Yes, indeed! In fact, buying a property is a legitimate path to acquiring residency in Spain. This method is particularly popular in beautiful regions like Orihuela Costa and Costa Blanca. Before we delve deeper into the process, let’s first understand the types of visas and residence permits available in Spain.
Types of Visas and Residence Permits in Spain
Spain offers a variety of visas and permits, each catering to different needs and circumstances. Some of these include the Work Permit, Student Visa, and Retirement Visa. But for those looking to obtain residency through property purchase, the Non-Lucrative Residence Permit is the most suitable.
The Non-Lucrative Residence Permit
The Non-Lucrative Residence Permit is a type of permit that doesn’t allow you to work, but grants you the privilege to live in Spain. Now, let’s delve deeper into this permit type.
The main objective of the Non-Lucrative Residence Permit is to offer individuals the opportunity to enjoy Spain’s rich culture and beautiful landscape without engaging in any professional activities.
Purchasing a property is a strong demonstration of your financial independence, an essential criterion for obtaining this permit. It shows that you can support yourself without needing to work in Spain.
Other Economic Means Considered for the Permit
Aside from property purchase, other economic resources such as savings, pensions, or other regular incomes can also be used to prove your financial stability.
Requirements for the Non-Lucrative Residence Permit
To establish property ownership, you would need to provide valid documents such as a property deed or an agreement of sale.
You must possess medical insurance from a company authorized to operate in Spain.
Applicants must provide a clean police record from their home country.
Proof of having sufficient income to support your stay in Spain is required, the exact amount of which varies according to various factors.
The requirements for the permit may slightly vary from region to region, so it’s always wise to check with local authorities.
The Process of Obtaining a Non-Lucrative Residence Permit
Typically, the process takes about three months from the date of application, but it can vary depending on specific cases.
Along with completing the necessary application form, you’ll need to submit relevant documents like property ownership proof, medical insurance, criminal records, and proof of sufficient income.
Consulting a legal or immigration expert can be beneficial to ensure a smoother and more efficient application process.
Conclusion
Purchasing a property can be your golden ticket to obtaining a Non-Lucrative Residence Permit in Spain. Although the process might seem daunting, it’s completely manageable with the right preparation and guidance.
Do you want to buy a property in Orihuela Costa area? check out our latest offers here
Frequently Asked Questions (FAQs)
Can I work in Spain with a Non-Lucrative Residence Permit?
No, the Non-Lucrative Residence Permit doesn’t allow you to engage in any professional activity.
How long does the process of getting a Non-Lucrative Residence Permit take?
Usually, it takes about three months from the date of application.
What kind of medical insurance do I need to apply for a Non-Lucrative Residence Permit?
You need a medical insurance from a company that’s authorized to operate in Spain.
What qualifies as sufficient income for obtaining the Non-Lucrative Residence Permit?
This can vary, but generally it’s an amount sufficient to support your stay in Spain without needing to work.
How does the process vary regionally within Spain?
There might be minor variations, so it’s recommended to check with local authorities.
Do I need to hire a lawyer to assist with the process?
While it’s not mandatory, hiring a legal or immigration expert can make the application process smoother and more efficient.
How to sell a property in Spain?
If you are looking to sell your property in Costa Blanca, you can visit our free property evaluation tool to get a free quotation with a up to date value of your property, click here and find out now how much your property is worth on the Costa Blanca.
Juan Micó, Director of iberohomes.com, API Associate No. 132
