Non-Lucrative Visa holders in Spain can own property for personal use or investment. Compliance with legal requirements is essential for a smooth process.
Yes, Non-Lucrative Visa holders can own property in Spain. The Spanish government does not restrict foreigners from purchasing property, whether they hold a visa or not. This means that individuals on a Non-Lucrative Visa are fully permitted to buy and own real estate in Spain, including residential, commercial, or land properties.
Key Points to Consider:
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Property Ownership and Visa Status:
- Owning property in Spain does not grant you residency or a visa. The Non-Lucrative Visa is separate from property ownership, and purchasing property alone does not automatically qualify you for this or any other visa type.
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Financial Requirements:
- While owning property, you must continue to meet the financial requirements of the Non-Lucrative Visa, demonstrating that you have sufficient funds to support yourself without working while living in Spain.
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Taxes and Legal Obligations:
- As a property owner in Spain, you will have to pay certain taxes, including property tax (Impuesto sobre Bienes Inmuebles or IBI) and possibly non-resident income tax if you do not rent out the property. It's advisable to consult a tax advisor to understand your obligations fully.
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Potential for Golden Visa:
- If you invest a significant amount in property (currently, the threshold is €500,000 or more), you might be eligible for Spain's Golden Visa program, which provides residency rights and could be a path to a different visa type.
In summary, Non-Lucrative Visa holders can freely buy and own property in Spain, but this does not change their visa requirements or grant additional residency privileges beyond those of the Non-Lucrative Visa itself.