Spain is one of the most attractive destinations in Europe. Here, beautiful architecture and rich cultural heritage are combined with a high-quality education, allowing the country to become the third-most-popular in Europe for international students. Many investors and tourists are interested in what life in Spain is like.
CONTENT:
- What are the types of residence permits?
- How to get a residence permit in Spain as an investor?
- Can the owner’s relatives live in Spain?
- Documents to obtain a residence permit
- Where is a visa issued?
- What are the benefits of getting a Golden Visa?
- What is permanent residence in Spain?
- How long does it take to get a new passport?
- Taxes and costs associated with the purchase of real estate
- What types of mortgage loans are there for non-residents in Spain?
- We will help you choose and buy real estate in Spain
WHAT ARE THE TYPES OF RESIDENCE PERMITS?
There are 2 types of residence permits: temporary and long-term (or previously called permanent residence).
- Temporary residence permit. This is a residence permit in Spain for more than 90 days and less than 5 years, and it can be extended under certain circumstances.
- Long-term residence permit. This permits living and working in Spain, and requires legal and continuous residence in the country for 5 years.
HOW TO GET A RESIDENCE PERMIT IN SPAIN AS AN INVESTOR?
There are some rules in the section “International Mobility” of Law 14/2013 of September 27, aimed to facilitate entry and residence in Spain of foreign nationals.
“Non-resident foreigners who intend to enter Spanish territory with the aim of significant investment can apply for a residence visa or, where appropriate, an investor residence permit for 1 year,” one of the paragraphs states.
Thus, you can quickly apply for a visa when you purchase real estate in Spain.
CAN an OWNER’S RELATIVES LIVE IN SPAIN?
The legislation allows a spouse, minor or older children to apply for a residence permit in Spain.
One of the main advantages of this permit is that all family members can live together. In addition, investment permit holders are not required to remain in Spain for a specific period. They must visit the country only once during the validity of their residence permit.
DOCUMENTS needed TO OBTAIN A RESIDENCE PERMIT
- Documents of ownership;
- Buyer and family members must have local public or private health insurance;
- Certificate of clear criminal record;
- Availability of sufficient financial resources to be alone or with your relatives during the entire period of residence in Spain.
Since 2013, Spain has been undertaking significant liberalizing efforts to optimize accommodation requests under Law 14/2013.
WHERE IS a VISA ISSUED?
An investor visa is issued at Spanish embassies and consulates in the country of origin or residence. There is also an option to start the permit process from Spain within 3 months of being a tourist without applying for an investor visa first.
WHAT ARE THE BENEFITS OF GETTING A GOLDEN VISA?
- Obtaining a residence permit allows you to live and work in Spain, and is valid throughout the country.
- Receiving one does not require long-term residence in Spain and you need to come to the country only once per period.
- Allows residence with spouse or children.
WHAT IS PERMANENT RESIDENCE IN SPAIN?
This condition allows non-EU residents living in Spain permanently and legally for 5 years permission to stay indefinitely. The green card is valid for 5 years and can be renewed at a later date. It allows you to stay and work in Spain, both independently and for hire with the same rights as Spanish nationals.
HOW LONG DOES IT TAKE TO GET A NEW PASSPORT?
A passport is issued in Spain so the estimated time is 3 to 4 weeks.
WHAT ARE THE TAXES AND COSTS ASSOCIATED WITH BUYING A PROPERTY?
Generally, the costs associated with buying a property will vary depending on the transaction price. They usually reach between 10% and 13% of the price.
Professional attorney fees.
This is usually 1% of the purchase price plus applicable VAT. They must be agreed upon at the beginning of the contractual relationship and will not change throughout their entire duration.
Notary fees.
All notaries in Spain have to charge the same fee for the same services. However, the documents have a changing value that depends on various factors such as the price or value of the transaction object, number of participants, number of document sheets, etc. This makes it difficult to assess the final invoice amount. Usually, it ranges from 300 to 1500 euro.
Property registration fee.
Property transfer tax and documented legal acts.
- Property Transfer Tax
This applies only to transactions for the purchase of used real estate (resale) and is paid after a public deed is signed (8 - 10%).
- Documented legal acts.
These are taxed exclusively on new rather than secondary housing (which are already subject to a property transfer tax of 1.5 - 2%).
VAT.
The purchase of a new house is subject to value-added tax (VAT). It is currently set at 10% of the price.
Annual taxes for property owners in Spain:
- Personal income tax (only if you are a resident);
- Real estate tax (only if you have property worth more than 700,000 euro);
- Real estate tax (IBI) and waste collection. Both are municipal.
WHAT TYPES OF MORTGAGE LOANS ARE available FOR NON-RESIDENTS IN SPAIN?
Many foreign residents are offered a broad and detailed range of financial proposals from banks. This is due to a large number of foreigners in Spain and an increase in the number of credit institutions. In general, we can group loans for foreigners living in Spain into 3 different types.
Regular. Banks offer many loans to foreigners living in Spain if they meet the requirements and conditions of the organization. Please note that in some cases, they will be more stringent.
Loans for individuals are a good option for foreigners living in Spain as it offers financing without an intermediary. Lenders are keen to monetize their savings by offering good terms that will benefit both parties.
Online loans. Thanks to fast processing, this is a convenient way to get a loan as a foreigner living in Spain.
WE WILL HELP YOU CHOOSE AND BUY REAL ESTATE IN SPAIN
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