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Spanish Residency Program is a perfect choice for acquiring EU Residency for the whole family. The program provides 4 investment options starting from €500,000 and does not require a mandatory stay. To make application process easier and answers the most common questions, Mann’s Solutions team prepared a list of Spanish Residency Key points.
Investors family can be included in the application
The applicant spouse/partner, children under 18 and dependent parents can be beneficiaries of the visa and will be allowed to live in Spain with you. The whole family also will be able to work in Spain, providing local requirements are met.
If you are applying for the Spanish Residency Program by investing in a property, you will also be obliged to pay VAT, Stamp duty (known as AJD in Spain) and Transfer tax on top of the cost of the real estate. Besides, the investor will have to pay non-resident tax on the property. Even when the investor does not reside in Spain and does not rent out the property, the requirement is to pay non-resident tax which is around 24%.
Free movement through Schengen Zone
European Residency will allow you and your family to travel visa-free throughout all 26 countries of Schengen area.
Citizenship in 10 years
Spanish Residency is issued for an initial period of 1 year, however, once you’re in Spain you can apply for further 2 years and once this time is up, you can apply to stay for another 5 years. After 5 years, the whole family will be eligible for permanent residency that grants citizenship after 10 years of residing in Spain.
The property can be sold
After 5 years, when the permanent residency is granted, the investor can sell the property without forfeiting the right to reside in Spain.
The investor cannot use a mortgage loan for the investments
To apply for the program, the investor must have a fair amount of savings as the investment cannot be done through a mortgage company or a loan.
With a minimum investment of €500,000, the Spanish residency program, grants applicant an initial 2-year residency permit that can be renewed every 5 years after the expiration and let’s apply for citizenship after living in a country for 10 years. It is not required to live in Spain to maintain and renew Residency Permit, however permanent residency and citizenship route requires the applicant and applicant’s family to reside in Spain. Besides, the program lets travel to Schengen Zone for 90 days without a visa and work in Spain.
Full Support with our Immigration Advisers & Property Consultants:
Property search based on your requirements (from residential properties to high-value luxury developments)
Property virtual tours, 3-D tours and in-person tours available.
Due diligence checks and additional property checks completed by our experts.
Residency & Citizenship document preparation and submission.
Full support until you receive your second passport & residency.
Mann’s Solutions is an international immigration law firm with offices in London, Hong Kong, and Moscow and has expertise in offering UK Visas and Immigration by Investment services to high net worth individuals. Our immigration advisers are regulated by OISC and IMC (Investment Migration Council).
For further information or to discuss your personal circumstances in a private consultation with our immigration lawyers in London Office, please contact us at email@example.com or call +44 207 993 63 46.
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