Spain attracts thousands of foreigners every year and provides residence to foreign citizens. Therefore, to use stuffs of life in Spain, the basic question is how to do this legally? If you are looking for the most up-to-date information about living in Spain by buying property, this article is for you. Review of the latest conditions for obtaining Spanish residence through the purchase of property in 2022
If you are planning to get Spanish residency by buying a property, don’t miss this article. In this article, we will answer your questions about “residence in Spain by buying property” by providing the most up-to-date information.
In different parts of this article, we will examine the benefits of buying property in Spain, the process of obtaining residency through this method, the amount of capital required, restrictions, renewal conditions, etc.
Before any explanation, keep in mind that most people often confuse “acquiring Spanish residency by buying property” and “acquiring Spanish residency by investing in real estate”. While these two methods are different despite their apparent similarity.
What is residence in Spain by buying property?
According to the laws of Spain, any foreign citizen can obtain the residence of this country by purchasing a property in any of the provinces or islands under the government of the Kingdom of Spain. Of course, this law does not include the citizens of other European Union countries, because the citizens of each of the European Union countries are automatically allowed to live in all the countries of this Union (including Spain). To obtain Spanish residency through the purchase of property, the value of the purchased property must be at least 500,000 euros.
What features should the purchased property have to obtain Spanish residence?
If you intend to obtain Spanish residence by purchasing a property for yourself and your family, the purchased property must have a value of at least 500,000 euros and be suitable for the life of all family members in terms of size and facilities. For example, for a family of 4, the residential property in question should have two standard-sized bedrooms.
What is the process of obtaining Spanish residency through property purchase?
First, you travel to Spain by receiving a 3-month tourist visa, and during the duration of your visa, you buy the property you want in Spain. After signing the property purchase contract, you will receive an appointment from a notary public. You must get an identification code called NIE from the police department before the deadline at the notary. You will also receive the required inquiries such as inquiries from the finance department, municipality, water department, electricity department, etc., and on the appointed day, you will submit all these documents along with the property purchase contract to the notary office in order to issue the desired property document to Register your name. After going through the above steps, you must submit the necessary documents to submit the residence application along with the purchased property document to the Spanish Embassy in Iran. After 3 to 6 months, you will be given a one-year multiple visa.
Does this type of residence lead to permanent residence and receiving a passport?
Yes, if your visa is converted to temporary residence, after 3 to 5 years of temporary residence extension, you will be granted permanent residence in Spain and after 5 years of receiving permanent residence, you can apply for a Spanish passport.
What are the renewal conditions for the Spanish residence method by purchasing property?
To extend the stay, there are two conditions:
During the entire period of 5 years of temporary residence, you must maintain the purchased property.
At no time, for more than 90 days out of every 180 days, be outside of Spain (actually the Schengen Area).
