Spain: Residency by Investment Program
Continuing with our theme of residency by investment, today we’ll be looking at the European nation of Spain. Located in the Iberian...
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Spain
Overview
Situated in Southwestern Europe, Spain is regarded as one of the world’s most popular holiday destinations. It is a vibrant country admired for its majestic landscapes and excellent quality of life and a nation with a rich history and unique culture and traditions. Spain has one of the most important economies in Europe. It is also a full member of the EU and the Eurozone.
Spain’s residence by investment program allows foreign nationals to make a significant investment in the country and apply for an investor visa. Successful applicants and their families are granted visa-free access across Europe’s Schengen Area.
Subject to general immigration rules and requirements, residents by investment can acquire permanent residence status after five years of continuous residence in Spain, and may gain Spanish citizenship thereafter. The Spain Residence by Investment Program is ranked 8th out of 26 programs on the 2022 Global Residence Program Index.
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Minimum investment of EUR 500,000
The possibility to apply for Spanish citizenship after 2 years of effective residence for Sephardi Jews and citizens of Equatorial Guinea, Latin America, and the Philippines, and 10 years for other nationals
The right to live, work, and study in Spain, and free movement to the EU and Europe’s Schengen Area
Approximately 20 days for the immigration procedure
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Investment options:
Applicants are required to fulfill one of the following investment options in the country:
• The acquisition of real estate with a minimum value of EUR 500,000 (one or several properties). • The creation of a business project to be developed in Spain, duly recognized as being of ‘general interest’ Applicants are required to fulfill one of the following investment options in the country: Excellent schools, with tuition available in English, French, German, Italian, Japanese, and Mandarin. • Company shares or bank deposits with a minimum value of EUR 1 million in Spanish financial institutions. • A government bonds investment with a minimum value of EUR 2 million.
The visa’s official name is the International Teleworking Visa.The Spain digital nomad visa will allow remote workers to live in the country for 12 months, with the option to renew to stay for a total of five years if the applicant remains eligible. This means you can live and work remotely in Spain for a total of three years.
As of now, most non-EU nationals can stay 90 days within a 180-period in Spain and the entire Schengen Area. This digital nomad visa is a game-changer for those who want to stay in Europe longer than their tourist visa allows.
There are also tax breaks included in the legislation, mostly for companies and startups who decide to move to Spain. Remote workers will pay just 15% in income tax instead of the usual 24%.
Requirements
- Valid Passport: You must have a valid passport.
- Work Remotely: You must prove you are a freelancer with foreign clients, a startup owner or entrepreneur, or an employee of a foreign company located outside of Spain and have held your position for at least one year before applying for the visa.
- Earn 2,000€/month: You must meet the income requirement.
- Have a Degree: You must have an undergraduate,
postgraduate, vocational training, or business school degree and be considered a highly qualified professional.
- 3 Years of Industry Experience: If you do not have a degree, you must prove you have worked in your industry for the last three years.
- 3 Months of Remote Work Experience: You must have worked remotely in your current position for at least three months before applying.
- 1 Year of Operation: Your company or business must have been established at least one year ago outside of Spain.
Digital Nomad Visa
Steps to follow
Step 1 - Preliminary Check:
Our specialized team will review the documentation submitted to verify that the immigration requirements are met. In addition, we will verify the transparency of investment funds. As a result, we will have a background check report and signed contract.
Step 2 - Choose of Investment:
You must select the investment option that most convinces and suits you, so that later we can start the process. If you decide to obtain residency through real estate investment, we will help you choose your property based on your needs and desires.
Step 3 - Preparation of documents and sending to the corresponding agency:
We take care of everything: we obtain the criminal record certificates, we fill out and complete the government forms, we certify the documents before a notary, we do the translation and apostille everything (this service has a separate cost), and then we send it to the residence. We present your documents independently and with strict compliance with the requirements, as well as monitoring the progress of the application. As a result, we will confirm the receipt of the documents by the government.
Step 4 - Due Diligence check:
Once the residency agency receives all the documents, the applicant's background check begins. In the event that additional documents are required during verification, we will handle those requests.
Step 5 - Case Investigation:
We look forward to a positive resolution and receive the new documents together with you. If necessary, we can also help you with other operational, commercial and even domestic matters (including the arrangements of additional documents).
Step 6 - Receiving residency:
When the investment and all fees are paid, you receive the certificate of residence. Then, these documents are sent to you, so that after the wait, you can start enjoying them.
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FAQ
Does this residency allow me to obtain citizenship?
Yes, you can apply for Spanish citizenship after 2 years of effective residence for Sephardi Jews and citizens of equatorial Guinea meanwhile Latin America, and the Philippines, and 10 years for other nationals.
For how long will I have the residence?
You would have the residency for a duration of two years, renewable for five years upon request.
What documents are required?
• A completed application form with a photograph. • A copy of your passport. • Documents that prove your income is legal. For example a employment contract. • Certificates of no criminal records. • Health insurance policy. • Payment documents confirming the payment of state duties and fees. • Documents confirming the fulfillment of the investment conditions stipulated in the application.
How much is the processing time?
Residence permits are usually issued after a 20-day consideration period.
Is dual citizenship accepted in Spain?
Yes, the Spanish Civil Code does allow dual citizenship.
With what currency must the residency programs be paid?
This residency program should be paid in euros.
How strong is the Spain visa?
The Spanish passport ranks 3 in the world, providing you visa free access to 191 countries in the world.
Can I bring my family in this experience?
Yes, you can include a spouse or unmarried partner, financially dependent children of any age (adult children must be full-time students), and financially dependent parents of the main applicant and/or their spouse who are 65 years and older.
Can the residence be purchased with an investment in Real Estate?
Yes, residence can be purchased with an investment in Real Estate.
In what cases can my application be rejected?
Most of the applications are authorized, however there are some reasons why you may have difficulty with this residency. Such us: • Having criminal records. • Lack of documentation. • Do not meet the minimum time in the country.
The main applicant must go to Spain?
The whole process can be arranged without being present in the country.
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