Investments in foreign real estate became very common for Russians due to modern economic trends. Among different European countries where Russians buy commercial and residential property now, Spain is a favorite. High demand profitable real estate investment in this beautiful country with a glorious climate and reliable legislation is a real advantage. Moreover, it is a step to get a Golden Visa and apply for Spanish residency. New Golden Visa Scheme enables Non-EU/EEA nationals to receive a residence permit based on investment in the country such as real estate. The key points of getting Spanish residency through the investor visa scheme are summarized in this article.
Golden Visa Scheme
The Spanish Golden Visa has a minimum qualifying investment of €500,000 net of charges and taxes or more in property. Any type of real-estate investment will qualify (residential, commercial, land, etc., or a combination of properties for a total of €500,000).
For example, you can buy a cottage for your family to rest on the seaside. Later you may buy commercial property in Barcelona and an apartment for further lease. Once the limit of 500.000 euros has been fulfilled, your application the Spanish Golden Visa can be submitted.
Application procedure and requirements
To obtain Property Visa in Spain you should present to the Consulate the following documents:
- Application form and valid passport
- International medical insurance
- Clear police criminal record (Apostille)
- Proof of real state purchase worth 500.000 Euros
- Proof of enough economic resources to live in Spain: 40,000 Euros plus 10,000 Euros per each additional family member
Main benefits of Golden Visa in Spain:
- The Golden Visa is granted for 2 years, and providing the investment remains, can be renewed for a further 5 years
- Visa-free travel in the European Schengen area for 90 out of every 180 days
- The status of Non-Resident related to taxes in Spain
- The spouse or common-law partner, dependent parents and children regardless of their age may apply for their resident permit
- Right to work in Spain
- Easy and fast application procedure: 10 days for visas and 20 days for residence permits
In addition to the above, Spanish Residency grants investors all the advantages of living in a developed country with a wonderful climate and good quality of live.
Visa, residence permit & citizenship