The Spanish investor’s visa is valid, initially, for one year. The investor can apply thereafter for a residence permit, which is valid for 2 years and renewable for 2-year periods. Applicants that want to keep their residence after the initial term must travel at least once to Spain.
In order to obtain or renew the permit, the applicant must fulfil the initial conditions when the visa was issued: ie, maintain an investment of € 1 or € 2 million; be the owner of real estate valued at € 500,000; maintain the investment project free of debts before the Internal Revenue Service and Social Security and obtain a favourable report form the Directorate General of Trade and Investment.
Finally, as a general rule, after a ten-year residence period residents can apply for Spanish citizenship. Citizens from Latin-American countries, Andorra, Equatorial Guinea, Philippines, Portugal and of Sephardic origin just need a two-year residence period.