You like a bright carnival of life, warm climate, sunny beaches, natural fruits and vegetables, the Mediterranean cuisine? You are on the direct road to Spain. Here it is common to smile to friends and strangers, hold doors for each other's, and the neighbors always say “Hello” and “Goodbye” to each other. The advantages of Spain also include excellent roads, good attitude towards foreigners, the lack of ticks (important for nature lovers), easy and "painless" procedure of issuing a residence permit... Or not?
On the Internet there is a lot of conflicting information about the Spanish residence permit. The representatives of "Estate Barcelona" Agency will place all points over i.
About Golden visa
Some buyers from the start are looking for housing that is suitable for the "Golden visa". "Golden Visa" is one of the fastest ways to move to Spain, which became available in 2013. The main condition is that the total value of the property contained in agreement, must be at least €500,000. In recent years, the number of requests in the price range of "€500+" has increased significantly, and we attribute this exactly with the program.
Relatives of residents receive the residence permit by the family reunion program. Investors receive primary residence for 1 year, then it can be renewed. The validity of the residence permit for family members depends on the validity of the residence permit of a resident and some other circumstances. If you are planning to work in Spain, then you need to take care of right to work.
Residence permit without the right to work
When the purchase of the property over €500,000 is impossible, there is a second legal way is to buy a cheaper property and apply for a residence permit without the right to work. You will need to prepare a standard package of documents. Among them there are insurance paid, proof of no criminal record, statement of bank account.
For the Spanish authorities it is important that you do not pretend for Spanish jobs, so you will need to confirm your financial security. On account in a local bank should be the amount sufficient for a comfortable stay in Spain. Source of income of residence permit applicant can’t be any labor activity in Spain.
Permanent residence and citizenship
Permanent residence in Spain can be issued after 5 years of residence in the country on legal grounds, or upon marriage with a citizen of Spain. Permanent residence is also valid for 5 years.
To become a full citizen of Spain you have to live here for at least 10 years. However, Spain does not recognize dual citizenship, except with the following countries: Bolivia, Chile, Ecuador, Costa Rica, Guatemala, Nicaragua, Paraguay, Peru, Dominican Republic, Argentina and Honduras.
Mortgage
Foreigners take a mortgage on practically the same conditions as Spanish citizens. But for locals the rate is calculated according to the formula of 0.9-1% + EURIBOR, and for foreigners — 2-2,5% + EURIBOR. EURIBOR is now negative and is automatically set to zero.
The size of the loan for a foreigner can be up to 50% of the property value, for the Spanish banks can finance up to 70%. Generally, the mortgage is issued quite quickly — 1-2 months from the moment the preparation of documents and up to the resolution. Before this procedure could take 6-8 months.
Usually we suggest our customers to apply to multiple banks in order to choose the most optimal conditions.
The order of transactions registration
In the beginning you come to Spain on a Schengen visa and choose the object. Then you sign the agreement of intent (Contrato de arras penitenciale). The buyer makes a deposit, and the object is removed from sale.
Further, if you need a loan, the mortgage is issued. You also need to open a bank account and get a NIE (Número de Identificación de Extranjero, foreigner identification number), to prepare all necessary documents to the apartment or the building (including the certificates, the certificate of absence of debts for utilities and municipal fees). This stage takes 1.5 to 2 weeks without a mortgage, 2-3 weeks with it. As the rule it’s the duty of the agency, you can leave the country after ,aking the deposit.
Then you have to come to Spain for the signing of the notarial deed of sale and pay the remaining balance. If the buyer for some reason cannot participate in the transaction, he has the right to send someone with power of attorney, or grant power of attorney to agency staff. The power of attorney spells out all the parameters and conditions of the transaction so that the investor is fully secure.
Yu can apply for the residence permit after receipt of the statement from the Register of ownership rights. The statement will be ready within one month after the transaction.
For assistance in the preparation of materials about the Spanish real estate we thank the staff of "Estate Barcelona":
Pavel Maslov, the managing Director of the company;
Rafael Pereyra Luna, head of legal Department.
Text – Alena Eliseeva, ee24
Photocredit Flickr.com