The allure of the Costa del Sol has always been undeniable. From the glamorous streets of Marbella to the serene beaches of Estepona, Southern Spain offers a lifestyle that many dream of. For many non-EU citizens, especially those from Russia and Eastern Europe, this dream is often tied to the legal ability to reside in the country long-term. As a legal expert based here in the heart of the Costa del Sol, I, Victoria Malkova, frequently receive one pressing question from my clients: Is it still possible to get residency in Spain after purchasing a property?
The legal landscape regarding Spanish residency is dynamic. Recent political discussions and legislative proposals have sparked concerns among international investors. In this article, we will explore the current status of the "Golden Visa," the implications of real estate investment on your residency status, and what you need to know if you are planning to make Spain your home in 2024 and beyond.
Understanding the Spanish Golden Visa Program
For over a decade, the primary vehicle for obtaining residency through real estate has been the Law 14/2013, commonly known as the Entrepreneur Law. This legislation introduced the "Golden Visa," which allows non-EU investors to obtain a residency permit if they invest at least €500,000 in Spanish real estate, free of any liens or encumbrances.
This program was designed to attract foreign capital and has been particularly popular in regions like the Costa del Sol. The benefits of the Golden Visa are significant: it allows the applicant and their immediate family to live and work in Spain, provides freedom of movement within the Schengen Area, and does not require a minimum stay in Spain to renew the permit, making it an ideal "Plan B" for many high-net-worth individuals.
Is It Still Possible to Get Residency in Spain After Purchasing a Property?
To answer the core question: Yes, at this very moment, it is still possible to get residency in Spain after purchasing a property. However, the context is changing. Earlier this year, the Spanish government announced its intention to move toward the elimination of the Golden Visa for real estate investments. The rationale provided was to address the housing crisis in major cities and ensure that housing is a right rather than a speculative commodity.
Despite these announcements, the law has not been officially repealed or replaced as of today. This means that for investors who are ready to act, the window is still open. According to the official guidelines from the Spanish Ministry of Foreign Affairs, applications are still being processed under the current criteria. However, time is of the essence. If you are considering this path, securing your investment and submitting your application before any legislative changes take effect is crucial.
The Requirements for Property-Based Residency
If you are looking to secure residency via property acquisition, there are several strict requirements you must meet to ensure a successful application. As a lawyer specializing in Spanish immigration law, I guide my clients through these specific hurdles:
1. The Investment Threshold: You must invest a minimum of €500,000 in real estate. This can be one single property or a portfolio of multiple properties. The first €500,000 must be paid in full without a mortgage. Any amount exceeding this threshold can be financed through a Spanish bank.
2. Proof of Funds: You must demonstrate that the funds used for the purchase come from legal sources and that you have sufficient financial means to support yourself and your family while living in Spain without seeking local employment (although the Golden Visa does allow you to work).
3. Clean Criminal Record: Applicants must provide a certificate of no criminal record from their country of origin and any country where they have resided for the past five years.
4. Private Health Insurance: You must have a full-coverage health insurance policy with a company authorized to operate in Spain, with no co-payments or waiting periods.
Alternatives if the Golden Visa Changes
While the Golden Visa is the most direct way to residency through property, it is not the only way. If the law changes, or if your investment does not reach the €500,000 mark, other residency options might be available to you. These include the Non-Lucrative Visa (NLV) and the recently introduced Digital Nomad Visa.
The Non-Lucrative Visa is an excellent option for retirees or individuals with passive income who wish to reside in Spain but do not intend to work here. While buying a property is not a mandatory requirement for the NLV, owning a home in the Costa del Sol significantly strengthens your application, as it proves you have a stable place to live and a genuine connection to the country.
The Digital Nomad Visa is another modern alternative for those who work remotely for companies based outside of Spain. Similar to the NLV, owning property in Spain is viewed favorably by the immigration authorities during the review process, even if the residency is technically based on your employment status.
Why Consult a Professional in Costa del Sol?
Navigating the Spanish bureaucracy can be challenging, especially for Russian-speaking clients who face additional hurdles regarding international bank transfers and document legalization. My office in Costa del Sol provides comprehensive legal support, ensuring that every document is correctly translated, notarized, and submitted according to the latest legal standards.
Choosing the right property is only the first step. Ensuring that the purchase leads to a legal residency permit requires a strategic legal approach. From the initial "Due Diligence" of the property to the final submission of your residency file at the UGE (Unidad de Grandes Empresas), having a dedicated lawyer like Victoria Malkova ensures your interests are protected at every stage.
Conclusion
In summary, while the political climate in Spain suggests that changes are on the horizon, the answer to "Is it still possible to get residency in Spain after purchasing a property?" remains a definitive yes. The Golden Visa continues to be a viable and highly beneficial route for international investors seeking the safety, climate, and lifestyle of the Costa del Sol.
If you are planning to invest in Marbella, Estepona, or any other part of this beautiful coastline, I encourage you to act promptly. Legislation can change quickly, and securing your rights under the current law is the safest way to ensure your future in Spain. Contact my office today to schedule a consultation and take the first step toward your Spanish residency.