This permit has been created recently in Spain for investors in real estate and other types of assets, such as debt or shares. For investors in real estate, it is required that they have bought one or more properties worth at least € 500,000. Real estate must be purchased without charges, free of mortgage.
In the first place, a residence visa is granted, which allows the investor to travel to Spain and the Schengen area without restrictions. This visa gives rise to a residence permit with an initial validity of 1 year, which can be renewed for an initial period of 2 years and successive 5 years, if the investment is maintained.
The main advantages of the residence permit are the following:
- The permit is granted quickly and automatically if the minimum investment is met.
- To obtain a 1-year residence visa, it is not necessary to process the foreigner’s identification card.
- The permit gives the right to live and work in Spain.
- Does not require to reside effectively in Spain, although the owner can do it.
- The holder’s family (spouse and minor children, and those of legal age as long as they are economically dependent) are also covered by the residence permit.
- You can rent the property and get a return.