Stages of investment
You must spend up to 10 years of residency in Spain in order to obtain Spanish nationality. Investors from former Spanish colonies, only require 2 years of residency, while investors from other countries require up to 10 years.
Investment - YEAR 1
Investor Residency Visa
To begin with, one should have a Schengen visa so you can come to Spain to search for property or properties, and once in Spain, you sign a power of attorney (powder) giving your lawyer power to act on your behalf in the conveyancing and the residency process. PSI Consultants (www.psiconsultants.es) is one of the leading Legal & Fiscal representatives who have successfully gained Golden Visas for their clients and we recommended this firm for all of our golden visa clients.
If you have already found a property but cannot travel to Spain you can organize a power of attorney from your home country (this may not be possible from all countries) providing your lawyer power to act on your behalf in the conveyancing and residency process. At this stage, you do not have to come to Spain, and so your lawyer can then purchase the property or properties on your behalf.
Upon purchasing a property or properties that meet the investment criteria, you can then apply for the one-year investor visa from the Spanish consulate of your home country and then use this visa to stay as long as you want in Spain.
When you hold this visa, you re not obliged to spend a minimum amount of time in Spain during the year. However, to get the residency card (or Tarjeta de Residencia) our resolution letter has to be applied to you so that you can apply for the card. To get the physical card you must visit Spain in person. The duration for this first residency for investors card will be for two years.
Investment - Years 2 to 5
Investor Residency Card (Tarjeta de Residencia como investor)
Real estates holdings may be purchased and sold during this period, so long as the investment threshold is maintained. Fortunately, there are no obligations to spend a minimum amount of time in Spain, so investors can remain tax residents outside of Spain, whilst benefiting from Spanish residency and the freedom of unlimited travel and stays in the EU. Processing and granting the residency will be done by the Ministerio de Trabajo, Migraciones y Seguridad social.
Upon a successful investment, during or within the first year, overseas investors may apply for authorization to live in Spain for two years, which is renewable thereafter as long as the investment threshold of €500,000 is maintained. As mentioned the first residency card is good for two years and the succeeding residency cards will be for every 5 years. There is no limit to the number of times this residency can be renewed.
Investment - Years 5 to 10
Investor Long-Term Residency Visa and Spanish Nationality
Only after five years of continuous residence, investors may be able to apply for permanent residency, investors may be able to apply then for permanent residence in Spain
Likewise, after ten years of residency, Spanish nationality can be requested. Nevertheless, Nationalities of the former colonies of Spain, including the Philippines are required only 2 years of legal residency then one can apply already for the Spanish Nationality and thus acquire the Spanish passport.