Obtaining Spanish residency through financial means

Who is suitable for immigration to Spain through financial resources?

You may have been asked, “What is the difference between residency through financial empowerment and residency through investment?”. In response to your answer, we must say that accommodation through financial means is less expensive Because in the method of residence through investment, it is necessary to have the cost required to start or run a business in your account to obtain residence through financial resources, it is enough to have the necessary financial resources for your and your family’s expenses in your bank account.

The method of obtaining Spanish residency is through financial means, which is suitable for those with some capital in their account and a fixed monthly income in their country. To migrate from this method, providing income such as a pension, dividends, or profits from a business you own, property rental, and interest on bank deposits will be acceptable. As a result, immigrating to Spain through financial resources is most suitable for retirees. Still, all those with one of the mentioned fixed incomes in their country can apply for a Spanish visa.

It is necessary to note that if you immigrate to Spain with this method, you will not be allowed to work in this country. Because at the beginning of your work, you have proven that you have a fixed monthly salary and financial ability. Of course, the Spanish financial resource visa holders can generate income by starting a business. Still, it is generally impossible to work with a Spanish economic key.

Benefits of obtaining Spanish residency through financial means

Spain is known as one of Europe’s most beautiful, oldest, and, most importantly, cheapest countries. The cost of living in Spain is much lower than in Germany, England, France, Canada, and the United States. In this section, we are going to explain the benefits of living in Spain:

• A spectacular country with a rich history: When you live in Spain, you will always have options for fun. From the Mediterranean Sea to the beautiful and weathered Canary Islands, these are just Spain’s most famous examples of natural attractions. The country also has hundreds of years old buildings.
•  High acceptance of immigrants among the people: Spanish people treat immigrants well, and racism is very low in this country. On the other hand, Spain has always welcomed immigrants, so living in this country is equivalent to living alongside several different cultures.
•  Public insurance system: The Spanish government has allocated significant subsidies to medical services. By obtaining a Spanish residency and activating insurance, general medical services will cost you the least. You don’t need to spend much to get additional insurance in Spain.
•  No language certificate required: Only financial means are required to obtain Spanish residency through economic means. In general, Spain has little strictness in language, and it is possible to study in Spain without a language certificate.

Conditions of residence in Spain through financial means

As we said, to migrate using this method, you must have a fixed monthly salary and a certain amount of capital in your bank account. This fixed salary can be one of the following:

• pension
• Property rental
• dividends
• Business profit
• Bank account interest

How much initial capital and monthly salary is required to obtain Spanish residency? In answer to this question, it should be said that currently, the necessary income to immigrate to Spain through financial means has the following conditions:

• Necessary income for one person to immigrate: 2500 euros
• Necessary payment for immigrating with a spouse: 3500 euros
• The essential amount for immigrating with spouse and children: 4000 Euros
• The required amount for immigration with children is 3000 euros

In addition, you must have a certain amount as a bank deposit to finance one year of living in Spain. This deposit should be equal to one year of your salary. For example, a person needs 2,500 euros of fixed income and 30,000 euros of bank deposits to immigrate. For each family member who will immigrate with you, 6,500 euros will be added to the financial resources required. In the same example, if a person wants to immigrate with his wife, the deposit he needs will be 36,500 euros.

Obtaining permanent residence in Spain through financial means

So far in the article, we have understood who is suitable for obtaining Spanish residency through financial means and what the conditions are. Now the question is, how long will it take to get permanent residence in Spain after successfully obtaining this type of residence?

Those who get a Spanish economic visa have 90 days to travel to this country, and after entering Spain, they have up to 30 days to go to the foreign nationals office of this country and receive their residence card. This stay is usually one year and sometimes two years. After two or three extensions of temporary residence, you can apply for permanent residence. Of course, Spain has its conditions for issuing permanent residence through financial means.

According to the conditions of Spain for financial residence, the applicant can apply for permanent residency after five years of temporary home in this country, provided that:

• Condition one: I have lived in Spain for at least three out of five years.
• Condition two: stay inside of Spain for up to one year during the five years of temporary residence.

Obtaining a Spanish passport through financial means

After you convert your temporary residence into a permanent one, the next step is to get a passport or Spanish citizenship. After getting a Spanish visa, you will be considered a citizen of this country and have all the rights of a citizen. To become a Spanish citizen, you must have lived permanently in this country for five years, and during this time, you have never lived outside of Spain for more than 12 months (consecutively). In addition, complete mastery of the Spanish language is necessary to obtain a Spanish passport.