Important Questions Answered
INVESTMENT IN SPANISH REAL ESTATE TO OBTAIN RESIDENCY IN SPAIN
- Investment of minimal 500,000.00 EUR per person on real estate in Spain.
- Spanish private medical insurance.
- Proof of being able to support family and properties in Spain.
- Clean criminal record.
Question 1: The same person owns three properties: one for 250,000.00 EUR, another one for 150,000.00 EUR, and a third one for 100,000.00 EUR.”
- Answer: In this case, the person IS eligible for residency permit, as the total value invested in property is 500,000.00 EUR.
Question 2: The owner of a property, whose value is 750,000.00 EUR, obtained a mortgage loan for 250,000.00 EUR. The remainder of 500,000.00 EUR was paid upon completion of the acquisition process.”
- Answer: This person would be eligible for residency, as even though he acquired the property with a mortgage, the amount of 500,000.00 EUR is paid and free of burdens.
Question 3: Husband and wife buy a property with a value of 700,000.00 EUR.”
- Answer: They are NOT eligible for residency permit, as each one owns 50 % (350,000.000 EUR each only). However, if the head of the family can show commitment to support the rest of the family through a Sponsorship letter, residency for the others can be obtained.
Question 4: There is a property off-plan. The private contract has been signed and 550.000,00 EUR has been paid, does this qualify to get this residency.”
- Answer: No, the ownership of the property has to backed with Title Deeds and proven with a Certificate of the Land Registry.
Question 5: An investor buys a plot of land 300.000,00 EUR, and start construction, investing so far 700.000,00 EUR. Does this qualify?”
- Answer: No, as there is no Title Deed of Declaration of New Building, and the Deeds registered (for the plot), don’t achieve the minimum 500.000,00 EUR to qualify.
Question 6: Could I get residency buying through a non-resident company?”Answer: It is possible to do so, meanwhile the applicant is in control of the company:
- Majority of shares.
- Majority for voting rights.
Question 7: Do I have to be Company Administrator?”
- Answer: No, as long as conditions above are in place.
Question 8: What are the deadlines for applications?”
- Answer: For real estate investment permit, there is no application deadline.
Question 9: Can I submit the application about an acquisition done last year (2012)?”
- Answer: In principle yes, as there is no time limit and the interpretation is considered retroactive.
Question 10: What are further benefits of this application?”Answer:
- Quicker processing, of 10 days approx for the first period of residency of one year (by the normal means, it takes around one year).
- When renewing the process is 20 days, for approval with positive silence.
- There is no need of staying in Spain any period of time, as long as there is a visit within the Residency Visa.
- Flexibility to organize the fiscal residency.
Question 11: For how long is the residence valid?”
- Answer: In principle, one year for the first period. Then renewals are valid for 2 years, under the condition that the circumstances did not change.