How to Obtain Residency in Spain Through Property Purchase
The opportunity to obtain residency in Spain through property acquisition has gained popularity among foreign investors. In this article, we will explain how this process works, the requirements, and the advantages of choosing this route, focusing on areas like Torrevieja and Orihuela, where our real estate agency offers a wide range of properties that can facilitate this goal.
What is the Golden Visa and How Does It Work?
One of the most well-known methods to obtain residency in Spain is through the Golden Visa. This visa is designed to attract foreign investment and is granted to those who invest a significant amount in the country, primarily in real estate. To be eligible, investors must meet certain requirements, which we will explain in detail.
Investment Requirements for the Golden Visa
To obtain the Golden Visa through property purchase, a minimum investment of €500,000 in real estate is required. This amount can be divided across one or more properties, as long as the total required is reached. In areas like Torrevieja and Orihuela, there is a wide range of properties that meet this requirement, whether for residence or investment purposes.
It is important to note that the €500,000 investment must be free of charges. This means that there should be no mortgages or any other encumbrances on the minimum required amount. If the property exceeds this value, the excess can be financed with a mortgage.
Benefits of the Golden Visa
The Golden Visa offers several benefits, including:
- Initial residency for 2 years, renewable for successive periods of 5 years.
- No requirement to reside permanently in Spain; visiting the country at least once a year is sufficient.
- Access to travel freely within the Schengen Area.
- Permission to work and reside in Spain for both the investor and their family (spouse, minor children, and dependent parents).
How to Apply for the Golden Visa
The process to apply for the Golden Visa is straightforward but requires certain procedures and documents to be in order. Here are the key steps to initiate the process:
Step 1: Purchase the Property
The first step is, of course, to acquire the property or properties that meet the minimum investment requirement. It is crucial that the purchase is correctly registered with the competent authorities. At our real estate agency, we can assist you throughout the process, from finding the ideal property in Torrevieja or Orihuela to formalizing the purchase before a notary.
Step 2: Gather the Necessary Documentation
Once the purchase is completed, the next step is to gather all the required documentation to apply for the Golden Visa. Some of the essential documents include:
- Valid passport.
- Certificate of property purchase issued by the Land Registry.
- Proof that the investment meets the requirements (minimum of €500,000).
- Health insurance valid in Spain.
- Proof of sufficient financial means to support oneself in the country.
- Criminal background certificate from the country of origin.
Step 3: Submit the Application
The Golden Visa application is submitted at the Spanish consulate in the country of origin or directly in Spain if you already hold a tourist visa. The estimated time for visa approval is usually 20 business days, provided all documents are in order.
Is the Golden Visa the Only Option for Obtaining Residency in Spain?
While the Golden Visa is one of the most popular options, it is not the only way to obtain residency in Spain through property purchase. Other methods, although not linked to such high investments, can also offer advantages to those seeking to reside in the country.
Non-Lucrative Residency
Another option is non-lucrative residency, which allows living in Spain without the need to work. To qualify, it is necessary to demonstrate sufficient financial means to live in the country without relying on local income. While it does not require a minimum property investment, many applicants choose to buy a property as part of their plan to live in Spain.
This type of residency is ideal for retirees or individuals seeking to spend extended periods in Spain. However, unlike the Golden Visa, this residency does not permit working in the country.
Family Reunification
For those who already have family members with residency in Spain, family reunification is a viable option. This process allows direct family members, such as spouses or minor children, to obtain residency relatively easily. While it is not directly linked to property purchase, many families choose to buy properties to establish themselves permanently.
Obtaining residency in Spain through property purchase is an attractive option for investors and individuals looking for a new life in a country with enviable weather and high quality of life. Whether through the Golden Visa, non-lucrative residency, or family reunification, there are various routes to achieve this goal.
At Mediterranean Homes, we can guide you through the entire process, from selecting the ideal property in Torrevieja or Orihuela to managing the legal and administrative procedures to obtain your residency. Contact us and take the first step towards your new life in Spain.