Spanish Residence Permit: Advantages, Types, Ways of obtaining it.

Spain is one of the most popular countries for immigration among citizens of Russia, Ukraine, and Kazakhstan. This has become accessible due to the Spanish government simplifying the conditions for obtaining a residence permit (residency permit, or "VНЖ" in Russian).

In this article, we will discuss how to obtain a Spanish residence permit, explore who can choose which method, and explain the intricacies of acquiring this status.

Benefits of a Spanish Residence Permit:

• No long waiting periods – the status is granted within 2-3 months.
• Investments that yield a stable income.
• Spain is a safe country with a comfortable climate and excellent healthcare.
• Safe storage of funds in reliable, stable banks.
• The status is guaranteed by governmental authorities.
• Citizenship can be obtained within 6 years.
• Opportunities to open a profitable business, as Spain is one of the most tourist-friendly countries in the world.
• Unrestricted travel within the Schengen area.
• Tax benefits for residents.

Spanish Residence Permit for Investments

Since 2013, Spain has had a government program allowing foreigners to obtain a residence permit through investment, known as the investor's residence permit.

The program offers five types of investments:

1. Purchasing real estate, a commercial property, or a plot of land for at least €500,000.
2. Investing €1 million or more in Spanish company assets.
3. Depositing €1 million or more in a Spanish bank.
4. Purchasing government bonds for at least €2 million.
5. Creating a business that generates new jobs in Spain.

The process of obtaining this status won't take long. You will receive the residence permit in just 2-4 months, but remember that you will need to visit Spain to submit your documents in person.

Investor Requirements:

• Be at least 18 years old.
• Have no criminal record.
• Have health insurance.
• Spend at least 7 days in Spain.
• Investments must be made from outside Spain.

Who else can obtain status along with the investor?

• Spouse.
• Children under 18.
• Children aged 18-26, but only if they depend financially on the investor.

Spanish Residence Permit with and without the Right to Work

The residence permit can be either with the right to work (for an employer or self-employed) or without it. Naturally, the second option is much easier to obtain. It is important to note that unemployment in Spain remains a relevant issue, although it has been gradually decreasing in recent years.

• A residence permit with the right to work for oneself is granted to business owners. You must confirm your qualifications and have a business plan approved by a specialized service.
• A residence permit with the right to work under a contract. If your employer wants to sign a work contract with you, they must first prove that there are no similar specialists in the Spanish labor market.
• "EU Blue Card" — this residence permit is issued only to highly qualified foreign specialists and their families.
• A residence permit without the right to work. To obtain this type of status, you must show that you have either your own or rented housing. Additionally, you need to demonstrate financial stability, meaning you must have a stable source of income outside Spain. You will need to confirm savings of €40,000 for a family of three.

How else can you obtain a Spanish Residence Permit?

• You can obtain a student/educational visa or residency. It can be issued to both adults and children for the duration of their studies. This is essentially a long-term visa that can be converted into a residence permit after three years.
• Residency for family members of a Spanish citizen or a citizen of an EU country.
• Family reunification with a member who has a residence permit in Spain.
• A residence permit for exceptional circumstances. This is issued to those who are already in Spain (illegally) and have gained social residency or found employment.

Which method should you choose?

The most straightforward way to obtain a Spanish residence permit is by purchasing real estate. This method is characterized by minimal risks. Consider this: for five years, the property will be entirely at your disposal – you can either live there or rent it out and earn income. After five years, you can sell the property and get your money back, or continue earning from the rent.

Investing in Spanish company assets, government bonds, or opening a bank deposit are also good options for wealthy individuals. According to financial experts, shortly, Spanish securities and banks are free of risks, so you can invest confidently.

Additionally, Spain offers excellent conditions for business. You won't face strict requirements regarding the specific size of investments and the number of jobs. The key is to pay all taxes conscientiously, earn stable profits, and have no legal problems.

Algorithm for Obtaining a Spanish Residence Permit

1. Choose your investment method.
2. Prepare the necessary documents. Immigration specialists can help with this.
3. Submit your documents to the Spanish consulate.
4. After receiving a positive response, invest.
5. You will be issued a D visa to visit Spain personally to submit your documents. You will also need to register your residence in the city where you plan to live.
6. Your documents will be reviewed for 2-3 months, after which the Spanish immigration service will issue a decision on your status.

