Does buying a house in Spain grant residency?

Year after year, Spain attracts thousands of foreigners. Some of them simply want to visit the country for a few weeks, while others wish to settle down and start a new life in a new country. 

 Does buying a home in Spain grant residency? Since 2013, Spain has implemented a residency-by-investment program to encourage foreign investment and boost economic prosperity. The answer to the question above is yes—you can obtain residency in Spain after buying a home thanks to the Golden Visa program. Investors who purchase property in Spain can obtain a two-year residency permit (which can be easily renewed when it is about to expire and extended for another five years , and after 5 years, you can apply for a permanent residency visa) as long as the real estate investment is at least €500,000. Furthermore, this can be any type of property—residential, commercial, land, or a portfolio of industrial or commercial properties.

Important Update 2024: Spain has announced the cancellation of the
Golden Residence Permit through real estate investment, effective
April 2024. However, there are still options available
for obtaining residency in Spain, which we will explain in detail.

Permanent residency and Spanish citizenship.

After five years of living in Spain, investors can apply for permanent residency. Citizenship in Spain can be obtained after ten years (to qualify, applicants must have resided in the country for at least 6 months each year). Once applicants obtain permanent residency or citizenship, investment is no longer required. The Spanish visa application process is quick and straightforward.

 

Here are some common questions about buying a house in Spain and obtaining residency through it.

 

What are the requirements for a Spanish residence permit?

• You must be over 18 years old.
• Have no criminal record.
• Have a valid health insurance policy, whether public or private.
• All foreign documents must be legalized and legally translated into Spanish.
• You must have sufficient funds to stay in Spain.

 

How much does it cost to apply for a residence permit?

Legal costs are usually around €9,000 for a family of four on initial application and €2,500 per renewal.

 

How long can you stay in Spain if you own real estate?

If you own property in Spain, you are entitled to stay for 90 days in a 180-day period without applying for a residence permit or visa.

 

Are there requirements to buy a house in Spain?

YesIn order to buy real estate in Spain. Any foreigner wishing to buy real estate in Spain must must obtain a number (NIE) NIE number. which is the number that is unique to each individual It is necessary for all transactions in Spain, as this number appears in all government transactions and documents.

 

What taxes do I have to pay when I buy a house?

Of course, like any real estate investor in any country, there are taxes, but they vary from country to country. According to the website myspanishresidency all property owners in Spain, in all its various forms, have to pay three different taxes annually, the resident owner person is subject to income tax including (capital gains tax) and real estate tax (IBI), and the non-resident owner is also subject to income tax (capital gains tax), real estate tax (IBI), as well as an additional real estate property tax for non-residents.

 

HOW MUCH IS THE NON-RESIDENT PROPERTY TAX IN SPAIN (IBI)?

Non-resident property tax in Spain (IBI) ranges from 0.405% to 1.166% of the cadastral value of the property depending on the province.

 

Is buying a house as an investment in Spain a good idea?

The Spanish real estate market has diversified a lot in recent years. and is now experiencing a recovery phase since its decline between 2008 and 2014 by 30%. Buying real estate in Spain is an excellent investment right now due to the recovery of the real estate market in Spain, especially if you are looking for Golden Visa .

 

Here is a summary of the main benefits of residency for real estate buyers.

This residency gives you the possibility to live and work legally in Spain, as it has an implicit work permit.

The years under this visa are counted as permanent residence (which can be obtained after 5 years in the country), and obtaining Spanish citizenship (after 10 years). and you can easily include your relatives in your application and move to Spain with your family (and they will get their residency easily because you are the main applicant, having fulfilled all the requirements) You will be able to get a visa for your family. Unlike the vast majority of permits in the country that are granted for one year, while residency for real estate buyers is granted for two years and once that period is over you can renew it as long as you maintain your investment in the country.

 

 Frequently Asked Questions About Buying a Home in Spain and Residency

Does buying a home in Spain grant residency?
It was previously possible to obtain a Golden Visa
by purchasing a property worth €500,000 or more.
However, this program was discontinued in April 2024.
Currently, you can still obtain residency in Spain through
other alternatives, such as the High Net Worth Visa or by establishing a company.

What happens if I buy a house in Spain?
Owning property in Spain grants you the right to reside
for 90 days every 180 days without a visa.
For permanent residency, you need a separate residence permit
based on your financial or employment status.

What are the requirements for buying a home in Spain?
You will need: an NIE number (foreigners’ tax ID),
a Spanish bank account, a notarized purchase contract,
and to pay property transfer taxes ranging from 6% to 10%.

How much do I need to invest in Spain to obtain residency?
Following the cancellation of the Golden Visa program,
obtaining residency through financial investment
requires a minimum monthly income of €2,400
per month for the Financial Contributor Visa.

Can I live in Spain on $4,000 a month?
Yes, $4,000 a month is enough to live comfortably
in most Spanish cities. In Marbella specifically
This amount covers rent, living expenses, and entertainment
at a good standard of living, especially outside of luxury areas.

How do you obtain permanent residency in Spain?
To obtain permanent residency, you need to have
legally resided in Spain for 5 consecutive years.
After that, you can apply for permanent residency,
and after 10 years, you can apply for Spanish citizenship.

 

If you are looking for an opportunity to invest or buy a great apartment to live in Spain, Maxisthomes offers you the perfect opportunity to discover a variety of available real estate in Marbella and take advantage of the special attraction. For more information, please leave your question here And contact our team via WhatsApp on the following link https://wa.me/message/747GSLD5K2SPC1

 

📌After the cancellation of Spain's golden residency program, the search for strong European alternatives has become even more important. Check out our article on Greece's program:
Golden Residency in Greece - the best alternative after the cancellation of Spain's program