Spain is one of the most attractive places in Europe. Its history reveals to us that it was a dominant country by the Romans and the Arabs. It has a lot of beautiful buildings and architectural works. In addition, it is also characterized by its great cultural legacy, with important painters, writers and musicians. Spain offers a high quality educational service, which has allowed it to become the third European country with the highest rate of students from different parts of the world.

Before its integration into the European Union, Spain was a country with economic crises and high unemployment rates, consequences civil wars and dictatorial regime. This context, which caused the emigration of the Spaniards to Europe and America, began to change strongly after 1993, when Spain became part of the European Union (EU).

With the EU, Spain has benefited culturally and economically, becoming a country with a highly developed economy and high indicators of life for its citizens. For all this, adding to the enviable temperate and Mediterranean climate, Spain is one of the most attractive countries for migrants, not only from Latin America, Africa and Asia, but also for migrants from the US, Canada, United Kingdom, Russia and northern Europe.

The good news is that if you can reside in Spain buying a property. In accordance with the regulations established in the “International Mobility” Section of Law 14/2013, of September 27, aimed at facilitating the entry and permanence in Spain of non-EU foreign citizens. The new regulations say: 

“Non-resident foreigners who intend to enter Spanish territory in order to make a significant capital investment may apply for a visa to stay, or if applicable, a residence for investors that will last one year”.

Among the different investment categories is “the acquisition of real estate in Spain with an investment of value equal to or greater than 500.000 euros for each applicant”.

The purchase of real estate in Spain accounts for 94% of the investments that entitle the express visa. The figures published by the Ministry of Economy of Spain reveal that at the end of 2017, 41,094 visas were authorized. The real estate investment took 77.1% of the total capital invested. 

Can family members also reside in Spain?

The interesting thing about the new regulations is that it allows the spouse or person with an analogous relationship of affection (a common-law partner), the minor or older children who, depending economically on the holder, have not constituted by themselves a family unit and the ascendants in charge, who meet or accompany the investor, may request, jointly and simultaneously or successively, the authorization. And where appropriate, the corresponding visa, being hereby, enabled to reside in Spain.

© Ben Konfrst. Unsplash

In our opinion, one of the most important benefits of this type of authorization is the possibility of carrying out a joint process for all the members of the family nucleus. In addition, on the other hand, the holders of the investment authorization are not obliged to remain in Spain for a certain period of time. It is only required that they visit the country once, during the validity of the residence permit.

What documentation must be collected and submitted?

Since 2013, Spain has carried out, with the International Mobility section of Law 14/2013, a very important liberalization effort to expedite residency applications. 

Apart from the documentation proving the acquisition of the property, the investor and his relatives must have a public or private health insurance arranged with an entity operating in Spain; as well as lacking a criminal record and demonstrating that he has sufficient financial means to be able to live himself or his family during the entire period of residence in Spain.

The visa will be processed at the Embassies and Consulate of Spain in the country of origin or residence of the investor. The residence permit will be processed in the Unit of Large Companies-Strategic Collectives. 

Traditionally, Spanish immigration policy has been oriented to the management of labor migration flows in accordance with the needs of the labor market, influencing security aspects but without internationalization of the economy. This conception that was useful in the past becomes insufficient in the face of the new world economic reality.

The need to internationalize the Spanish economy, to boost the presence of foreign companies, to attract talent and foreign investment, to seasonalize and diversify the Spanish tourism sector as well as the need to eliminate barriers to foreign entrepreneurship and investment in business projects that affect The creation of employment was determined in 2012 to evaluate the weaknesses and strengths of Spanish immigration regulations.

Note: The content of this page is merely indicative. Only the provisions of the regulations in force at the time the application is submitted is applicable.

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