As of 29th September 2013, the law which allows foreign non-EU nationals, who invest at least €500,000 in property in Spain to apply for residency, has now been fully approved.
- At least €500,000 in Spanish property (mortgage free) per applicant
- At least €1,000,000 with a Spanish-based bank or financial body
- At least €1,000,000 of shares in Spanish companies
- At least €2,000,000 in Spanish bonds
- A Spanish-based business of public interest, such as, creating jobs, contributing to technological or scientific advancement or socioeconomic effect on the environment
- Foreign companies may also qualify provided the investor owns the majority rights
How the Residency Visa and Permit will Work
The Residency Visa – affords the applicant the right to enter and stay in Spain for a maximum term of 1 year.
The Residency Permit – can be applied for after the first year and is valid for a period of 2 years, this can then be extended for a further 2 years.
After a total of 5 years of continued residency in Spain, the applicant is then entitled to live in Spain indefinitely or become a Spanish Citizen, assuming that the following stipulations are satisfied:
- The investor’s residency visa had not been allowed to expire for a period of more than 90 days
- The investor had visited Spain on at least one occasion within the period that the visa was valid
- Be able to supply documented evidence that the initial investment is still in place
Other Necessary Requirements
The applicant must:
- Be over the age of 18 years
- Reside in Spain on a regular basis
- Possess private medical insurance (this includes their dependants)
- Possess the financial means to support themselves and their family
The applicant must not: