The main steps to obtain a visa through investment in property include the points that follow. Additionally, we explain how to apply for the residence visa and how to renew it.
Acquiring the Property
The normal process to acquire property is to sign a private document reserving the property. Thereafter, the public deed of acquisition requires signature. If a mortgage does not exist, the investor can sign the public deed directly.
The investor must pay the corresponding taxes and present the public deed to the Property Registry.
If the investor applies for the residence visa without waiting to inscribe the title to the property in the Property Registry, the investor must present a certification of the Registry that confirms the status of the corresponding public deed. If the investor applies for the residence visa after inscribing the title in the Registry, the investor must apply for a certification with information about domain and encumbrances corresponding to the property.
It is very important that a local lawyer counsels the investor through the process of purchasing the property to protect the investor’s interests. Mariscal & Abogados can advise throughout the entire process: the selection of the property through our collaborating parties; the legal aspects of the acquisition; representation before a notary for the signature of the public deed; the payment of taxes; and the administrative steps before the Property Registry.
The investor must apply for the visa at the Spanish Consulate in the investor’s country of origin. To do this, the investor must provide the necessary documentation, including, among other documents, proof of the property acquisition. This proof will be one of certifications described above in part (1). The maximum time to resolve these applications is one month from the date of presenting the documentation.
Mariscal & Abogados can advise the investor about the documentation he or she must present, revise it to ensure its accuracy before presentation, and follow up about obtaining the visa.
Residence Visa by Investment
Before the investor’s initial one-year residence permit expires, if the investor wishes to continue residing in Spain he or she must apply for a residence permit that is valid for two years. To do this, the investor must present, among other documents, proof that he or she has maintained the investment. This means that the investor must be the owner of the property or properties with a minimum value of 500,000 Euros. The investor must present the corresponding documentation to obtain the permit before the competent Spanish entity in Madrid: Unit of Large Companies of the Spanish Ministry of Employment and Social Security.
Renewal of the Residence Permit
Once two years have passed, the investor can apply for a renewal of the residence permit as long as the investor continues to desire residing in Spain. The process is the same as in step (3), and the investor must present the corresponding documentation once again before the Unit of Large Companies of the Spanish Ministry of Employment and Social Security. The renewal will allow the investor to reside for another two years in Spain.
Mariscal Abogados can guide the investor through the preparation of the documentation for the residence application and renewal by presenting the documentation for the investor on the investor’s behalf and following up with its resolution.
This article is not considered as legal advice