The Spanish property investment visa offers you the chance to tap into the real estate market in Spain and obtain residency. As a result, it’s particularly popular among non-EEA nationals, including British, whose stays in Spain are currently limited to 90 days within 180 days.
In this article, we answer the most popular questions about the Spanish property investment visa. If you’d like to find out more about buying real estate in Spain, get in touch with our Investment Consultant team.
What is the Spanish property investment visa?
The so-called Golden Visa allows non-EEA nationals and their dependents to live and work in Spain and eventually obtain Spanish nationality by purchasing property in Spain.
How much do you have to invest?
To qualify for this visa, you must invest at least €500,000 in real estate in Spain. The €500,000 does not include a mortgage or loan.
Note that the Spanish government is expected to raise the amount shortly, possibly to a minimum of €1 million.
Is it just for one property?
No, the minimum investment refers to the total amount paid, not the number of properties.
What about other requirements?
As well as the minimum investment, you must also prove the following:
· You have private health insurance for you and your dependents, and the policy must be valid for the duration of your residence permit (i.e. two years initially).
· You have sufficient funds to support yourself and your family members during the period of the residence permit. “Sufficient funds” means 400% of the IPREM Index for yourself and 100% for each family member. At the beginning of 2024, the Index stood at €600, so you would need to prove you had a monthly income of at least €2,400 for yourself and at least €600 for each of your dependents.
· You have no criminal record in Spain or the countries you have lived in for the last five years.
How long is the visa valid for?
The initial residence period is two years (unlike the one year for most other visas). After two years, you may apply for a renewal, valid for five years.
What are the benefits of a Spanish property investment visa?
This type of visa has multiple advantages including:
· Its initial validity is longer than regular visas (two years instead of the usual one).
· The usual restrictions on how long you must stay in Spain don’t apply.
· You can enter and leave Spain without a Schengen visa, and the 90/180 day rule doesn’t apply.
· Your dependents (parents and children) can accompany you on the visa.
· You can obtain Spanish nationality.
Family benefits with the Spanish property investment visa
The visa allows your family to accompany you to Spain from the beginning. They include your spouse, children under 18 and older dependents (e.g. your parents). If you have children over 18 who are financially dependent on you and have no separate family unit may also accompany you.
Can you work in Spain with the Golden Visa?
Yes, you can. The same applies to your dependents.
What about Spanish nationality?
You may apply for Spanish nationality after ten years of residency through the Spanish property investment visa scheme.
How do I apply for the Spanish property investment visa?
Once you have purchased the property, you may start the application process in Spain. You apply to the government department ENISA – note that you must register and then go to the option “Autorización de Residencia para Emprendedores”.
This document explains the process.
Where do I begin my search for Spanish property?
At BRIC Group, we have an extensive portfolio of properties on the Costa del Sol, one of the most attractive investment areas in Spain. Prices start at €250,000 and go up to over €3 million, giving you ample scope to qualify for the Spanish property investment visa.
If you’d like more information on option available, contact us now or download our free brochure. We also publish regular news articles on the Spanish property market.