Since the implementation of the property investment immigration policy, the Spanish real estate market has garnered more attention. Especially since the announcement of the new immigration policy in 2015, which relaxed the requirements for additional applicants, it has truly brought about the advantage where one application benefits three generations. More and more investors are venturing into the Spanish real estate market while planning their families' European identities. However, the Spain property investment immigration policy has also faced skepticism from some immigrants. So, is the Spain property investment immigration a scam?
Firstly, what conditions must be met for the renewal of the investment residence card?
Answer: The most important condition for the renewal of the investment immigration residence is to prove that the property worth at least five hundred thousand euros remains under the name of the main applicant. Additionally, both the applicant and their family members must have no criminal records and must provide relevant proof of economic income and medical insurance.
Secondly, will the Spanish government elections affect the investment residence?
Answer: Once the investment immigration is officially approved, the applicant obtains the right to legally reside in Spain. The right to legal residence is a fundamental right of citizens, and regardless of the election results of the Spanish government, they cannot deprive foreign citizens of the legal residence rights already obtained in Spain. Therefore, the Spanish government elections will not affect the acquired Spanish residence rights. However, after future economic recovery, it is not excluded that the Spanish government may cancel the property investment immigration policy aimed at stimulating Spain's economic recovery in 2-3 years.
Thirdly, to maintain the investment residence, the applicant and their entire family need to enter Spain at least once a year, regardless of the number of days, is that correct?
Answer: In the actual operation of renewing the investment immigration residence, there is currently no requirement for investment immigration applicants and their family members to enter at least once a year. This means that after obtaining the first formal investment immigration residence card, the applicant and their family members only need to come to Spain in person to renew their card two years later. There are no requirements for entering Spain or residing in Spain during the time they do not need to renew their residence.
Fourthly, if there is no residence in Spain within two years, do they have the right to renew for a five-year residence card?
Answer: Regardless of whether one resides in Spain, after the first two-year residence card expires, as long as the renewal conditions are met, it can be directly renewed for a five-year residence card, and the type of this residence remains as the investment immigration residence.
Fifthly, is the five-year residence card issued after two years considered permanent residence?
Answer: The residence card issued after two years is a valid five-year investment immigration residence card and not a long-term residence card (commonly known as permanent residence). To apply for a long-term residence card, one needs to meet the conditions for permanent residence within the past five years (the total time of departure from the country within five years should not exceed ten months, and the longest single departure time should not exceed six months, along with other conditions). After this, one can apply to convert to permanent residence after five years. Thus, the total residency period would be: 2 years (investment residence) + 5 years (investment residence) + 5 years (convert to permanent residence if conditions are met). After obtaining permanent residence in Spain for five years, the renewal of residency will no longer be tied to the property, and the property invested worth five hundred thousand euros can be freely sold.
Sixthly, if the investment immigration applicant never resides in Spain in the future, what type of residence will they hold?
Answer: If the applicant and their family members do not have the need to reside in Spain, the type of residence will remain as investment immigration residence throughout future renewals. The renewal periods will be 2 years (investment residence) + 5 years (investment residence) + 5 years (investment residence) + 5 years (investment residence)... In this case, to ensure that their investment residence can be renew regularly, the five hundred thousand euro investment must be retained long-term under the name of the main applicant.
Seventhly, if the main applicant does not reside in Spain, but their spouse or children reside in Spain long-term, can they obtain permanent residence?
Answer: Yes. During the five-year period, if the main applicant needs to stay in their home country for work reasons, and their spouse and children meet the conditions for applying for long-term residence due to long-term residence or education in Spain, they may apply for a transition to a five-year long-term residence (commonly known as permanent residence) after the term expires, independently of the main applicant. The process is: 2 years (investment residence) + 5 years (investment residence) + 5 (convert to permanent residence if conditions are met).
Meanwhile, the main applicant who does not reside in Spain must continue to renew their investment residence under the condition of retaining the five hundred thousand euro investment, which would be: 2 years (investment residence) + 5 years (investment residence) + 5 years (investment residence) + 5 years (investment residence)...
Eighthly, do the main applicant and their family members need to be present together when renewing residency? Or can the main applicant come alone for the renewal?
Answer: Since updating the Spanish residence card requires all cardholders to be present for fingerprint collection, all holders of the investment residence card must come to Spain in person to handle the renewal of their residence card.