How to obtain a residence permit in Spain for financially independent individuals?

Residence program for financially independent individuals in Spain

In this article, we will discuss the residence permit program for financially independent individuals in Spain, which is specifically designed for foreign citizens with a stable passive income who wish to move to this country for permanent residence.

Spain, renowned for its warm Mediterranean climate, extensive golden sandy beaches, and rich cultural heritage, attracts many people, including residents of northern countries. Here, a wide range of opportunities for obtaining residency opens up, especially for those willing to invest their resources in the country's economy.

General information about the program

The program was implemented in 2011 and is regulated by Royal Decree No. 557/2011. It is available to citizens from outside the European Union, including Russians, which makes it very appealing for those looking for new opportunities for living.

Criteria for obtaining a residence permit

The main requirement for applying for a residence permit is that the foreigner must have a stable source of income that is not dependent on the Spanish market. This can be income from rental properties, investment dividends, or other forms of passive income. Additionally, the applicant must have an amount in their bank account sufficient for a comfortable living in Spain.

Necessary documents

When submitting an application, it is necessary to prepare a number of documents. First of all, you need to confirm your financial stability and provide information about your place of residence — this can be either a purchased or rented apartment. Having health insurance is also a mandatory requirement.

Application process

Although the process of obtaining a residence permit may seem ambiguous, it is generally not that complicated and is quite structured. The application must be submitted to the nearest Spanish consulate, and the entire process involves gathering and submitting the necessary documents, which requires careful preparation.

Taxes and expenses

It's important to remember that in addition to the initial costs, newcomers will need to consider annual tax obligations, just like local citizens. The taxes themselves can vary depending on income level and a number of other factors. Therefore, familiarizing oneself with the tax aspects in advance is a necessary step to avoid undesirable situations in the future.

Conclusion

Thus, Spain offers not only a rich cultural environment and comfortable living conditions but also attractive opportunities for obtaining residency, especially for those who can demonstrate their financial independence.

The program for obtaining residency for financially independent individuals opens up real opportunities for Russians and citizens of other countries who wish to make Spain their new home. This, in turn, contributes to attracting additional investments and developing the country's economy.

Potential participants in the program should carefully familiarize themselves with all its aspects to ensure that the relocation process goes as smoothly and problem-free as possible.

Overview of the real estate market in Spain

In Spain, there are 8,292 listings in the residential real estate market, featuring a variety of interesting offers. For example, you could become the owner of a recently renovated spacious five-room apartment located just 20 meters from the beach in areas like Vilavina and La Geltre, situated in the Barcelona region. It has an area of 171 square meters and is priced at 540,000 euros.

A new penthouse with four bedrooms, covering an area of 175 m², is also for sale in the Eixample center of Barcelona, with a price of 1,796,000 euros.

Exclusive offers

If you are looking for something exclusive, a new 58 m² apartment with two bedrooms is available in the Les Corts area for 320,000 euros. For those interested in a property that provides stable income, it is worth considering the apartments in Eixample. These apartments have a yield of 4%, a size of 90 m², and three bedrooms, with a price of 480,000 euros.

There is also a new development for sale in Barcelona with a balcony and parking space, where you can get an apartment with a total area of 102 m² featuring three bedrooms, priced at 800,000 euros.

Apartments for small families

For those looking for compact yet cozy housing, a two-bedroom apartment with a terrace in a new residential complex with a pool, covering an area of 45 m² and featuring one bedroom, is available for 575,000 euros. For couples, there is a three-bedroom apartment in a modern residential complex with an area of 103 m² and two bedrooms, priced at 595,000 euros.

Furnished apartments located in the historic center of Barcelona, with a total area of 87 m² and two bedrooms, can also be a great solution for living.

Obtaining a residence permit in Spain

After obtaining a residence permit (RP) in Spain, there are certain restrictions. The main one is the prohibition on engaging in employment within the country. However, you have the right to start your own business in Spain and earn profits in the form of dividends.

Unlike other options for obtaining a residence permit, such as the visa for "digital nomads," financially independent citizens are not required to have an indefinite employment contract or a diploma.

Rights of residence permit holders

Individuals with a residence permit in Spain, obtained as financially independent, have numerous rights:

• Adding family membersThey can add family members to their residency program.
• Starting a businessThe legislation allows you to open a business in Spain and live in the country without time restrictions.
• Free movementResidents can move freely within the territory of the European Union.
• Opening of bank accountsthe possibility of opening accounts in local banks.
• Exchange of driver's licensesthe possibility of exchanging Russian driver's licenses for Spanish ones.

