If you are planning on purchasing a property in Spain and intend to spend more than 90 out of 180 days there then you will need to acquire a Spanish long stay visa.
Once you have been in Spain legally for 5 years you are able to apply for permanent Spanish residency. You are then legally entitled to live in Spain for the rest of your life.
There are several different visas you can apply for depending on your circumstances and how you plan to spend your time in Spain. Some for example allow you to work and some do not.
Below, we outline the criteria for the long stay visas you may want to look at when deciding to buy a property in Spain.
A Spanish non-lucrative visa permits you to live in Spain without working or engaging in professional activities.
To be granted a non-lucrative residence visa you must be able to prove you have the economic means to live in Spain for the year (*see below for details). You must also prove you have public or private health insurance taken out by an insurance company authorised to operate in Spain.
The application process for a non-lucrative residence visa is a simple one but note the process must begin in your home country and not after entering Spain.
Once you are granted the non-lucrative visa and you use it to enter Spain you have one month to process the TIE (Tarjeta de Identidad de Extranjero) at the Immigration Office or Police Station. This is a foreigner identity card. You should then begin your application for a non-lucrative residence permit. This permit is then renewable.
Some people who may apply for a non-lucrative Spanish visa include:
The investors and entrepreneurs visa is also known as the golden visa and unlike other visas, it allows you to live and work in Spain.
It is also very easy to bring your family to Spain with you. Your spouse, children under 18 and even parents who may be financially dependent on you are covered by this visa.
The golden visa only requires that you visit Spain at least once a year and once granted it can be renewed. If you do live in Spain on this visa then you will be eligible for permanent residence after 5 years.
The golden visa is designed for those making an investment in Spain including purchasing a property. The property must be worth more than €500,000 and be purchased without the help of financing for you to qualify. You would also qualify if you were to purchase several properties totalling over €500,000. The property must have been purchased after 2014 and you must own 100% of the property.
You must also be able to prove you have sufficient economic means to support yourself and any family members who will also be applying for residency (*see below for details).
You must have public or private health insurance giving you full coverage in Spain covering you for the full first year as a minimum.
This visa provides a work permit and therefore allows you to live and to work in Spain providing you will be working in a qualified or managerial position.
It is recommended that to apply for this Spanish long stay visa you should have a masters degree or a PHD as well as the job offer itself. The company or institution you will be working for will also be taken into consideration as will the job description and the salary on offer.
For a managerial position you will be required to be earning a minimum salary of €55,000. This is lower for intellectual professionals such as scientists who must be earning a minimum salary of €42,000.
The professional person can be accompanied by their spouse and children who will be expected to complete individual applications.
The required economic means is calculated using the Spanish IPREM; a Spanish index which gives an income benchmark. The IPREM for 2022 is €579.02 per month.
To apply for a golden visa you must be able to prove that you will have 400% of the IPREM in your bank account monthly plus an additional 100% for each additional family member.
400% of this equates to a monthly income of at least €2,316,08 or a total of €27,792.96 annually. If there are two of you applying for the visa then this increases to 500% which equates to €2,895.10 per month or €34,741.20 annually and so on.
If you have enough in your account to cover the year then there is no need to prove you have any kind of monthly income. You just have to prove that you have or will have enough to cover the whole year.
Supporting documents when applying for your non-lucrative visa may include bank statements, a letter of employment stating your salary, pension documents and so on.