(A) Residence Visa for investors (year 1) Initially you will apply for and receive an ordinary 90 day Visa so you can travel to Spain in order to search for your property. Upon arrival in Spain you can then sign a ‘power of attorney’ which gives your designated lawyer the power to act on your behalf in the purchasing and Visa residency process.
However if you don’t have time to travel to Spain, and you have found a suitable property that you are prepared to buy without visiting, you may organise a power of attorney from your home country. This will then give your lawyer the power to act on your behalf in the conveyancing and residency process.
At this stage the lawyer can then even buy the property on your behalf, so you don’t even have to travel to Spain at this early stage.
When you have actually bought a property that meets the investment criteria (more than €500,000 on the title deeds) you will need to apply for a one year investor visa. This will allow you to spend one year in Spain, and you can then travel freely in the Schengen area for 90 days out of every 180 days. Your lawyer in Spain can obtain this for you.
Upon obtaining this initial visa, you are not obliged to spend a minimum amount of time in Spain during the first year. However to get the residency permit at the end of the year, you will have to visit Spain at least once in the year. So do not apply for this one year investor visa until you know at you will come to Spain in the next 12 months.
This one year investor visa will be authorized in Diplomatic Missions and Consular Spanish Offices and can be issued for either one, two or multiple entries into Spain. These visa applications are usually processed and notification sent within 10 working days, except in the case of applicants subject to prior consultation.
(C) Long-term residence and Spanish nationality (Year 5 onwards and entirely optional)
After five years of continuous residence, investors can apply for permanent residence in Spain. Likewise after ten years of residence, full Spanish nationality can be requested. In such cases, an effective justification of at least six months of actual residence must be provided.
To apply for residency, proof of the investment(s) must be provided along with a Property Registry Filing Certificate. Should this certificate not yet be available, then the notarized deeds and proof that the deeds have been submitted to the Property Registry must be provided. Investments to qualify for the Visa can be comprised of one (or several) of the following nature:
Residential, rural, touristic, commercial, office or industrial nature. Rural land, building land, development land or buildings currently under construction. Investors must use at least €500,000 from their own funds, and these must originate from transparent sources that comply with existing EU legislation on money laundering. Above this threshold, there is no upper limit to property debt financing, for instance subject to arranging a mortgage in Spain.
Other Legal & Administrative Requirements:
You must not be listed as an undesirable person in Spain.
Never have previously entered or stayed illegally in Spain.
Been refused entry into either Spain or any Schengen country.
You must pay the appropriate authorization or visa processing fee.
You must be aged 18 years or older with no previous criminal record.
You must have suitable public / private health insurance valid in Spain.
You must have sufficient financial resources to support the Visa applicant and their dependents.