The Spain Residency by Investment Program (SIR) is a recently introduced investor visa Program that grants residency in Spain to foreign nationals who invest a minimum of €500,000 in Spanish real estate.
The SIR Program is one of the most popular residency by-investment schemes in Europe, offering numerous benefits to successful applicants. These include the right to live, work, and study in Spain, as well as visa-free travel across the Schengen Area.
If you are interested in obtaining Spanish residency through investment, read on for more information about the Spain Residency by Investment Program.
What is the Spain Residency by Investment Program?
The Spain Residency by Investment Program, also known as SIR, is a legal procedure that grants residency in Spain to qualifying foreign investors. The main requirement for admission is investing in real estate with a value of at least €500,000, and the applicant must have held the property for at least three years to maintain the residency permit.
Additionally, an investor must show proof of sufficient economic solvency, meaning that they must have enough money to cover personal and family expenses. In this case, the investor must provide proof of an income of over €26,000 a year or assets valued at over €200,000 for two years. In exchange for these investments, applicants receive a two-year renewable residency permit which grants them the right to live, work and study in Spain. They also receive a Schengen visa, which allows free travel across most of the European Union.
What are the Eligibility Requirements for The Spain Residency By Investment Program
The Spain Residency by Investment Program comes with several eligibility criteria which applicants must meet to qualify for the permit.
The first and most crucial requirement is investing a minimum of €500,000 in Spanish real estate. The investment must be maintained for a period of three years, or the applicant will lose their residency permit.
Additionally, foreign investors must provide proof of sufficient economic solvency, demonstrating that they have the means to cover their own and their families’ expenses in Spain. This requires either a steady income of at least €26,000 per year or assets worth at least €200,000. It is also necessary to have a valid international health insurance policy that covers the entire duration of the residence permit, as well as the means to prove one’s identity and the purpose of the stay.
Application Process To apply for the SIR Program
Applicant must submit a series of documents and information. These include details about the investment in Spain (including the proof of purchase, the reason for the investment, and the amount invested), personal information, and documents that prove the foreign investor’s identity and solvency. Applicants must also provide a criminal background check for all family members who are applying for the residence permit. In some cases, Spanish embassies may also require additional documents, such as a police clearance certificate from the home country and bank statements. Once all the required documents have been submitted, the application is reviewed and considered by the Spanish Ministry of Labour and Social Security. Depending on the circumstances of each case, applicants may be required to attend an interview in Spain before their application is approved.
How Much Does the Spain Residency by Investment Program Cost?
The minimum investment required to qualify for the Spain Residency by Investment Program is €500,000. This amount must be invested in Spanish real estate and must be held for three years in order to maintain the residency permit. In addition, applicants may be required to pay an additional €120 for the processing fee. This fee is to be paid to the Spanish Ministry of Labour and Social Security and is non-refundable.
Benefits of the Spain Residency by Investment Program
The Spain Residency by Investment Program offers a number of benefits to successful applicants. Most importantly, it grants a two-year renewable residence permit that allows the foreign investor to live, work, and study in Spain. The holder of the residence permit also has the right to free travel across the Schengen Area and the ability to establish a Spanish company. In addition, holders of the Spain Residency by Investment Program may be eligible for a tax exemption on foreign income earned in Spain.
Conclusion
The Spain Residency by Investment Program is an efficient way for non-EU citizens to obtain residency in Spain. By making a minimum investment of €500,000 in Spanish real estate, foreign investors can receive a two-year renewable residence permit which grants them the right to reside and work in Spain, as well as enjoy visa-free travel across the Schengen Area. In addition, the permit holders may be eligible for a range of tax benefits. If you meet the eligibility criteria and have the funds to make the investment, applying for the SIR Program may be the perfect solution for you to obtain residency in Spain.
