Property Visa for Investors
lawyers in spain

property visa for investors

The current legislation for Supporting entrepreneurs and their internalization governing the granting of a residence visa for all those foreigners who perform a “significant investment” mainly on property acquisition, 500,000€ per applicant, which is in force since September 29th of 2013, establishes the requirements to apply for such visa.

The Article 61 of the said Law foresees the way to prove the said investment on property acquisition. The applicant must prove that he/she owns a property or properties for the said value submitting the corresponding Certificate(s) issued by the Property Registry where the property is located dated no more than 90 days prior the application day.

In the event that the property is still in the registration stage, you may be able to submit a notarized copy of the corresponding Public Deed, as well as a document proving that its filling entry has been renewed within the 60 days prior to the application day.

You, the applicant, also shall prove that those properties are valued for 500,000€ or more, free of any charges and burdens. In the event that such investment is over the required amount, you may seek financing.

On the other hand, the Article 63 outlines the rules to authorize the residence for foreign investors. Those investors who wish to live in Spain for more than one year, shall be granted a residence permit for investors, applicable to all Spanish territory.

In general, to be granted such permit, you must meet the following requirements:

  • Hold a valid residence permit for investors. If it has expired, you still have 90 calendar days, following its expiration date to remain legally in the country and issue a new one.
  • Have visited Spain at least once during the authorized period to reside legally in the country.

In relation to Article 63, the Article 64 states the time of such residence visa for investors, which initially would be for 2 years. Once this length of time is over, those investors interested in staying in the country, shall seek renewal of the same for another 2 years and so on.

The offices entitled to carry out this proceeding are the Consulate if you are abroad, or the “Unidad de Grandes Empresas” if you are in Spain. Also, if you are in Spain you shall submit your application and the supporting documentation in any administrative registry. If you are abroad, you shall submit as well a report of the Commercial Office of the Consulate.

The granted visa entitles you to reside in Spain. Please note that you may apply as well for a long term type of permit, even if you have been out of Spain for more than 6 months during the year. On the other hand, if you are not going to reside permanently in Spain you can lease the property.

If you wish to get nationality and therefore European Passport, you will be able to do so provided that you reside in Spain on the time settled by the law.

Consider as well that the current situation of (un)employment rate in Spain, shall not affect these applications. Also, if you fulfilled an investment prior to the execution of this Law, it shall not be considered for the Law is not retroactive.

Please note that your spouse and children may be granted as well a residence permit by requesting a Non Lucrative Visa for them.

Contact our office to set up an immigration consultation with one of our attorneys. You will receive a thorough assessment on the subject, in order to plan your residence application for you and your family members.

 

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