If a non-resident of the EU wants to confirm officially his or her intention to stay in the territory of Spain for a period that exceeds 90 days, it is important that he or she applies for the residence permit. The Spanish permanent residence permit is a document that serves as both identity verification and confirmation of the long-term residence permit in the country. In basic terms, the residence permit makes one eligible for the permanent residence, which can be obtained only after a stay of five years in Spain with the residence permit. The specific details of the Spanish permanent residence requirements all depend on one’s reasons for moving to Spain on a permanent basis (such as the purchase of property, investments, marriage, etc.). If one is not living in Spain at the time of the residence permit, he or she must visit Spain at least periodically to retain the permit.
Types of Spanish Permanent Residence Permits
A new residence permit program has been in effect in Spanish territory since 2013. The new program is designed to attract foreign investors to the country and to facilitate their Spanish permanent residence permits with work authorizations for the investors (whether in shares, bonds, or business) and for the property owners. Family reunification or marriage to a citizen of Spain are the alternative options for obtaining the Spanish permanent residence permit.
The Spanish permanent residence for investors is a popular option for those who aim to multiply personal funds and obtain the residence permit. As the Spanish economy is emerging from the economic crisis, market conditions are improving rapidly. This factor means that there are no significant risks (from a five-year perspective) to investing in the shares of Spanish companies, opening deposits, and purchasing bonds. The main requirements of this option are as follows:
- Investment amount in the shares of companies that are considered residents of Spain must be at least 1 million euros;
- Deposit in the Spanish bank must be no fewer than 1 million euros;
- Spanish permanent residence can be obtained with the purchase of state bonds in the amount of 2 million euros or more.
One can obtain Spanish permanent residence through the purchase of residential or commercial real estate, provided that the object cost constitutes at least 500 thousand euros. The real estate prices in Spain are rising and tourist renting is very popular. These factors demonstrate that this manner of obtaining the Spanish permanent residence permit has many financial benefits. Another alternative is to obtain the Spanish permanent residence through the purchase of property. When one buys or establishes his or her own business, it becomes possible for the business owner to obtain Spanish permanent residence. In this case, one must present a detailed business plan, guarantees of the business’s efficacy, and evidence of employment opportunities in the country.
Required documents when applying for the Spanish permanent residence permit
Each type of permanent residence permit requires a different collection of documents. However, the following three main documents remain the same, whether one applies for the permanent residence permit as an investor or an owner:
- Confirmation of an applicant’s status as an adult;
- Criminal background check: official confirmation of the absence of criminal prosecution in Spain and in the last place of residence (criminal records certificate);
- Financial Affidavit Form
When opening a business in Spain, one should prepare to present a detailed business plan.
When applying for the residence permit for family reunification or marriage to a Spanish citizen, the official confirmation of family bonds is required.
Feel free to contact INEEDSpain service center for a consultation and assistance in preparing the documents required to obtain the permanent residence permit. The specialists of our company are always ready to help and give you valuable advice on any question you might have.