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Exchange rate

On February 23, 2012
1 USD = 29,77 RUR
1 EUR = 39,41 RUR

Visas and residence permit

Spanish resorts are popular not only among tourists but also among real estate investors as far as investment into Spanish real estate is one the most profitable and advanced directions for placement of funds.

Wonderful climate conditions and close geographical location to Russia (only 4 hours of flight from Moscow — compare with 11-hour flight from Moscow to the United States of America) are not the only positive factors for purchase of dwelling in Spain. Owners of real estate can obtain a year-long multi—visa that allows to live in country for 90 days in every two half years. Multi—visa will be automatically prolongated for the next year if you still own real estate and have insurance.

Another indisputable advantage is that on April 23 the Ministry of Foreign Affairs of Spain adopted an amendment to new Foreign citizens act. According to it a new type of visa was established for wealthy people who want to obtain residence permit in Spain without right for business and making a profit on territory of the country. To obtain such visa you must have no records of conviction and provide documents to prove that you have enough finances for you and your relatives to live in Spain (including payments for medical service).

Visas

In general Spanish visas vary depending on aim and period of stay in country: short-term visa (C type), transit visa (A and B types), national visa (D type).

Types of short-term visa (entry visa):
  • Single entry — enables one entry and stay for period up to 90 days within 6 months from entry date;
  • Double entry — enables two entries and stay for period up to 90 days within 6 months from first entry date;
  • Multiple 3-months entry visa — valid for 3 months, enables multiple entry and total stay for period up to 90 days but no more than period specified in visa label;
  • Multiple 6-months entry visa — valid for 6 months, enables multiple entry and total stay for period up to 90 days but no more than period specified in visa label;
  • Multiple 12-months entry visa — valid for 12 months, enables multiple entry and total stay for period up to 90 days within 6 months from first entry date but no more than period specified in visa label.

Residence permit

Usually access to obtain residence permit becomes available upon registration of business in Spain. However you should be aware of legal type of business that provides access to affile documents for preparation of residence permit (RP) of the next types:

  • Primary (for period up to 1 year with right of prolongation for two years);
  • Usual (this is a prolongation of primary one, it is issued for period up to 3 years with the right of prolongation for 3 years subject to legal residence in Spain for at least 3 years);
  • Constant (this is a prolongation of usual one, it is issued for period up to 5 years subject to legal residence in Spain for at least 5 years).