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29.10.2023

The Russians have made many deals in Spain. But how?

According to the Association of Spanish Notaries, in the first half of 2023, citizens of the Russian Federation purchased 2,200 objects in the country - an increase of 50% compared to last year.

Some transactions are carried out by residence permit holders - they have no problems with entering Spain and having an account in the EU with no limit of €100 thousand.

How the process works in practice. Victoria Kutuzova (SunnierHomes company) comments:

There is no law in Spain that would prohibit Russian citizens from buying real estate.

There are nuances with the transfer of funds: money is sent from the investor’s account to the seller’s account. Funds come from accounts opened by investors in third jurisdictions - Kazakhstan, Armenia, Georgia.

The bank needs to explain the origin of the funds: provide documents confirming income. For example, a certificate from work and 2NDFL for the year 2022-2023, or tax returns.

Most Spanish banks do not open accounts for Russians. One successful example is BBVA bank. But these are target accounts for the purchase of real estate with a paid reserve agreement and documents confirming income translated by a sworn translator.

Such accounts still have a sanctions limit of €100 thousand. It can be withdrawn after receiving a residence permit - as a rule, this happens within 5 working days after submitting the relevant documents.

Basically, Russians apply for a residence permit based on financial independence. Under the terms of the program, there are no strict requirements for real estate - it can be either owned by a foreigner or under long-term lease. The holder of the status can remain a tax resident of his country. But to renew the card, as before, you must stay in Spain for 183 days.

The Golden Visa program is still in effect. To obtain it, documents must be submitted while in Spain. You can apply for such a residence permit only after one or more real estate properties worth at least €500 thousand (excluding taxes) have been purchased, and the investor has “appeared” in the Register of Owners. Such registration takes from 1 to 3 months depending on the region. A decision on issuing a residence permit is then made within 14 days.

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