Residence Permit for Financially Independent Individuals

The demand for a Spanish residence permit remains consistently high year after year. There are several legal ways to obtain it, and one program that deserves special attention is for financially independent individuals.

Participants in this program can be citizens of non-EU countries who:

• Have sufficient resources (a steady passive income covering living expenses in Spain and funds in a bank account).
• Own or rent housing in Spain (for at least 2 years).

Family members — a spouse and children under 18 years old — can also participate in the program with the financially independent individual.

Residency requirements: stay in Spain for at least 183 days a year.

Advantages of a Spanish Residence Permit for Financially Independent Individuals

• Processing time: 3-4 months.
• Minimum required funds:
  • In a bank account:
    • €27,115.20 — for the main applicant;
    • €6,778.80 — for each family member participating in the program.
  • Passive monthly income:
    • €2,259.60 — for the main applicant (4 times the established minimum living wage in Spain, IPREM*);
    • €564.90 — for each family member participating in the program (at least the established living wage).
• *Note: The IPREM is €564.90 until the end of 2021. From 2022, the minimum living wage in Spain will increase to €579.02 per month.
  • Duration of the residence permit: the first time for 1 year, then for 2 years with the right to renew for the same period multiple times.
  • Opportunity to transition to permanent residence or citizenship: permanent residence after 5 years, citizenship after 10 years.

Obtaining Spanish Citizenship

Practically everyone who obtains a residence permit does so to eventually acquire citizenship. In many countries, before receiving a passport, you need to wait around 10-12 years. However, in Spain, this process is much simpler. In this country, you have every chance to obtain citizenship relatively quickly not only for yourself but also for your family members.

Thanks to legislative changes since 2015, an investor can obtain permanent residency after just five years. This status differs from citizenship only in that you cannot hold public office or vote. Remember, Spanish permanent residency requires you not to leave the country for more than six months in a row.

If you actively integrate into Spanish society, pay taxes, use services, etc., you can apply for citizenship after just one year (six years after obtaining your residence permit).

How much does health insurance cost in Spain?

There are currently several types of health insurance in Spain. Prices and conditions depend on age, the number of family members, and the services included. The choice of insurance company also affects the cost.

• €26-50 per month for basic insurance for a single policyholder under 35 years old. Full coverage costs €41-64.
• €33-81/month – basic insurance for pregnant women, €47-97 for full coverage.
• €79-198 per month for basic insurance for individuals over 65, with full coverage costing €104-231.
• €89-184/month for basic insurance for a family of two adults and two children aged 5-9, with full coverage costing €158-273.

Insurance typically lasts for one year. You can pay monthly, quarterly, or for the entire year at once.

What kind of insurance is required for a Spanish residence permit?

Anyone applying for a Spanish residence permit through the government investment program must purchase full health insurance. Yes, it’s expensive, but these are the requirements of the local government.

Later, when you have a Spanish passport, you can choose the insurance option that suits you. However, we still recommend that all our clients not be stingy and purchase full insurance, as life can be very unpredictable.

What does full health insurance cover?

Full health insurance means that your health will be completely safeguarded. At the crucial moment, you won’t have to worry about anything.

The full insurance package depends on the company you choose. After signing the insurance contract, you will have access to the following:

• General medical care.
• Visits to specialists without a referral from a general practitioner.
• General tests.
• Emergency services.
• Pregnancy care.

“Where’s the full package?” you may ask. You can access the full package of services 6-10 months after signing the contract, including:

• Hospitalization and treatment in a hospital.
• Diagnostics with the latest equipment.
• Childbirth services.
• Surgical procedures.
• Homeopathic procedures.
• Preventive measures.
• Dentistry: X-rays, tooth extractions, oral cleaning + a 20-25% discount on other services.
• A 50% discount on prescription medications (or a small additional charge of €4-5 per month).

Spanish insurance is valid throughout the European Union. In other words, if you travel with a Spanish residence permit and something happens to you in another EU country, you will receive help wherever you are.

What documents are needed to obtain health insurance in Spain?

At the time of applying for status, you will not yet have a residence permit card, so you will need to present your foreign passport. Later, to renew your insurance, you can use your residence permit. Having a Spanish bank account is also essential, as you will use it to pay for the policy.

Friends, our Emigration Center Garant.in is ready to assist you with any questions related to moving, paperwork, purchasing real estate, insurance policies, etc.