While the new law passed through the Spanish parliament last month allows for immigration to Spain and effectively permanent residency by renewing the investor property visa it is not necessary to stay in the country.
An investment of 500,000 Euros entitles the investor to live in Spain by renewing the investor visa every two years. However there is no minimum stay requirement. So anyone buying a property in Spain can travel freely when they want and need only be in the country once every two years in order to renew the visa.
This is a particular attraction for business minded individuals and frequent travellers who want the freedom of travel throughout the Schengen area in Europe granted by the Spanish visa but may not want the immigration benefits for themselves and their family.
We think this is extremely flexible but we welcome your thoughts on how other countries compare for the European investor visa schemes such as Portugal, Cyprus, Ireland and Greece.
We have received a number of enquiries regarding the minimum stay requirement in Spain for the investor visa. Tax residency and citizenship in Spain are also questions that arise. In summary:
There is no minimum stay requirement. You can obtain the investor visa after completing on the property purchase(s) over €500,000. You do not need to spend time in Spain but you do need to be present (for a few days) to re-apply every two years.
You can keep renewing the investor visa if you retain the real estate investment. You can also apply for permanent residency. To do this you need to spend five years living in Spain. (ie over 6 months each year). Then you no longer need to retain the investment.
To apply for citizenship in Spain (and hence European citizenship allowing you to live and work anywhere in Europe) you need to demonstrate 10 years permanent residency.
You will not pay tax in Spain on worldwide income unless you are resident in Spain (ie live there more than six months a year).
Any questions please post below.