obstacles that have been observed with experience.
In SANZA SOLUCIONES we have been working on these issues since its inception and received countless inquiries, why publish this text to provide answers and facilitate the understanding of the home buying process and obtain legal residency for foreigners.
WHO CAN APPLY FOR RESIDENCE?
It is possible to apply for legal residency any foreign person who wants to buy a house or property in Spain for a minimum amount of 500,000 euros and fulfills essentially the following requirements:
1) Be at least 18 years.
2) No criminal record.
3) Not to be a person recorded as reprehensible in countries with which Spain has signed an agreement to that effect.
4) Having health insurance.
5) Have sufficient resources: monthly 2,130 euros (532 euros for each family member's residence if they are also required)
But in addition to the person who acquires the property, the residence can also get by the following family members:
- The spouse or person with similar relationship (partner)
- The minor children.
- The adult children if they are financially dependent on the purchaser and have not formed another household.
- The ancestors who are in charge of the purchaser.
Therefore, it is enough the investment for a person to benefit all same family members. The reform of the law alows the residence of some family members that was no previously possible: Partner, adult children and ancestors.
WHAT KIND OF PROPERTY IS NECESSARY TO BUY?
To get the residence, housing or property to buy must have the following conditions:
- The value must be equal to or greater than 500,000 euros.
- You can buy one or several properties; it is not necessary, therefore, that the investment is made in a single housing.
- The purchase can be financed by mortgage, but it is always necessary that at least 500,000 euros are free of charges. So you can only fund what exceeding that amount.
- The property can be rented; that is, the investor doesn’t need to live in the property.
One of the most important innovations introduced reform of the law is that an foreing person who buy housing can directly apply for a residence permit, without the need to first obtain a residence visa as was the case previously. Thus significantly simplifying the formalities for residence permits.
The initial duration of the residence permit is two years but may be requested renewal is granted for five years. Provided that the conditions stated before the investment is maintained and remain, you can request unlimited renewals every five years. Not the "tax resident" in Spain is necessary for renewals; that is, the foreing person may be absent for more than six months a year while the Spanish territory without thereby losing their rights, as is the case with other types of residence permit.
The residence permit for investors authorize to work in Spain and free movement within Europe called "Schengen area" for three months in any six months.
Processing the residence permit is made directly in an Office of Spain, without it being necessary, therefore, the intervention of the corresponding Consulate and the resolution is very fast, within a maximum of twenty days; if the decision is not taken within this period, the request means estimated.
HOW TO BUY HOUSING AND GET THE RESIDENCE?
The process of buying a property in Spain that meets these requirements and get the corresponding residence permit is a process that can seem complex but if you have the means and resources is not a big problem.
The most common is that the person moves to Spain to see houses or property in which he is interested and prepare all necessary documentation in order to complete the process successfully. However, it is not even necessary to move abroad to complete the operation, for both, purchase and processing of the permit can be made by representative or attorney, though in this case it is necessary previusly to have a resident visa that apply in his Country. More and more often these procedures are carried out without displacement and with the new facilities provided by the reform of the Law, we understand this to be a common carry the process form.
In SANZA SOLUCIONES we have the experience and resources needed to carry out these actions either in person or by attorney. If the foreign person prefers to move, we offers everything he needs, from visas to transport or accommodation, including of course, preparing all relevant legal documentation. If, however, the foreign prefer that the procedures are performed without moving, we have all the necessary infrastructure so you can buy the property you want and get the residence visa and permit.
Since we are pioneers in processing these matters we can provide the tranquillity and security of a job that has not drefraud to any of our customers. Our experience and professionalism in this area is the highest in Spain