Casanova Brooks
Casanova Brooks

Licensed Agent

Purchase Of Real Estate And Getting Residence Permit In Spain


Table of Contents

Spain remains one of the most welcoming countries in the European Union. Charming nature, lack of industry, clean, sandy beaches, an amazing climate (more than 300 days a year, the sun shines), developed infrastructure, and low housing prices makes real estate in Spain an ideal investment. 

Before investing in apartments on the front line in Spain, a sagacious buyer monitors the information about how to choose a property, how much it costs to maintain the property, and how to rent out your apartment in Spain profitably. 

It is absolutely right to ask such questions. One more important question is whether it is possible to get a residence permit via investing in real estate in Spain. Read the article to find out the answers.

Residence Permit Via Investing In Real Estate In Spain

There has always been and still is a huge demand for real estate in Spain, with the Spanish housing market offering very attractive prices, and in recent years there has been a steady downward trend in the purchase of any property

At the same time, it should be noted that this is a very competitive sector compared to other European countries, offering foreigners political and legal stability when buying a home in Spain. 

When buying a property worth €500,000 or more, a foreigner can take part in the residence permit program in Spain for investment. A Spanish residence permit for investment allows you and your family members to reside and engage in absolutely any activity in the country – study, work, run your business, or just relax. 

In addition, you can travel throughout the European Union without a visa.

Opportunities Provided By Spanish Residence Permit

Like residence permits of any European country, the Spanish document offers many beneficial features both for expats looking for relocation and for businessmen wanting to conduct business in the European arena.

  • A Spanish residence permit gives the right to travel to the Schengen countries without a visa. 
  • Availability of high-quality education valued throughout the world, medical and health services, and a wide range of entertainment opportunities. 
  • Possibility to live near the sea and enjoy a mild climate. In fact, you will live in a resort with a high European level of comfort and security.
  • As an investor, you can run a business in the kingdom, get a job, participate in various projects or just relax in a sunny country. 
  • As an owner of a business, you can take advantage of a stable economy, advanced infrastructure, a qualified workforce, and governmental support. 
  • You’ll have access to a reliable and internationally respected banking system, cheap credit and record-low mortgage rates.
  • After 5 years you will be able to apply for permanent residency, and 10 years of stay in the country under certain conditions gives you the right to naturalization and registration of a passport of citizenship.

Process Of Obtaining Residence Permit In Spain

city in spain

1. Traveling to Spain for a new experience. 

If you intend to get a residence permit in Spain via investing in the sector of real estate, it is advisable to travel to the country beforehand. Such an approach will help not only to experience the atmosphere of a future place of living, but to explore the real estate market and see a housing unit in person. 

Don’t forget to take the allowed sum of money that will be needed for real estate reserves and general expenses. 

You can transfer €3000 a day to your new account in a Spanish bank. Transfers to your account are not limited but it is not desirable to exceed the amount of €10,000. However, all these conditions are to be carefully checked before making a responsible decision. 

2. Selection of the housing unit in Spain. 

Before traveling to Spain, monitor the real estate market and choose a suitable housing unit in the kingdom. 

A major aggregator, Spain-Real.Estate, provides buyers with an exclusive selection of profitable real estate in various destinations of Spain. Due to the detailed description and relevant prices, the website is recognized as one of the most useful sources of search.  

When there is no doubt about the selected object, it is necessary to book it in the Spanish sales office and sign a contract. Many are in a hurry to reserve the object under construction because there is an opportunity for interest-free installment payment, and you can take your time, in installments, to transfer the money to buy a property at your account(s) in the Spanish Bank.

3. Opening an account in a Spanish bank. 

Opening an account in a Spanish bank does not require a lot of time but the document requirements may differ. An important prerequisite for opening an account is the purchase of any bank product. Usually it is health insurance. It costs about €65 per month per person. This step is one of the most important for the first visit to Spain, as its success depends on your future residency (residence permit for financial independence).

4. Make an appointment to apply for a residence permit upon return.

The key to a successful decision on a residence permit for your family is real estate (at the time of filing, maybe in the process of registration of ownership), an account in a Spanish bank, and Spanish medical insurance. The period of issuing may change depending on the number of applications and the flow of potential residents. 

With a residence permit, you can live more than 183 days a year in Spain without the right to work. It is obligatory to show a passive income and balances in your accounts to prove your financial independence. After one year, you can already apply for the right to work or start your own business.

5. Relocation to Spain to finish the deal and live a happy life. 

Naturally, the presence of real estate greatly simplifies living in a still unfamiliar and alien country. Comfortable life and a stylish roof over the head will literally make expats fall in love with Spain from the first days.

The Outcomes

No matter if you buy a house or an apartment, comfortable accommodation will give you confidence in the future. And even if, for some reason, you have to return to your native country temporarily, this living space can be rented out, fully covering the cost of its annual maintenance for several months.

casanovabrooksCasanova Brooks is a real estate entrepreneur. With a background as a licensed realtor at Berkshire Hathaway and currently serving as a Change Agent at eXp Realty, Casanova brings a wealth of expertise and experience to the table. Beyond real estate transactions, Casanova is a seasoned motivational speaker, author, and podcast host. His book, “Real Estate: Play the Game Like the Winners,” reflects his commitment to sharing insights and strategies for success in the ever-evolving world of real estate. Join him on his journey as he continues to make waves in the world of real estate and beyond.

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