How to become a Spanish Resident

Visa Options in Spain

If you are considering moving to Spain, there are many different options to be granted long term or short-term visas depending on your own personal needs. Whether you’re looking to buy a property in Spain, have gotten a job in Spain, or would like to start your own business, there are different visas available to grant you Spanish residency status. 

NIE Number

The NIE number is an identification and tax reference number for foreigners in Spain, however this does not grant you residency rights. As a non-EEA national you will require a visa from the Spanish consulate if your wish to stay more then 90 days in Spain. 

 However, the NIE number is required if you wish to buy a property in Spain, open a bank account start a business, or apply for a residence permit. This is the first step in making any investment or permanent relocation to Spain.

Golden Visa: Gateway to Spanish Residency 

The ‘Golden Visa’ also known as the investor-entrepreneur visa gives you access to a residence permit in Spain through investment in Spain through property, shares or bonds, or in a business venture in Spain. 

To qualify for a golden visa with a real estate investment you must purchase property with a minimum value of €500,000 (≈£425,650) without the aid of any financial loans, although any amount over €500,000 may be covered by a loan. 

Capital investment in Spain can grant you a golden visa if you invest a minimum of €2 million in the Spanish government debt securities or €1 million in stocks or shares belonging to Spanish companies, venture capital funds or bank deposits in Spanish financial entities. 

You will be required to prove your investment as well as showcase sufficient funds to support yourself and your dependents for the duration of your residency. 

This visa authorizes you to stay in Spain for one year, however once this has expired an extension request can be granted for 2 further years upon proof of the maintenance of the investments. 

This visa also extends to your dependents, spouse/legal partner, children, and parents.

Entrepreneur Visa for Business Ventures

Entrepreneur visa is perfect for individuals who have a business project they wish to set up in Spain.
The initiative must engage in innovative endeavours or demonstrate a specific economic interest in Spain, a viewpoint valued by the economic and commercial office in your chosen project location. Additionally, a substantial capital investment in the project is required.

Proof of sufficient funds will also be required with an entrepreneur visa to support yourself and/or your dependants. The minimum amount required is equal to Spain’s Public Multiple Effect Income Indicator (IPREM) (€600 a month as of February 2024) for yourself and 50% of that value for any additional dependant.

Self-Employed Visa: Opening a Small-Business in Spain

Similarly, to an ‘Entrepreneur visa’ If you plan to become a resident in Spain and work for yourself or start your own business, you’ll need to apply for the self-employment Visa. To acquire this type of visa it requires a lot of paperwork related to your proposed business such as a detailed business plan, your qualifications, funds to live off and more.

Despite this visa being harder to obtain it would be a better option for someone with less initial capital to invest. This type of visa could be useful to someone that may require a loan or mortgage to buy a property in Spain which will not qualify them for the ‘Golden Visa’.

Non-lucrative Visa: Retire in Spain

Non-lucrative visa is a perfect visa for those looking to retire and live in Spain. To be eligible to this visa you must not have a criminal record and have sufficient funds to be able to sustain your own and/or your dependents lifestyle, without getting a job within Spain.

Proof of sufficient income is often the determining factor in being granted approval for this type of visa. You must prove an income of at least €2,150 per month and €535 for each dependant. You will also be required to attend a visa interview where you will meet with a visa consular submit your supporting documents complete biometrics and pay the visa application fee of around €80. 

Your application will normally take 2 to 5 weeks to be approved. It is important to note that you must have a valid NIE number before applying for this visa.

Digital Nomad Visa: Working from Home in Spain

If you able to work remotely and would like to live in Spain this visa is best for you. In order to be granted the digital nomad visa you must work for a company outside of Spain or if you are a freelancer/company owner you must commercial relationships with one or several companies outside Spain. 

An employee must be able to provide evidence of an employment agreement for at least the prior 3 months. Similarly, a freelancer/Business owner must prove commercial relationships for at least the past 3 months.  You must also have a private or public health insurance with a company authorised to operate within Spain and sufficient funds of at least €2,150 per month and €535 for each dependant.

Support for Residency and Real-Estate Investment

There are many different visa options for non-EEA nationals to be granted Spanish residency and to research which visa is right for you. To get support with understanding more about the legal requirements needed to gain Spanish residency or invest in Spanish real-estate contact us now.

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