Insight #1 – 4 Essential Tips for International Property Buyers in Northern Spain
Green Spain Calling: 4 Essential Tips for International Property Buyers in Northern Spain
Spain’s northern regions, including but not limited to Galicia, Asturias, Cantabria, and the Basque Country, known as Green Spain, are attracting an influx of international property buyers due to their lush landscapes, charming villages, and rich cultural heritage. This is a great moment to invest in the Northern Spanish Real Estate Market. We have outlined 4 essential tips to begin your journey to discover this beautiful part of the world and perhaps buy your Dream Home. Our tips will guide you through some of the main processes to ensure a smooth transition including purchasing property safely.
Tip 1: Visa Requirements and Residency:
As a non-EU national it’s crucial to understand the visa requirements to be able to fulfil your dream of living in Spain. We have put together a list with various visa options including their requirements and benefits. Have a look and select the one that aligns with your long-term goals, whether it’s for retirement, work, or investment purposes. We at Galicia & Green Spain Property & Relocation understand that the amount of information available can be overwhelming. Don’t hesitate to get in touch with us to find the best solution for you.
Here is an overview of the different visa options:
Golden Visa – requirements
To qualify for the Golden Visa and to obtain a residence permit, you must invest at least 500,000 € in real estate in Spain.
- You (as the primary applicant) must be 18 years old or older.
- You shall provide evidence of having acquired ownership of the real estate.
- You must be in possession of a clean criminal record.
- You must not be on Spain’s list of undesired people.
- You must have public or private health insurance taken out by an insurance company authorised to operate in Spain with a minimum validity of one year.
- You must have financial means required to cover the living expenses and, where appropriate, those of your family members, for the period of residence in Spain.
Golden Visa – benefits
- You are allowed to work and live in Spain legally.
- You can also bring your family members with you (spouse, children, as well as dependent parents).
- You and your family members will have access to public services e.g., state health care and education.
- There is no obligation to live in Spain to renew the residence permit.
- You and your family can travel to all Schengen Zone countries for up to 90 days within a 180-days period without any further visa requirements.
How long is the Golden Visa valid?
- The initial visa you receive will be valid for 1 year. During this year you must travel to Spain and exchange your visa for a Spanish residence permit. This residence permit will be valid for 2 years.
- You can renew your residence permit indefinitely, without having to stay in Spain, as long as you keep your investment property. To renew your residence permit, you need to travel to Spain.
- If your plan is to live in Spain, you can apply for permanent residence after 5 years of continuous residence (you need to stay at least 6 months within a year in Spain).
Digital Nomad Visa – requirements
If you are a remote worker and non-EU national, you can obtain a residence permit to carry out a professional job for companies based outside Spain.
- The job must be performed remotely and through exclusive use of computer, telematic, and telecommunication means and systems.
- If you are self-employed (“autónom@”) you can also work for a company located in Spain. However, the percentage of this work must not exceed 20% of the total amount of your professional activity.
- You must have an undergraduate or postgraduate degree from reputable universities, vocational colleges, and renowned business schools, or alternatively, having a minimum of 3 years of professional experience.
- Your company allows you to work remotely from Spain.
- If you are self-employed you must work for at least one company.
- You must have been a remote worker for at least 1 year. If you work for a foreign company, you must prove that you have been working for that company at least 3 months.
- You must be in possession of a clean criminal record.
- You need health insurance with full coverage throughout Spain.
- You must prove you have a monthly income of €2,334 or €28,000 per year.
- You must provide proof of your experience and technical knowledge of your job i.e., your university degree or your professional certificate.
- You have not been a Spanish resident in the past 5 years.
Digital Nomad Visa – benefits
- You can stay in Spain up to 1 year. After that, you may apply for a 3-year residence permit which you can renew again for another 2 years. After having spent 5 years in Spain, you can apply for permanent residence.
- You can bring your family members such as your spouse, partner or your children under the age of 18. For children over the age of 18 or your parents you must prove that you will be taking care of them financially.
- You and your family can travel to all Schengen Zone countries for up to 90 days within a 180-days period without any further visa requirements.
