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One way to get legal residency in Spain is by investing in a property in the country, through the so-called Golden Visa. However, you cannot just buy any property and it is a complicated process that you need to understand before undertaking it.

If you have any concerns about this issue, at Terra Homes, we explain how to get residency in Spain by purchasing a property here.

How to get residency by buying a house in Spain

To get residency by buying a property in Spain, you need to acquire a property that has a value of 500,000 euros or more. You can also buy several properties providing that the sum of their prices is said amount or more.

However, you need to be aware that you cannot get residency immediately after buying a property or properties, you need to wait at least two months to apply for the permit.

Once you get your residency, how long can you legally live in Spain for?

Once buying a property and applying for residency, the visa will be valid for one year.

However, if you travel to Spain at least once during said period and keep hold of your investment in the country you can renew your permit providing you do so two months before the previous visa expires.

After renewing your permit, you can live in Spain legally for another two years, and not just for one year as is the case with the initial visa. Furthermore, this permit can be renewed for another two years, providing that you can prove that the property investment is still held.

After this, you can obtain long-term residency by proving that you have lived in Spain for five years. This means you cannot have lived outside of Spain for over 10 months in total or six continuous months over the last five years.

Can you get residency before buying a property with a property purchase pre-agreement?

Yes, you can get a visa to legally reside in Spain before purchasing a property, provided that there is a pre-agreement with a purchase guarantee which has been filed as a public deed. However, in this case you will be granted with a permit to reside in Spain for six months instead of a year.

Do you just need to buy a property to get residency, or do you need to do anything else?

No, it is not enough to just buy a property in Spain to get a residency visa, you also need to have a NIE (Foreigner Identification Card). This is mandatory for any foreigner wanting to live in Spain.

To obtain a NIE, you have to follow the following steps:

  1. Complete the NIE application form, the EX – 15 model.
  2. Justify why you are applying for a NIE, which in this case would be to acquire a real estate property in Spain.
  3. Submit your passport, either as a photocopy or original.
  4. Pay the corresponding NIE application fee.

Documents needed to apply for residency through the purchasing of a property

When applying for a property purchase residency visa in Spain, the following documents need to be submitted:

  • A passport size colour photo.
  • Passport.
  • National visa application, duly completed and signed.
  • Criminal record certificate in Spain and from the other countries you have resided in.
  • Completed disclaimer.
  • Documents certifying that you have the required financial capabilities.
  • Payment receipts of the corresponding processing fees.
  • Private medical insurance with an insurance company operating in Spain.

Likewise, depending on if you have bought the property or not, you will have to submit two different types of certifications.

If you have already bought a property, you need to submit:

  • Documents certifying that the investment as no outstanding encumbrances or liens.
  • ·Certificate of the updated property information and liens from the Property Registry.

In the case of the property purchase yet to be completed, a pre-agreement guarantee needs to be submitted that is certified by a financial entity which is physically based in Spain. That is all you need to know about how to get residency by purchasing a property in Spain We hope it has been of use for you.

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