Can I Live in Spain Full Time if I Buy a Property?

Spain, with its beautiful landscapes, vibrant culture, and warm climate, is a popular destination for those looking to relocate. Many people wonder, “Can I live in Spain full time if I buy a property?” While buying a property in Spain can provide many benefits, it does not automatically grant residency. However, it can be a significant factor in obtaining residency status. This article explores the different pathways to living in Spain full time through property ownership, the legal requirements, and the advantages of settling in this European gem.

Purchasing property in Spain does not automatically entitle a non-EU citizen to live there permanently. While owning real estate can make it easier to apply for residency, it is not a guaranteed route to living in Spain full time. The Spanish government offers various visa options that allow property owners to stay in the country for extended periods, but each comes with specific criteria and regulations.

For EU citizens, the process is relatively straightforward. EU nationals can live and work in Spain without any special permit or visa. They simply need to register with the local authorities and obtain a certificate of registration (Certificado de Registro de Ciudadano de la Unión) and a NIE (Número de Identificación de Extranjero) for tax purposes.

For non-EU citizens, the process is more complex. They must apply for a visa or residency permit to live in Spain full time. The type of visa or permit depends on their circumstances, such as employment, investment, or family reunification.

The Golden Visa is one of the most popular options for non-EU citizens looking to live in Spain through property investment. To qualify, an individual must invest at least €500,000 in real estate. The Golden Visa allows the holder and their family to live and work in Spain, with the possibility of traveling freely within the Schengen Zone.

Benefits of the Golden Visa:

• Residency for the whole family: Spouse and children can also benefit from the visa.
• Travel freedom: Access to the Schengen Zone.
• Pathway to permanent residency: After five years of holding a Golden Visa, one can apply for permanent residency.
• Flexibility: No minimum stay requirement.

In recent developments, Spanish Prime Minister Pedro Sánchez announced that the government plans to eliminate the Golden Visa program. This program, which has allowed foreign investors to obtain residency by investing over €500,000 in Spanish real estate, is set to be phased out. The decision reflects the government’s commitment to ensuring that housing remains a fundamental right rather than a speculative business.

During a visit to a protected housing development in Dos Hermanas, Seville, on April 8, 2024, Sánchez emphasized that the government’s goal is to guarantee access to decent housing and reduce speculation in the real estate market. He stated, “We are going to eliminate the concession of the Golden Visa that allows access to residency when more than €500,000 is invested in real estate.” This measure aims to align all administrative levels with the objective of prioritizing housing as a social good over market-driven interests.

The Prime Minister highlighted the significant investments made in affordable housing, including the introduction of the first Housing Law of the democratic era and the provision of financial guarantees for first-time homebuyers under 35. These initiatives are part of a broader effort to create a more equitable housing market and reduce the reliance on real estate investment as a path to residency.

Note: The Golden Visa program is still currently valid (00/00/0000), but it is on the verge of being phased out. Prospective applicants should act quickly before the program officially concludes.

For those considering investing in Spanish property as a means to obtain residency, this announcement marks a significant shift. The government’s intention to discontinue the Golden Visa indicates a move towards a more regulated and equitable housing market. Investors should closely monitor further announcements and adjust their plans accordingly. The focus will shift towards encouraging investments that generate employment and foster innovation, rather than purely speculative ventures.

This policy change underscores Spain’s commitment to ensuring that housing remains accessible and affordable for all, aligning with broader social welfare goals. Potential investors and expatriates should explore alternative residency options and consider the evolving regulatory landscape in Spain.

With the announced phasing out of the Golden Visa program, potential investors and individuals seeking to live in Spain must explore alternative pathways to residency. While the removal of the Golden Visa might seem like a setback for those looking to obtain residency through real estate investment, there are several other viable options available. For European citizens, however, there is no cause for concern, as they can still enjoy the right to live, work, and study in Spain without needing a visa or special permits. These alternatives cater to different profiles, including retirees, students, entrepreneurs, and workers, ensuring that there are still many ways to enjoy the vibrant lifestyle Spain has to offer.

The Non-Lucrative Visa is ideal for retirees or individuals who do not need to work in Spain. It requires proof of sufficient financial means to support oneself without working in Spain. While it does not permit employment, it allows for long-term stays and can be renewed.

Requirements for the Non-Lucrative Visa:

• Proof of financial means: A regular income of at least €25,816 per year.
• Private health insurance: Comprehensive health coverage in Spain.
• No criminal record: Clean criminal background.

There are other visa options available depending on individual circumstances, such as:

• Work Visa: For those offered employment in Spain.
• Student Visa: For individuals enrolled in a recognized educational institution.
• Family Reunification Visa: For family members of legal residents in Spain.

Buying property in Spain involves several steps and legal requirements. Prospective buyers should engage a reputable real estate agent and legal advisor to navigate the process. Key steps include:

• Choosing the right property: Location, budget, and personal preferences.
• Signing a preliminary contract (Contrato de Arras): A deposit is usually required.
• Notary and registration: Finalizing the purchase and registering the property.

Also, read our articles: Buying Property in Spain: Top 10 Steps and What Is the Cheapest Area in Spain to Buy Property?

Owning property in Spain comes with specific taxes and costs, such as:

• Property taxes (IBI): Annual tax paid to the local municipality.
• Community fees: For properties within residential complexes.
• Capital gains tax: Applicable upon selling the property.

Read our article: Taxes When Purchasing Real Estate in Spain

Access to healthcare is a crucial consideration for anyone planning to live in Spain full time. Spain has a well-regarded public healthcare system, but non-EU citizens may need private health insurance, especially when applying for certain visas.

Spain offers an excellent quality of life, with a pleasant climate, rich cultural heritage, and a relaxed lifestyle. The country’s diverse regions provide a range of living experiences, from bustling cities to tranquil countryside.

The cost of living in Spain is generally lower than in many Western European countries. This includes affordable housing, food, and transportation.

Spain is known for its vibrant cultural scene, including festivals, music, art, and cuisine. Whether it’s enjoying tapas in a local bar, visiting historical sites, or participating in traditional fiestas, there’s always something to experience.

Spain is welcoming to foreigners, and many regions have thriving expatriate communities. Learning Spanish can greatly enhance the experience and help with integration into local life.

Living in Spain full time is a dream for many, and buying property can be an essential step in making that dream a reality. While property ownership alone doesn’t guarantee residency, it can facilitate the process of obtaining the necessary permits. With the right planning and legal guidance, you can enjoy the rich culture, beautiful landscapes, and high quality of life in Spain.

If you are European, you can live in Spain without a visa or special permit, fully enjoying the rights of free movement within the EU.

If you are not European, explore the various available visa options, such as the Non-Lucrative Visa, Entrepreneur Visa, Student Visa, or Work Visa, to find the best path to residency in Spain.