Medical and educational rights

In addition, residence permit holders have equal access to medical services as Spanish citizens, and they can also enroll their children in local childcare facilities and schools.

It is important to understand that the extension of a residence permit is only possible if a sufficient level of income and assets is maintained.

Thus, Spanish legislation opens up wide horizons for foreigners seeking to acquire real estate in Spain and improve their living conditions and business.

Conditions for obtaining a residence permit

An important aspect of obtaining a residence permit in Spain for financially independent individuals is adhering to certain norms and regulations. Among these norms is a strict prohibition on employment and earning income within Spain, except for income that can be considered passive.

Since it is necessary to stay in the country for at least 183 days a year, this automatically leads to a change in tax residency status. Applicants are required to diligently fulfill their tax obligations and adhere to established deadlines. Additionally, minor children of financially independent individuals must be educated in public educational institutions in Spain. Each time a residence permit is renewed, proof of sufficient funds for living is required.

Advantages for the financially independent

The advantages that the government provides to financially independent citizens are quite significant. First of all, obtaining a residence permit not only allows one to legally stay in Spain but also gives the opportunity for their family members to live in the country as well.

As residents, they have the right to free movement within the Schengen Area, even if border control is temporarily restricted.

Business opportunities

Moreover, the status of a financially independent person allows you to open and run your own business in Spain, which opens up new horizons for generating passive income. Residents can also open bank accounts both in Spain and in other European Union countries, which significantly facilitates financial transactions.

It is worth noting that after ten years of living in the country, financially independent individuals have the opportunity to apply for Spanish citizenship, which can be particularly interesting for investors.

Access to medical services

It is also worth paying attention to access to high-quality medical services. With health insurance, such asmedical plan without copaymentFree medical consultations, ambulance calls, and inpatient treatment are available.

In addition, there is the possibility of purchasing and registering a car, which makes everyday life in the country more convenient and comfortable.

Integration process

Investors who have obtained residency do not need to take exams in the language and history of the country, which significantly eases their integration into Spanish society.

Conclusion

As a result, having sufficient financial resources opens up opportunities for financially independent citizens to live long-term and legally in Spain. This allows them to enjoy all the rights and services on par with the country's citizens, ultimately enriching and enhancing their everyday lives.

In Spain, a wide range of opportunities is opening up for those looking to purchase real estate. Currently, there are 3,364 listings for apartments on the market, and among them, you can find many attractive offers.

Interesting real estate offers

For example, in Villanova i la Geltrú, just a kilometer from the sea, there is a unique five-room renovated apartment with a total area of 171 square meters, priced at 540,000 euros. Also, in the Barcelona district of Eixample, a new penthouse is for sale, costing up to 1,796,000 euros, with an area of 175 square meters and including 4 bedrooms.

Available options

For those who prefer more affordable options, there is an interesting offer — a new apartment in the Les Corts area, measuring 58 square meters with two bedrooms, priced at 320,000 euros. Investors may want to consider apartments with guaranteed income, also located in Eixample.

An applicant planning to apply for a visa for financially independent individuals in Spain must ensure that they do not hold citizenship of any European Union, Eurozone, or Swiss countries, and are not close relatives of citizens from these countries. Additionally, it is important to check that the candidate is not on the European Union's sanctions lists, has not been previously deported from EU countries, and has not violated visa regulations. Furthermore, to submit the application, the applicant must have no criminal record in either their country of residence or their country of citizenship.

The applicant must also ensure that they have housing in Spanish territory, which can be either owned or rented on a long-term basis. It is necessary to provide evidence of the absence of serious infectious diseases that may pose a threat to public health. For this, a medical certificate issued by the appropriate institution will be required.

Medical insurance

To successfully obtain a residence permit, it is necessary to have health insurance for the applicant and their family members.This insurance needs to be arranged.in a licensed Spanish insurance company and cover all medical expenses throughout the country, including hospitalization and repatriation at no additional cost.

Having your own property in Spain significantly increases the applicant's chances of a positive decision on their application. Real estate specialist Natalia Emelyanenko notes that owning property is a strong basis for a successful review of the application.

Documents for submitting an application

The complete list of documents for the main applicant who is going to apply for a residence permit includes:

• A valid passport at the time of application, as well as photocopies of all its pages.
• Two color photographs measuring 35×45 mm.
• Completed application form for a national visa.
• Application for a residence permit without the right to work.
• Cover letter stating intentions regarding living in Spain and sources of financial support.
• Evidence of the availability of necessary financial resources (bank statements, lease agreements, tax returns).
• Medical insurance issued by an accredited Spanish insurance organization.
• Certificate of no criminal record.
• A medical certificate obtained from a medical institution in Russia, confirming the absence of dangerous diseases.
• Purchase agreement or rental contract for Spanish property.
• Receipt for payment of the state duty according to form 790-052.

