Today, the purchase of real estate in Spain is affordable for many foreigners. Due to the versatility of the country, foreigners can choose the desired location and cost. Climate, geographic features, transportation links, number of infrastructural objects as well as customs and traditions are quite different from region to region. Therefore, such crucial characteristics of the area influence the development of the real estate market and availability of profitable housing units.
However, some buyers are interested in the opportunity to get Spanish citizenship for buying property for investment in Spain. Is such an option available? How can foreigners obtain Spanish citizenship?
What is special about Spain?
Today, Spain is one of the most attractive European countries for living and investing due to many factors: from favorable climate, relatively low cost of living, social welfare to safety and gradual but stable recovery from the economic crisis. For many years, foreigners have preferred to buy property in this country as on the coast and in major cities in the center of the country. Moreover, there are not all the conditions for this. Spain has the softest laws in the field of real estate purchase and registration, even equalizes the rights of its citizens and foreigners.
How can I get Spanish citizenship?
The minimum period of staying in the country to apply for citizenship is 10 years. The Spanish government regulates the process of getting citizenship and controls it strictly. It does not matter what sum of money you invest in the sector of real estate, it has no impact on obtaining a passport.
A foreigner should have a document to stay in the country legally. You can apply either for a residence permit or a golden visa.
Who can get a residence permit in Spain?
To stay in the country legally and obtain official permission, you need to have one of the following reasons.
- Family reunification or marriage to a national of the Kingdom of Spain or an EU country.
In the second case, a person acquires a special residence permit – residency for a relative of a European.
- Ownership of real estate or investment.
In Spain, a Golden Visa is issued if the applicant buys a housing object worth €500,000 or more.
- Opening a business or joining a local company.
If you register your own company, you are legalized in Spain. An important requirement for the business is to make it smart and attract technology.
- Training at an institution in Spain.
A person will become a holder of a residence permit for the duration of the educational process, if they enter a university or school in the country. However, on this basis, this period is not counted in when applying for citizenship.
With a residence permit, you can stay in the country for 5 years. After that, in the next 5 years, a resident of the country will be able to declare the desire to become a citizen of Spain. However, this requires that the foreigner has actually lived in Spain for five years. It means that during those five years, you cannot be absent from the country for more than 6 consecutive months, and more than 10 months for the entire period as a whole.
What is the profitability of a golden visa in Spain?
There are some analogues of a golden investment visa for foreigners in other countries of the European Union. However, wealthy foreign buyers prefer to invest in Spain.
A foreigner can apply for a golden visa if they have enough money to cover at least the required sum. It means that if the value of the property exceeds €500,000, the rest of the sum can be borrowed from the bank.
It is not necessary that the entire amount was invested in one expensive object. It may be the total investment in a few cheaper objects.
Of course, other requirements must be met: age at least 18 years, stay in Spain legally, health insurance, sufficient financial resources and no criminal record.
Although Spain requires a more impressive amount of investment than other European countries, the buyers get much more financial opportunities. Ownership of premium quality real estate in the developed, stable and advantageously located European state provides exceptional income on renting out or reselling.
The bottom line
Buying real estate in Spain has much more benefits than getting the opportunity to stay in the country legally. It gives buyers the opportunity to buy real estate and play on the further growth of prices for it. Moreover, there is always a chance to buy a very inexpensive object, having spent a minimum of money and generate income by renting it out.
Spain-Real.Estate is a useful source for finding a suitable housing object at a reasonable price. Exclusive real estate situated in premium locations of Spain is represented on the website to deliver buyers comfort and profitability. Go to the website and select the desired housing unit in one of the most advanced countries of the European Union.
