2021 Visas and Residency requirements for buying property in Spain
The United Kingdom’s exit from the European Union has left British expats relocating to Spain, or currently living there, in a quandary! If the ones already residing in the country opt for Spanish citizenship, they will have to forfeit their British citizenship. A possible solution is to apply for a Blue Card as a non-EU citizen. This will allow them to live and work in Spain
Blue Card or Permanent Residency If you have resided in Spain for five consecutive years, you are eligible for Permanent Residency or a Blue Card. In case, you are an EU citizen, who has been residing in another EU State for a similar five-year period, you may apply for a Blue Card too. The main advantage is that you may work, and retire in Spain! You may live just as a Spanish citizen for as long as you want. After 10 consecutive years of residence in Spain, you are eligible to become a Spanish national.
Permanent Residency – Non-EU Nationals You are eligible for an EU long-term Residence Permit, if you are a non-EU national, who has been residing in Spain for five consecutive years. You will just have to provide proof of possessing health insurance, as well as the capability of providing for family and self. To live like a Spanish citizen, you will need to submit – • Passport • Proof of marital status (marriage license/divorce certificate) • Proof of your legal Spanish residence • Proof of medical insurance • Medical certificate (if you had not provided it earlier, during temporary residence) • Certificate showing that you have no criminal record The authorities may desire Spanish translations of all the documents. They will also advice you to terminate your EU longterm Residence Permit associated with another EU State, if you have one, since you are going to reside in Spain.
What are the requirements to be able to get a Golden Visa?
The person requesting the Golden Visa must prove his or her ability/willingness to:
Invest in financial assets:
- Public Debt (€2 million).
- Shares or shareholdings of companies with Spanish capital (€1 million).
- Investment funds, closed-end investment funds or venture capital funds set up in Spain (€1 million).
- Bank deposits in Spanish financial institutions (€1 million)
Invest in real estate (€500,000 )
Invest in a business project in Spain
There is no minimum amount required for this type of investment but its impact on the economy is assessed according to its potential for:
- Creation of jobs.
- Socioeconomic impact in the geographical area where it will be developed.
- Relevant contribution to scientific and / or technological innovation.