Non-Lucrative Visa Requirements
The Spanish non-lucrative visa is perfect for you if you plan to retire in Spain as the visa doesn’t allow you to work.
- You do not intend to work in Spain.
- You must be in possession of a clean criminal record.
- You must have public or private health insurance taken out by an insurance company authorised to operate in Spain with a minimum validity of one year.
- You must have financial means required to cover the living expenses and, where appropriate, those of your family members, for the period of residence in Spain. The minimum amount required per year equals 400% of Spain`s Public Income Indicator for Multiple Effects (IPREM). In 2023 this equals 28,800 €. For each dependent (spouse, children, or dependent parent) you need to add an additional 100% of the IPREM. In 2023, this equals 200 € per year.
- You must provide a medical certificate to accredit that you do not suffer from any disease that could cause serious repercussions for public health under the 2005 International Health Regulations.
Non-Lucrative Visa Benefits
- You can bring your family members such as your spouse, partner or your children under the age of 18. For children over the age of 18 or your parents you must prove that you will be taking care of them financially.
- You and your family can travel to all Schengen Zone countries for up to 90 days within a 180-days period without any further visa requirements.
- You initially receive a visa with a validity of 3 months and 15 days. During this period you need to apply for a Spanish non-lucrative visa residence permit. This residence permit has a validity of 2 years. After this time, you can apply for a renewal of a further 5 years, provided you stayed at least 6 months in Spain during the 2-year period.
Tip 2: Get Your NIE (Número de Identificación de Extranjero):
A NIE (“Número de Identidad Extranjera”), or Foreigner Identification Number, is a must-have for any international property buyer in Spain. This unique identification number is required for all business transactions in Spain. Without this number you will not be able to work for a Spanish employer or become self-employed and you cannot buy your new home in Northern Spain. You can request your NIE at the Spanish Embassy/Consulate Office in your home country or in Spain at the Foreigners Office (“Oficina de Extranjería”) or Extranjeria Police Station. For both the Spanish Embassy and the Foreigners Office, you need to make an appointment (“Cita Previa”). We can assist you within this process locally.
Tip 3: Buyer’s Agent vs. Real Estate Agent
As an international buyer it can be difficult to navigate the complex real estate market in Northern Spain. Before you start scrolling through the many property portals in Spain, consider enlisting the help of a buyer’s agent. Unlike traditional real estate agents who primarily represent sellers, a buyer’s agent works exclusively for you, the buyer. Their expertise can be invaluable in negotiating with local sellers or agents, identifying suitable locations, types of properties, climates that are as close to your requirements for your dream lifestyle and ensuring your interests are protected throughout the buying process.
Tip 4: Consider a Client Representative:
If you, as an international buyer, are looking for an added layer of protection and personal service tailored to your requirements, consider hiring a client representative. These professionals work solely on behalf of you, the buyer, providing expert advice and guidance throughout the property buying process. Client representatives can assist you with due diligence, are in close contact with professionals such as property lawyers and notaries, ensuring your dream property meets legal requirements and helping you make informed decisions to safeguard your investment. They can also give assistance post purchase so that your move is as effortless as possible.
Client Representative services are offered by Galicia & Green Spain Property & Relocation, who can help you find the right legal professionals to help you obtain the best services for your particular needs, whether it be: Transfering funds with proof of source of wealth, health insurance specific to visa requirements, opening of non-/resident bank accounts, temporary rentals for house hunters, lawyers and assessors to review deeds & contracts, English speaking surveyors and architects and translators to guide you through the complexity of the purchasing process. Taking these precautions will contribute to a secure and worry-free property purchase experience.
Conclusion:
As you embark on your journey to invest in Northern Spain’s real estate market and buy your dream home, these 4 essential tips will serve as a compass, guiding you through the complexities and ensuring a successful and secure property purchase. By understanding visa requirements, getting your NIE, considering professional representation, and conducting due diligence, you’ll be well-prepared to make informed decisions and enjoy the beauty and charm that Northern Spain has to offer.
