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European Residency Law
Once you find a suitable property or properties investment and the following procedures are carried out, ownership of said property investment in Spain or Portugal can be completed:
- selling and buying parties agree the purchase terms, mainly the identification of the property and price.
- the buyer takes possession of the property, which is is usually achieved in two steps.
1st, both parties sign a private purchase contract agreement which includes terms and conditions, after which the exchange of 10% of the purchase price is paid as a deposit payment.
2nd, both parties attend the Notary Public where the signing of a purchase deed is carried out, while the remaining funds of the property price are transferred over, after which the keys of the property to the buyer. At this point, the buyer has become the owner of the property are handed over.
3rd, the buyer must register his ownership at the Land Registry.
Once checked and confirmed that you fulfil the minimum requirements of the residency in your chosen country of destination and that our services are employed.
Once employed these services will work together with you to prepare the required certificates and documents, advise on which ones of these need to be translated and which need to carry an apostle, complete the application documents, attach any other required legal letters, compile the application and make the appointment in the embassy for you to attend and make the application. And once you arrive in your country destination organise appointments for you to complete your residency here.
To employ services, click below
What about a Golden-Visa in Spain?:
- Visa-free travel in Europe’s Schengen Area and the right to live, work, and study in Spain
- Eligibility to apply for citizenship after five years as a legal resident while keeping other citizenship(s)
- Low physical presence requirement (seven days during the first year of residence and 14 days for the two subsequent years, which can count towards citizenship eligibility after five years)
- Excellent international and Spainish schools and universities
- High quality of life, local cuisine and wines, rich culture, mild climate, and a high level of security
- International quality healthcare clinics and hospitals
Aside from the required noted investment, the first applicant must be able to prove a monthly income of at least 4 times the MINIMUM MONTHLY INCOME (M.M.I) (532€ x 4), including an additional 532€ per additional family member.
For example, a family with 3 members will have to prove a monthly income of 6 times the M.M.I, or approximately 3,200€ per month.
You are also required to have a bank account with enough funds for the duration of your permit.
Finally, you are required to have a clean criminal record in the country where you have lived in the last 4 years and private medical insurance, in Spain.
Applicants can choose a property acquisition to obtain a Golden-Visa in Spain:
- EUR 500,000 freehold property investment
Investor residency has 3 periods of validity. The initial visa, if applied through the Consulate, is valid for 2 years, followed by a 5-year residency permit and then with Residency Permits with periods of 5-years validity. If the application is made from Spain whilst on a visit, the authorities will grant the 2-year residency permit directly, followed by a permit in 5-year residency periods.
It is also possible to become a permanent resident and then apply for Spanish Citizenship (10 years of residency).
According to the law, the Consulate has 10 days to approve the permit from application (provided the right documents have been submitted for a Spanish Residency).
This is not required. The only permanency criteria for renewal of the visa permit to residency permit, is to have travelled to Spain at least once (during the initial visa permit).
What about a Golden-Visa in Portugal?:
- Visa-free travel in Europe’s Schengen Area and the right to live, work, and study in Portugal
- Eligibility to apply for citizenship after five years as a legal resident while keeping other citizenship(s)
- Low physical presence requirement (seven days during the first year of residence and 14 days for the two subsequent years, which can count towards citizenship eligibility after five years)
- Excellent international and Portuguese schools and universities
- High quality of life, local cuisine and wines, rich culture, mild climate, and a high level of security
- International quality healthcare clinics and hospitals
Aside from the required noted investment, the first applicant must be able to prove a monthly income of at least 4 times the MINIMUM MONTHLY INCOME (M.M.I) (419€ x 4), including an additional 419€ per additional family member.
For example, a family with 3 members will have to prove a monthly income of 6 times the M.M.I, or approximately 2,514€ per month.
You are also required to have a bank account with enough funds for the duration of your permit.
Finally, you are required to have a clean criminal record in the country where you have lived in the last 4 years and private medical insurance, in Portugal.
Applicants can choose a property aquisition in any of the 2 different property investment categories:
Property acquisition
One of the following options:
- EUR 500,000 minimum real estate purchase (residential property is limited to designated interior areas) or EUR 400,000 in a low population density area*
- EUR 350,000 minimum real estate purchase for the refurbishment of residential properties older than 30 years or in an area of urban regeneration, including the cost of renovations (residential property is limited to designated interior areas) or EUR 280,000 in a low population density area*
*A low population density area is defined as less than 100 inhabitants per km² or with a GDP per capita below 75% of the national average.
After the residence permit has been received, the client will need to provide biometric data and updated original documents at each renewal. The first permit is usually issued for one year; however, due to the Covid-19 pandemic, it is now issued for two years. Thereafter, the permit may be renewable for two subsequent periods of two years.
The Portugal Golden Residence Permit Program requires the main applicant to make two trips to Portugal during the application period:
- To choose the qualifying investment, start the legal process, and open a bank account
- To provide the biometric data and original documents
After the residence permit has been received, the client will need to provide biometric data and updated original documents at each renewal.
The process to acquire a Portuguese residence permit through investment takes around six months in total.
This is not required. The only permanency criteria for renewal of the visa permit to residency permit, is to have travelled to Portugal at least once (during the initial visa permit).
According to the law, the Consulate has 10 days to approve the permit from application (provided the right documents have been submitted for a Potuguese Residency).