Spanish residency and visa-free travel in Europe for non-EU nationals
The objective of the law is to attract entrepreneurs to Spain, and stimulate foreign investment in Spanish real estate, public debt, and job creation.
This law enables non-EU nationals to get qualified residency permits in return for investing in Spanish real estate (and other assets), leading to long-term residency in Spain if certain conditions are fulfilled.
Residency in Spain under the golden investor visa program allows a real estate investor and his or her immediate family to live in Spain. The legislation has no minimum period of residence. Hence an investor can buy a property in Spain, travel freely to Spain at any point and his or her family can do the same. The family can live in Spain permanently, with access to schools both state and private following the English curriculum. Eventually citizenship can grant access to study elsewhere at universities in Europe including the UK.
Obtaining a long-term residence that allows ease of travel in EU Schengen countries is a key factor for these non EU Citizens. Investors from these non EU countries also understand that now is an opportune time to invest in real estate in Spain. The permit is issued to the head member of the family which covers a spouse and children up to the age of 18 unless they are still dependents for example in full time study. In addition, one is required to have private health care and also deposit a cash sum in a Spanish bank account to demonstrate that they are able to fully fund themselves.
Initially the permit is issued for one year and needs to be renewed every two years. Holders of the permit must travel at least once to Spain during the period of issue. With Spain being a member of the Schengen Area, which enables free travel between 26 European countries, this is a small price for to pay for such freedom for high net worth individuals from non EU Citizens.
Essential Rules of Spanish Golden Visa
The minimum investment must be at least € 500,000.
Investments may be spread over several properties for a total purchase price of at least € 500,000.
You can do your investment via a foreign company if you can prove that you own the majority of this company.
Spanish residence visas may be issued to the immediate family, including spouse or non married partners.
As there is no law on minimum stay is not necessary to be tax resident.
You and your family which are covered under the Golden Visa will have the right to work in Spain from the first day.
The visa allows access to unlimited travel throughout the EU Schengen visa countries
Refusal of Spanish investment visa will usually only be justified by an unclean criminal record.