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Residency Visa for Acquisition of Real Estate (RIV) Residencies Plan of Spain (Europe)
Residency Visa for Acquisition of Real Estate (RIV)
You may obtain a residence visa, and afterwards a residence permit, if you invest at least €500,000 in Spanish property (one or more), provided that at least the minimum investment amount is unencumbered (mortgage free).
You may conduct the investment after your residence visa application is approved, provided that you have transferred the funds to Spain and concluded a sales and purchase agreement with guarantee of compliance prior to application.
Investment may be carried out by your non-Spanish company, provided that it is not incorporated in a considered tax haven. You must own, directly or indirectly, the majority of its voting rights and the right to designate or remove the majority of the members of the board of directors.
The residence visa is valid for 1 year, during which you may apply for a temporary residence permit which will be valid for 5 years, provided that you still keep the investment. Your spouse and your unmarried dependent children may be included in the application.
To maintain your residence status, you will be required to visit Spain at least once per year.
After 5 years holding the temporary residence permit, you will be eligible for permanent residency. For residents under this scheme, no physical residence or place of abode is required to apply for a PR status.
Note that the 1-year residence visa does not count in this 5-year period.
The permanent residency will entitle you to live and work in Spain indefinitely.
After 10 years of legal residency (temporary or permanent) you may be eligible for naturalization. To become a Spanish citizen, you will be required to commit to renounce your previous nationality, have financial stability, no criminal record, attend an interview and prove your degree of integration into Spanish society, e.g. knowledge of the Spanish language, culture, values and participation in Spanish social activities.
Note that for nationals of the Philippines, Andorra, Spanish-American countries, Equatorial Guinea, Portugal, as well as individuals with Jewish Sephardic origin, citizenship eligibility may be possible after two years of legal residency.
Requirements
- Not be in Spain with irregular immigration status.
- Be over 18 years old.
- Lack of criminal record in Spain and in the countries where you have resided in the last 5 years, for crimes foreseen in the Spanish legal system.
- Have public insurance or private health insurance arranged with an insurer authorized to operate in Spain.
- Sufficient financial resources for yourself and your family members during your period of residence in Spain (monthly income of €2,130, and an additional €533 per dependent).
- If you have already acquired the real estate,
o Certification with continuous information of domain and deeds of the Property Registry that corresponds to the property. Such certification will have to be issued within 90 days prior to the submission of the application for the residence visa.
o Document certifying investment in real estate of €500,000 free of all charges or encumbrances. The part of the investment that exceeds the amount required may be subject to a charge or tax.
- If you have not acquired the real estate yet,
o Pre-contract with guarantee together with certificate of financial institution in Spain in which it is established that you have a bank deposit available with the necessary amount for the acquisition, including charges and taxes.
- In case the purchase of the property is made by a legal entity, you must provide evidence that you own the majority of the rights over the company, and it is not domiciled in a tax haven according to Spanish legislation.
Restricted Nationalities
European Economic Area
dual citizenship
Spain only recognizes dual citizenship for nationals who have acquired Spanish nationality at birth. Naturalized citizens must renounce their previous nationality, except those from countries with which Spain has concluded a double-nationality agreement. Currently, citizens of the following countries may become Spanish naturalized citizens, without giving up their previous nationality: Andorra, Argentina, Bolivia, Brazil, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Equatorial Guinea, Ecuador, Guatemala, Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, Portugal, Puerto Rico, El Salvador, Uruguay and Venezuela.
