Golden Visa grants non-EU investors the ability to live and work in Spain by investing in real estate
Golden Visa grants non-EU investors the ability to live and work in Spain by investing in real estate

Getting residency in Spain by buying property. A how-to guide

Spain encourages foreign investments, so any non-resident from the UK, the United States, or the European Union can buy property in Spain. Read on for more information and see what you need to do to qualify for residency in Spain by buying property.

Delia Mihuț
Written by Delia Mihuț
Published at 2023-08-04T07:19:49Z
Last updated at 2024-01-03T12:46:34Z
Readtime 3 minutes

Do you like Spain so much, with its relaxed way of life and incredibly delicious food, that you have decided to invest in a property here? The good news is that there is a possibility to extend your Spanish dream for as long as possible.

Read on for more information and see what you need to do to qualify for residency in Spain by buying property. 

Can I get residency if I buy a property in Spain?

Yes, you can get residency by buying a property in Spain. 

This residency is called Golden Visa or Spain Investor Visa and grants non-EU investors the ability to live, work, and study in Spain by investing in real estate.

It’s essential to have the foreigner’s identity number (NIE) to continue this process. You can learn in this guide how to buy a property in Spain as a foreigner, including obtaining a Spanish tax number and essential tips for informed decisions.

How much do I need to invest in Spain to get residency?

You qualify for a Golden Visa in Spain by buying a property valued at over 500.000 EUR.

It’s important to note that the investment can come from multiple sources. You can buy more properties whose combined value fulfills the residency requirement.

You should know the Golden Visa it’s valid for 2 years with the possibility of renewal every 2 years as long as you own the property.

How do you qualify for residency in Spain?

The process is quite simple. Besides the property investment worth at least 500.000 EUR, you must have health insurance in Spain and no history of criminal records. Also, you must not have been refused a Schengen Visa in the past

You can submit a visa application at the nearest Spanish Embassy or Consulate if you meet all these requirements. 

If you plan to live in Spain, you can apply for permanent residency after living there for five years. 

How can I get Spain citizenship through investment?

You can become eligible for citizenship if you live in the country for at least 10 years.

Besides that, you must pass two exams to confirm proficiency in Spanish at A2 level or higher and prove your knowledge of Spanish cultural and legal life. 

It’s important to note that you must give up your first citizenship to obtain Spanish citizenship. However, exceptions are made for citizens of France, Portugal, Andorra, and several Latin American countries where Spanish is an official language.

Is it hard to buy a property in Spain as a foreigner?

The process is simple if you have the foreign identity number (NIE) and have found your desired property. 

Spain encourages foreign investments, so any non-resident from the UK, the United States, or the European Union can buy property in Spain. 

Discover all your answers when buying a house in Spain as an American. Our guide covers everything you need to know for an informed decision. On the other hand, if you’re looking to buy property in Spain from the UK, continue reading to learn about the process, requirements, and valuable tips for your purchase.

EU citizen or not, consider accessing a mortgage to expand your property budget. Fortunately, Homevest can assist you in this process, simplifying the procedure of obtaining a mortgage in Spain directly from abroad.

How do you choose the best Spanish mortgage for non-residents?

When applying for a Spanish mortgage as a non-resident, it's important to consider interest rates and loan term choices which significantly influence total repayment and monthly payments. 

Lenders take into account several key aspects, including:

  • income stability
  • employment history
  • credit score
  • residency status
  • debt-to-income ratio (DTI)
  • down payment capacity
  • the type and value of the intended property

If your income is in euros, consider BBVA for a loan, as they exclusively provide credits to those earning in this currency. On the other hand, Santander and Sabadell are more flexible and accept non-residents from various nationalities, including the UK and the US.

If you are determined to buy a property in Costa del Sol, you can borrow between 80.000 and 1.000.000 EUR from Cajasur, a bank that specialized in serving such preferences. Continue reading a comparison to learn more about the available options for non-residents.

Is there a way to accelerate buying a property in Spain directly from abroad?

An efficient alternative can be Homevest, a digital service that simplifies obtaining a mortgage for foreigners seeking financing in SpainHomevest is an easy, fast, and free solution to get a free pre-approval, and compare banks. You could even speed up the process by accessing priority service from the bank. Homevest Plus provides a dedicated mortgage broker for your case, available to you from start to finish.

Carefully analyze the offers provided by the banks and simplify the process where possible. Homevest can be a reliable support that accelerates the process of buying a property in Spain directly from abroad. 

If you decide it's best for you to buy a property in Spain to let, understanding the property market dynamics, mortgage options, and associated taxes and costs is crucial. 

For instance, each autonomous Spanish region has its own rules for renting out property, through Airbnb or other platforms. The tax rates also depend on whether you are an EU-based non-resident (19%) or a non-EU-based non-resident (24%). Keep reading to acquire all the essential information before making an informed decision.

Sources used and checked in August 2023:

  1. Spain Golden Visa
  2. Spain citizenship

We recommend obtaining professional or specialist advice before taking or refraining from any action based on the content in this article. The information in this article does not constitute legal, tax, or other professional advice from Homevest Limited. Prior results do not guarantee a similar outcome. We make no representations, warranties, or guarantees, whether express or implied, that the content in this article is accurate, complete, or up to date.

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