Spanish residency permit, for purchases over 500,000 Euros
The Law which allows non EU nationals to obtain a Spanish residency permit if they purchase property in Spain for 500.00 € or more is in force -although civil servants in some police stations in Spain (who issue residency permits) fail to know this fact. Furthermore, it is important to know that the Spanish residency permit obtained will not amount to a work permit or provide access to health or social security benefits.
The Spanish residency permit granted does not require you to live in Spain with a minimum stay period. Equally, you can achieve automatic residency by purchasing one property or more so long as the value of all the properties is 500.000 € or more. There is also no restriction as to the kind of property you must purchase.
However, the Law states very clearly that the properties bought must be free of charges and therefore it is not possible to get financing for purchasing properties above of 500.000 € – if you want to obtain a Spanish residency permit through investing in property in Spain.
Initially, your Spanish residency permit will be granted with a one year duration. After that, you can be apply for a residency permit for 2 years – which can be extended for further periods of 2 years, as long as all the necessary legal requirements are met.
If you are interested in obtaining a Spanish residency permit (whether based upon the purchasing of 500,000 Euros of property or as an EU citizen then please feel free to contact me. I can provide you with all the essential guidance that you need and, of course, I can handle any conveyancing that you require with regard to any property that you purchase.
Carolina Just Miró