Are you thinking of buying property in Tenerife ?

In August 2022 the Euro fell to a 20 year low against the US $. This led to a sudden increase in Americans inquiring to buy property in Spain as prices were much lower due to favourable rate of exchange US Dollars into Euros. Converting $100,000 in August 2022 would have given you €85,000, but in Sept of 2022 this exchanged to €104,000 for the same $ amount.

Such an opportunity for US citizen to buy a Tenerife property may not last forever.

What type of visa do I need to live in Spain ?

Under the Schengen rules, US citizens (same as the UK citizens) can visit Spain-Canary Islands visa free for up to 90 days in a 180 day period. Once you have stayed your 90 days, you cannot return to any other of the Schengen countries (which includes Spain) without a valid visa. This does not stop you buying or owning (even renting) a property in Tenerife, but it does not allow you live in Spain all year.

the three main visas to consider are:

Work visa

The visado de trabajo y residencia allows you live and seek employment in all regions of Spain. To apply for a work visa you need a job offer or if you fulfil the requirements of income and you can prove your work qualification you can also apply for a self employed work visa. It is always advisable you seek professional help from a ‘immigration gestor’ to apply for the self-employed visa in Tenerife.

Student visa

The visado de estudiante allows you to live & study in Spain for the period of your course.

Non-resident visa

The visado de residencia allows you retire in Spain, but not qualify you work here. To be considered you must proof from your bank account that you have 400% of the IPREM (which is a income index) As a reference in 2021, this amount was of €6,778.80.

Optional:

Golden Visa

Invest €500,000 into a Tenerife property will allow you 6 & your direct family residency to live here full time. This will also allow you to travel visas free