Residence permit and Spanish citizenship at purchasing real estate

People often mistake two terms: residence permit (residence) and citizenship. To obtain Spanish citizenship by purchasing real estate first you should get a residence permit in this country, which will give you almost the same rights that Spanish citizens have. Our company offers a wide variety of real estate objects in Spain. Our specialists can help you not only to choose an appropriate object, fitting your preferences, but also to process the documents in the right way when purchasing it into ownership.

Prices for flats, villas, houses and suites of rooms in Spain have decreased radically with crisis. Supply is many times higher than demand, that's why now it's possible to purchase good Spanish real estate at reasonable prices.

Another positive aspect was hearing at the Spanish parliament, concerning foreign citizens, purchasing real estate, costing more than 160 thousand euro, where the majority voted for this law. When this law is passed, foreign citizens will be able to apply for a simplified procedure of obtaining residence permits. Also even people with long-term lease will be able to apply for obtaining residence permits. The key phrase here is "will be able to apply", because even today it is possible to obtain a Spanish residence permit even if the purchase is for lesser sum.

How does one get a residence permit in Spain

Let's enlist the main requirements that the consulate demands for obtaining a residence permit in Spain:

• police clearance certificate and apostille;
• health certificate, stating that you don't have any contagious diseases. This document is also easy to obtain – it is issued after you pass the required medical analyses;
• documents on financial well-being. This part is not as simple, as it may seem. You must provide documents, proving stable cash inflow. It is not enough to just show an account with a large sum of money, there must be a confirmation that you receive monetary funds on this account on a monthly basis. The sum of cash inflow must amount to 4 Spanish minimum wages for head of the family and one minimum wage for each non-working member of the family. Also the documents on financial well-being must include bank statements on incomes + tax statements for 3 previous years;
• real estate certificate or long-term leasing contract: if there are no documents for property, then a continuous leasing contract is necessary for issuing a residence permit;
• certificate, stating that you don't have any taxes payable in the country of residence. This certificate isn't hard to obtain, but issuing it may take several months;
• monetary funds on a Spanish account. One must have the following amount of monetary funds on a banking account in Spain – 40 000 euro for the head of the family and 10 000 euro for each member of the family per year.

There will be differences in issuing a residence permit in Spain when obtaining documents without the right for work, when having contract or business work, when studying at Spain, etc.