Documents Required
- One passport-size photo
- Proof of income
- Bank Statement
- Original Bank Reference Letter (Not older than 6 month)
- Original Police Clearance Certificate
- Evidence of Health Insurance
- Receipt of payment of fees
- Title Deeds or Proof of Registration of Real Estate
- Real estate sales and purchase agreement
- Original or Certified copy of Birth Certificate (if applicable)
- Original or Certified copy of Marriage Certificate (if applicable)
- dual citizenship No
- Family members included Yes
- land ownership Yes
- Physical residence required No
- Personal visit required Yes
- Language skills required No
- Interview required No
- Investment Single €500,000
- Investment Family 4 €500,000
- Minimum annual income €25,560
- Time to citizenship 120
- Time to permanent residency 60
- Visa-free countries 174
- Financing available No
Spain
The Kingdom of Spain is a transcontinental country and member of the European Union. It is located to the south of western Europe and to the north of Africa. Its territory is organized into seventeen autonomous communities and two autonomous cities, with diverse geography and cultures. In Europe, it occupies most of the Iberian peninsula, known as peninsular Spain, and the archipelago of the Balearic Islands, and two autonomous citiesand an autonomous regionin Africa. The peninsular territory shares land borders with France and Andorra to the north, Portugal to the west and the British territory of Gibraltar to the south. In its African territories, it shares land and sea borders with Morocco.It is inhabited by 46 million people. Its capital and most populated city is Madrid, with over 3.1 million inhabitants. Other important cities include Barcelona, Valenciaand Seville. Its official language is Spanish, along with four co-official regional languages, Catalan/Valencian, Basque, Galician and Aranese. Its official currency is the Euro.
- National Flag of:Spain
- Currency:EUR
- Area Code:34
- Capital:Madrid
- Continent:Europe
- Native Languages:Spanish, Catalan, , Basque,
- Population:46,505,963
BENIFITS
With your new passport from Spain you'll be able to access 174 countries visa free
citizenship benefits Become an EU citizen with the right to live work do business invest own property and access to healthcare and education benefits throughout the European Union Visa-free or Visa on arrival to 174 countries including United States Schengen Area United Kingdom Get one of the most valuable passport worldwide Passport with optimal reputation Visa-free access to the United States permanent residency benefits The right to live and work in Spain without any time limit Be eventually eligible for citizenship Access to healthcare and educational benefits Investment recovery temporary residency benefits Potentially profitable investment Peaceful democratic and politically stable country Warm climate High quality of life Be eventually eligible for permanent residency Travel visa-free across the European Union Access to healthcare and education system Low cost of livingFEES
| ITEM | AMOUNT |
|---|---|
| government fees main applicant | €3 |
| 000 | |
| processing fees main applicant | €5 |
| 000 |
TAXES
To be a tax-resident in Spain, you must spend more than 183 days in the country during a calendar year or have your center of economic activities located there, if it is not stated otherwise in a tax treaty.
Tax-residents are subject to Personal Income Tax on their worldwide income.
PIT is levied at progressive rates by the state and each autonomous region. The lowest combined top marginal tax rate is 43.5% in Madrid (on annual income exceeding €60,000), and the highest is 48% in Catalonia (annual income exceeding €175,000.20) and Andalusia (annual income exceeding €120,000).
Savings income is taxed at progressive rates between 19% and 23%. This includes capital gains and investment income such as dividends and interests. Rental income is taxed at personal income tax general rates.
Non-residents are subject to Non-resident income tax at a flat rate of 24% on income from Spanish sources. If a non-resident is a resident within the EEA that has concluded a tax exchange of information agreement, he or she will be subject to a reduced rate of 19%. Regarding dividends, capital gains and interests, they are subject to a 19% tax, unless the tax rate is reduced under a tax treaty.
Spain has enacted extensive controlled foreign company (CFC) rules, under which income retained in a non-EU controlled foreign company may be attributable.
Municipalities levy a real property tax up to 1.3% on the cadastral value of property. Transfer of real properties, which are not subject to V.A.T., may be taxed at a 6% tax rate, although this may vary according to each autonomous region.
Inheritance and gift tax ranges from 7.65% to 34%, although it may be higher in some autonomous regions.
Net worth tax is levied at progressive rates between 0.2% to 2.5%. Each autonomous region sets its own minimum amount exempt and its own scale rates. Madrid does not levy net worth tax.
The V.A.T. standard rate is 21%. Certain goods and services are taxed at 10%, 4%, 0% or are exempt.
Regarding corporate taxation, resident entities are subject to 25% income tax on their worldwide income. To learn more about Spanish corporate taxation, legal framework and tax treaties, visit incorporations.io/spain.
| TAX ITEM | DESCRIPTION |
|---|---|
| Property tax | Yes |
| Transfer tax | Yes |
| Inheritance tax | Yes |
| Net worth tax | Yes |
| CFC law | Yes |
| Tax residency days | 183 |
| Personal income tax rate | 48% |
| Capital Gains tax rate | 23% |
| Investment income tax rate | 23% |
| Territorial taxation | No |
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