Are you a U.S. citizen considering investing in property abroad? Wondering if it’s possible for U.S. citizens to buy property in Spain? The answer is - yes, you can! Spain’s real estate market is open to international buyers. Following the surge of U.S. Dollar over past couple of months, the opportunity is perfect to capitalize on Spanish property market at prices much lower than normal after exchanging Dollars to Euros. Keep reading to understand the main requirements and how to get started.
Under the Schengen Agreement, U.S. citizens can visit Spain visa-free for up to 90 days within a 180-day period. While this allows you to enjoy short stays, it doesn’t grant long-term residency or the ability to live in Spain year-round without securing the appropriate visa.
Importantly, owning property in Spain as a foreigner is completely legal, and your 90-day limit won’t stop you from buying, owning, or even renting out property. However, if you’re planning to stay longer or relocate permanently, you’ll need to explore alternative residency options.
Although Spain’s Golden Visa program is in the process of being withdrawn, there are still viable paths to residency. Options like the non-lucrative visa, the entrepreneur visa, or the Beckham Law make it possible to enjoy the benefits of living in Spain. We’ll explore these in detail below.
Residency Options for U.S. Citizens After Spain’s Golden Visa Withdrawal
Although Spain is currently phasing out its Golden Visa program, there are still numerous residency options available for US citizens. These include the Non-Lucrative Residence Visa, the Entrepreneur Visa, and even tax advantages through the Beckham Law, depending on your circumstances. The best option for you may vary based on whether you plan to buy property as an individualor through a company- each with its own set of pros and cons.
1) Non-Lucrative Residence Visa
- The Non-Lucrative Residence Visa allows U.S. citizens to reside in Spain without engaging in any professional or employment activities.
- Key Requirements: Applicants must demonstrate sufficient financial resources, with a monthly income of approximately €2,400 (400% of the IPREM), totaling €28,800 annually in 2024. An additional €600 per month is required for each dependent. Applicants also need private health insurance valid in Spain and a certificate indicating no criminal history.
2) Entrepreneur Visa
- The Entrepreneur Visa is designed for U.S. citizens planning to undertake business ventures of special economic interest to Spain.
- Key Requirements: A comprehensive business plan showcasing the project’s innovation, scalability, and economic impact, along with a favorable report from the Spanish Economic and Commercial Office.
- The Entrepreneur Visa grants U.S. citizens a residence permit for up to three years, renewable, allowing both the entrepreneur and their immediate family to live and work in Spain.
3) The Beckham Law (Special Expatriate Tax Regime)
- The Beckham Law offers favorable tax conditions for foreign workers relocating to Spain, allowing qualifying individuals to be taxed as non-residents. A flat tax rate of 24% applies to employment income up to €600,000, with income exceeding this amount taxed at 47%.
- Key Requirements: Applicants must not have been residents in Spain during the five years prior to their move and must have an employment contract with a Spanish employer or serve as a director of a company, subject to certain ownership restrictions.
- The regime is valid for the tax year of relocation and the following five tax years.
While Spain’s Golden Visa program may no longer be an option, U.S. citizens still have several pathways to residency, whether through the Non-Lucrative Residence Visa, the Entrepreneur Visa, or leveraging tax benefits under the Beckham Law.
At UTRUST, we specialize in providing legal expertise to U.S. citizens navigating the Spanish real estate market. As your dedicated property lawyers, we tailor the best investment strategies to your needs, ensuring you fully understand your residency options and the legal aspects of your purchase.
Contact us today at help@utrust.es to schedule a consultation or discuss your real estate investment strategy. We’re here to ensure your investment is legally sound and seamlessly executed.