Buying property in Spain to obtain residency

Real estate investment is considered one of the most important types of investment overall, but some people acquire real estate for other purposes such as obtaining citizenship or residency in the country where they own property.

In this article, we will discuss property ownership in Spain for the purpose of obtaining residency there.

Can a foreigner buy property in Spain?

The law that regulates the purchase of property by foreigners in Spain (LAU) is based on enacting laws that guarantee the rights of new owners or tenants. According to this law, there are no restrictions on property purchases by foreign citizens in Spain. The only requirement is that the buyer must have a tax identification number (NIE) to complete the transaction.

Law on buying property in Spain for foreigners

Foreigners are allowed to own property in Spain under the same conditions as Spanish citizens. However, foreign buyers must obtain a tax identification number (NIE) to complete the freehold process.

The freehold process includes signing the sales contract, paying a deposit, and then completing the transfer of ownership at the public notary. The owner must ensure compliance with Spanish laws and regulations related to real estate.

Advantages of buying property in Spain for foreigners

There are several advantages to buying property in Spain for foreigners, including:

• Cost of living: The cost of living in Spain is lower compared to some other European countries, making it more affordable for foreign residents.
• Climate: Spain is known for its warm climate, with temperatures remaining mild throughout the year. This makes it an attractive destination for those who enjoy living in a moderate environment.
• Cultural diversity: Spain is a culturally diverse country, with many regions and cities offering unique experiences for foreign newcomers.

You may be interested in: Real estate investment in Spain compared to Turkey.

Does a foreigner who buys property in Spain get residency?

Yes, a foreigner who owns property in Spain can obtain residency. To obtain residency, the foreign investor must meet certain conditions, including having a valid passport, as well as a tax identification number (NIE).

Conditions for obtaining residency in Spain through property purchase

To obtain residency in Spain through property purchase, the following conditions must be met:

Property value: The foreign owner must purchase property in Spain with a value of at least 500,000 euros.

Residency: The owner or foreign investor must have a clear address within Spanish territory.

Proof of income: The owner or foreign investor must provide proof of income, such as a salary or pension, to demonstrate the ability to support themselves during their stay in Spain.

Health insurance: The owner or foreign investor must have valid health insurance in Spain.

Comparison of residency programs through property purchase between Turkey and Spain

Both Turkey and Spain offer residency programs for those who own property in the country as follows:

a) Turkey: Turkey is characterized by a growing economy and a developing real estate market, as well as incentives for investors in this field, making it a preferred investment opportunity for many. Purchasing property worth at least $400,000 allows the owner to apply for residency. The law allows this residency to be renewed every year or two, and through it, the owner can apply for Turkish citizenship without the requirement of staying in the country to obtain it.

b) Spain: Spain is a popular tourist destination with strong infrastructure, making it an attractive option for residents. In real estate, purchasing property worth more than 500,000 euros grants the right to apply for a residency visa and subsequently obtain Spanish citizenship.

Both countries offer experiences and opportunities for those wishing to buy property and obtain residency. However, it is noticeable that Turkey's requirements for obtaining residency are easier and offer more advantages than those in Spain.

See offers of properties for sale in Turkey - with the most important features of investment and freehold in Turkey

Why is Turkey considered the best country to buy property and reside in?

There are several factors that make Turkey an outstanding destination for real estate investment and residency; it has

a strategic location, as Turkey is at the crossroads between Europe and Asia, featuring a unique blend of cultural and natural attractions, making it a popular tourist destination.

It is also more affordable compared to other European countries, and property prices are more reasonable than in other European countries, making it a popular destination for real estate investment and residency.

The Turkish economy is among the fastest-growing in the world, which in turn makes investment there promising with satisfactory returns. The state's efforts to encourage foreign investment have strengthened its real estate market.

In terms of infrastructure, public facilities, and services, Turkey offers high levels of all these, providing a wide range of amenities and facilities, including excellent healthcare, education, and recreational activities.

It is also worth mentioning that Turkey offers many residency options for foreign newcomers, including long-term residency, making it an important destination for those looking to settle in the country.

See offers of properties for sale in Istanbul - with the most important features of investment and freehold in Turkey.

Imtilak Real Estate services for property investors

For property investors seeking the leading market and the best real estate investment offers, Imtilak Real Estate offers you options on various types of properties and accompanies you on field tours in many Turkish cities to provide you with choices that suit your aspirations and goals, within a package of services and suitable prices.

For more information or inquiries, contact the consultants at Imtilak Real Estate, the real estate experts in Turkey.

Edited by: Imtilak Real Estate©