Many foreigners decide to buy a property in Spain. Whether it is to spend their best days enjoying our sunshine, or perhaps to make an investment in the hope of obtaining some financial return, investing in Spain today has certain advantages that can be of real interest.
In this sense, a question that we receive quite frequently, and more so taking into account the legislative changes that we have seen in recent months regarding the entry and exit of residents from Spain, is whether the purchase of a home in our country is equivalent to or allows some kind of advantage to obtain residency in Spain.
If you are one of those who are considering buying a property in our country, we recommend that you continue reading our article.
Is buying a house in Spain equivalent to obtaining a residence permit?
That’s right! Based on our legislation, it is established that citizens from non-EU countries of origin can obtain their residence permit in Spain by purchasing a property.
Sounds simple, doesn’t it? In this case, read on, as the permit will only be valid for 3 years and the value of the property purchased must exceed a valuation of €500,000. However, to facilitate the process, it is true that this amount may not be focused exclusively on a single property and may be equivalent to the valuation made after the acquisition of different properties that add up to that value.
This option, which is part of what is known as the “Entrepreneurs Law” issued in 2013 to attract business to Spain, as well as helping to obtain the “Golden Visa” for foreigners with the benefits that this implies.
In addition to this, in order to obtain this temporary residency, two requirements must be met:
- Obtaining private medical insurance
- Presentation of a criminal record certificate
What are the main advantages of obtaining residency in Spain for the purchase of property?
One of the main benefits of buying one or more properties in Spain is obtaining a residence permit valid for 3 years.
Apart from this, and from a general point of view, there are many advantages that accompany this purchase.
We will tell you about them:
- Obtaining a residence permit allows freedom of movement both within the European Union and within the Schengen area.
- The processing of the residence permit is considerably faster. As a rule, it takes about 3 working weeks.
- For the renewal of the visa, only one trip per year is necessary, as there is no minimum stay of 6 months in Spain and no need to be a tax resident.
- With the residence permit, apart from living in Spain, we have the possibility of working in Spain either as a self-employed person or as an employee.
- The residence card is extended to the direct family.
- This residence permit adds years to obtain the Spanish nationality in case you want to obtain it.
MAM Solicitors has over 30 years experience in the sale and purchase of property, in particular representing buyers and sellers whose residence is outside Spain so that they do not have to worry about legal and administrative formalities.
If we can help you, please do not hesitate to contact us.