Documents for family members

If the documents are submitted for family members, you will need to provide the following additionally:

• Marriage certificate.
• Birth certificates of children.
• Documentation on the education of children in educational institutions in the country of residence.
• Documents confirming the financial dependence of adult children or other family members on the primary applicant.

Apostille and translation of documents

It should also be noted that all certificates and documents issued in Russia must be apostilled and translated by a sworn translator into Spanish.This step is extremely important.To ensure the successful processing of the application and to avoid unnecessary delays in the residence permit application process, such measures must be taken to ensure the accuracy and compliance of all submitted documents with the requirements of the Spanish immigration service.

Overview of villas in Barcelona

Currently, there are 27 villa listings for sale in Barcelona. The minimum price for one of these properties is €598,000, while the maximum reaches €3,500,000. Among the offerings is a three-story house with an elevator and a swimming pool, located just 150 meters from the sea. The total area of this building is 750 square meters, and the land it sits on is 1,000 square meters.

Interesting characteristics of proposals

• A chalet in Castelvis de Rosanes with an area of 349 m² is priced at €1,100,000.
• This chalet has a swimming pool, a guest house, and a large garden on a 20,000 m² plot.
• A villa in the center of Barcelona with an area of 454 m² and a plot of 2,166 m² is valued at €1,400,000.
• A two-story house in Arens-de-Mars, offering 424 m² and 6 bedrooms, can be purchased for €598,000.

Additional suggestions

• A chalet with an area of 280 m² in Malgrat de Mar, priced at €1,100,000, on a plot of 880 m².
• A villa in San Pol de Mar with an area of 950 m² on a plot of 80,000 m², price to be discussed separately.
• A luxurious three-story villa in the Pedralbes area with an area of 800 m² and a plot of 1,600 m², priced at €1,475,000.

Obtaining a visa and residence permit in Spain

For individuals seeking to obtain a visa for Spain, there is a procedure for obtaining a residence permit. It is necessary to prepare certain documents, as well as to conclude a contract for the rental or purchase of real estate. At this stage, the investor is engaged in gathering documents for the visa, and specialists can assist by helping with the selection of real estate and the transaction process. The process can be organized remotely by granting power of attorney to a lawyer in Spain, or one can also approach them in person.

The process of submitting documents

After preparing the necessary documents, the applicant must submit them to the Spanish consulate located in Russia. It is important to note that the consulate currently operates only in Moscow, so it is advisable to plan ahead for the waiting time to schedule an appointment for document submission.

Deadlines and stages for obtaining a residence permit

Within three months of receiving the visa, you must cross the border into Spain to apply for a residence permit. This application must be submitted within one month of entering the country. Once all the documents are processed, you can receive your plastic resident card in Spain after one month.

Taxation for the financially independent

It is also important to consider the specifics of taxation for those who have financial independence. Russia and Spain have an agreement to avoid double taxation, which allows taxes paid in Russia to be deducted from those owed in Spain. This makes tax obligations clearer and more convenient for citizens of both countries.

Conclusion

In conclusion, the residence program for financially independent individuals in Spain represents a unique opportunity for those seeking a comfortable and stable life in one of the most attractive countries in Europe. Spain not only delights with its warm climate and rich culture but also offers transparent rules for obtaining and renewing residency. For me personally, realizing all the advantages of this program has been an important step in planning for the future.

Advantages of the program

Among the significant advantages of this program, we can highlight:

• The possibility of family members joining.
• Ease of starting a business.
• Access to quality medical care.

This has been a true revelation for many who have long dreamed of a peaceful life away from the hustle and bustle of big cities. Of course, potential residents should keep in mind some key points, such as the availability of...stable passive incomeand adherence to the rules regarding work.

Residents' rights

As a resident, I not only receive legal protection but also the opportunity to enjoy the benefits of life in Spain, learn new things, and even meet interesting people against the backdrop of vibrant festivals and traditional celebrations. Let's not forget about the local cuisine, which delights with its variety and flavor.

Final words

In the end, if you are looking for a new chapter in your life, the residency program for financially independent individuals could be a great option to realize your dreams. Spain is waiting for you, ready to offer its unique opportunities and make every day special.