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14th of January, 2013
Spain opens doors for investment based residency
Spain has opened its doors to investors from India under "Non-Lucrative Residence Visa for Spain", where in those investing INR 1,00,00,000/- in buying a house will be offered permanent residency without employment.

With economic crisis looming large, Spain wants to lure Indians to sell its over 700000 units of ready to move houses in an attempt to give its dying economy a thrust to live again. But will this offer lure the intelligent Indians, especially without employment is a matter to be seen.

For your consideration find the entire procedure below;
Aliens who wish to reside in Spain without undertaking any lucrative activity or employment must have sufficient economic means for the duration of stay in Spain, for which they apply, or accredit a periodical source of income for themselves, and if applicable, for their families, as per the minimum amount, which is established and referred to at the time of application of the visa or the renovation of the authorization.

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Application Form: Application for National Visa. The application must be submitted personally by the applicant at the Embassy of Spain in New Delhi or Consulate General of Spain in Mumbai, strictly in accordance with the current place of residence of the applicant. Applications sent by courier or by post are not entertained. Visa Fee: 4143 INR (Indian rupees Four thousand one hundred forty three only). The fee must be paid via bank draft payable at New Delhi/Mumbai in favor of EMBASSY OF SPAIN, NEW DELHI or CONSULATE GENERAL OF SPAIN, MUMBAI, in accordance with the place of application. The applicant must write his/her name, date of birth, and passport number behind the draft. A photocopy of the draft must be submitted along with the application. Passport of the applicant which should be valid for at least four months at the time of application. Photocopy of all the pages of the previous (if any) and present passport must be submitted. Original Application form for National Visa duly filled in and signed by the applicant in blue ball point ink. A recent photograph (35-45 mm) of the applicant with white background must be attached in the application form. The application form must be correctly filled, facilitating all the possible information requested in the form including postal address, email address and telephone number. Two photocopies of the application form along with two recent photographs (35-45 mm) of the applicant with white background. Form Modelo-790 duly completed and signed by the applicant. The applicant has to pay an additional amount of 704 INR paid via bank draft payable at New Delhi/Mumbai in favor of EMBASSY OF SPAIN, NEW DELHI or CONSULATE GENERAL OF SPAIN, MUMBAI as payment of the fee for autorizacion inicial de residencia temporal. A receipt as proof of payment of additional fee is issued to the applicant. Form EX-01 duly completed and signed by the applicant. Medical Certificate issued by any registered medical practitioner and photocopy stating that "the applicant is not suffering from any disease that can have repercussions any on the public health in accordance with the International Sanitary Act 2005". In case of Delhi, only medical certificates issued by the following hospitals will be accepted: Max Healthcare, Fortis Hospitals, Primus Super Speciality Hospital, Sir Ganga Ram Hospital, All India Institute of Medical Sciences. The document, at the time of submission, must be less than three months old. Police Clearance Certificate issued by the competent authorities of the country. In case of India, this certificate must be issued by the Regional Passport Office and must bear the stamp of Apostille of Hague issued by Ministry of External Affairs, India.

In case of Nepal, Sri Lanka, the Maldives and Bhutan, the certificate must be issued by the corresponding competent authorities. This document must further be legalized by the respective Ministry of Foreign Affairs and the Diplomatic Mission of the country in New Delhi. The document, at the time of submission, must be less than three months old. In case the applicant has resided in any other country during the last five years, a Criminal Record Certificate must be submitted along with the stamp of Apostille of Hague or legalization from the Ministry of Foreign Affairs and the Diplomatic Mission of the country in New Delhi( which ever be applicable). Proof of sufficient economic means to support the living expenses, including, the expenses of the family for the proposed duration of stay. At present (subject to change every year) the amount of 2130.04 Euros/month (or its equivalent in the foreign currency) for the applicant and additional amount of 532.51 Euros/month (or its equivalent in the foreign currency) for every additional member of the family, which is 400% and 100% of the IPREM (Indicador Publico de Renta de Efectos Multiples) respectively is requested for the sustenance of the applicant or his/her family in Spain. Proof of accommodation during the stay in Spain. Hotel reservations are not considered as proof of accommodation. If the applicant is not a national of India, Sri Lanka, Bhutan, Nepal or the Maldives, a proof of his/her legal residence in any of these countries (Residence permit).

This news is taken from our business associates in Spain.

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