The Spanish Golden Visa is a fabulous incentive backed by the government to help support international investors live and work in Europe whilst promoting overseas real estate investment in Spain.
The process is very simple, buy a property or portfolio of real estate which amounts in total to €500,000 or more (free of mortgage) and once the title deed/s have been transferred into your name you can apply for your Golden Visa, the application MUST be submitted within 90 days through a lawyer.
The Span property market is already tipped as one of the leading locations for investment this year, with prices set to soar again by the last quarter meaning savvy investors and holiday home buyers already seeking out deals along the Costa del Sol, Costa Blanca, Costa de la Luz and Mallorca.
The Rules of Spanish Golden Visa Investment
1. The minimum investment must be at € 500,000.
2. On top of the amount of investment you need to add 11 – 12%, which goes to the purchase cost, including tax, stamp duty, VAT, notary and lawyer.
3. Investments may be spread over several properties for a total purchase price of at least € 500,000.
4. You can do your investment via a foreign company if you can prove that you own the majority of this company.
5. There is a certain flexibility to borrow part of the money you need from your home country or from a country outside Spain.
6. Spanish residence visas may be issued to the immediate family, including spouse and children up to 18 years.
7. The Act also includes your children over 18 years old who, due to health issues, are not objectively capable of looking after themselves..
8. There is no requirement for minimum stays ordering to renew the visa. This means that it is optional to stay in Spain.
9. The Spanish visa does not need to be renewed within five years.
10. As there is no law on minimum stay is not necessary to be tax resident.
11. Permanent residence can be granted after five years if you have followed the rules.
12. Your property investment can be sold after five years when you have achieved permanent residency.
13. The visa allows access to unlimited travel throughout the EU Schengen visa countries.
14. The entire application procedure for investment visa applicants will not take more than twenty days.
15. Investments must be documented before applying for Spanish investment visa.
6. Refusal of Spanish investment visa will usually only be justified by an unclean criminal record.
17. Spanish citizenship will be given after an additional five years of permanent residency.
18. The applicant must be able to prove that having traveled to Spain at least once in the first two years, and once more in the three subsequent years.
19. While a Spanish citizen you automatically get an European citizenship.
20. After this time (2 x 5 years), the family can live, work or study anywhere in Europe within the EU.
21. A recommended lawyer will take care of the application for residence, and the full Golden Visa program, residence for the family, etc.
The total cost for obtaining the Spanish Golden Visa is: € 1,500 + 21% VAT.
Applicants MUST Meet the Following Requirements;
Not to have entered or stayed illegally in Spanish territory.
Have to be 18 years or over.
Not to have been refused entry in any of the Schengen countries.
Have public or private health insurance authorized to operate in Spain.
Have sufficient economic means to cover personal and family living expenses.
Proof of the investment must be made through a Registry of Property certificate attesting ownership. Or, if the ownership title is not yet registered, via a copy of the acquisition public deed and proof of filing the deed in the Registry.
Summary
Residency in Spain is granted under the new investor visa for investors spending a minimum of 500,000 Euros on a real estate property purchase. Residency means the right to live in Spain and travel freely to Spain which is within the Schengen visa area of Europe. It does not grant citizenship, which CAN be applied for at a later date. Citizenship in Spain can lead to residency in other European countries.
If you would like to find a property in Spain then start by searching our online listings or if need help sourcing a reputable lawyer then please contact our team today!
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