APEX Marbella Property has put together this simple guide regarding Spain’s ‘Golden Visa’, the result of a change to Spanish law in recent years, which could be of huge benefit for international buyers.
What is Spain’s Golden Visa?
A change in Spanish residency law, passed in September 2013, gives straightforward residency opportunities to non-EU property buyers.
Buyers investing in Spanish property worth 500.000 Euros cash (or more) now have the right to apply for a renewable residency visa.
Investment conditions are flexible: buyers can choose to purchase either one property, or spread investment over two or more properties, as long as the minimum investment of 500.000 euros is met.
Mortgage financing can be included as part of the property purchase transaction, as long as a minimum of 500.000 euros of the value is paid in cash.
Furthermore, properties can be purchased either in the name of an individual, or via a registered company provided:
- The company is not registered in a “tax haven”
- The applicant holds majority-voting rights and is the major shareholder.
After obtaining the regular 90-day visa to enter Spain in order to find a property, investors can arrange Power of Attorney (POA) through their chosen legal team, and a lawyer will act on the buyer’s behalf throughout the conveyance, purchase & residency procedures.
Alternatively, if an investor intends to buy a property without viewing or visiting Spain first, a lawyer with POA can be arranged from their home country.
Visa application is a relatively quick procedure, with an estimated 10-day processing timeframe, compared to the usual one-year period for standard residency applications.
A response regarding residency application is usually received within 20 working days. Should no answer be received within that period, the application should be considered successful and the process can continue.
- Invest at least 500.000 euros in cash, in a single property or spread over several properties.
- Be at least 18 years of age.
- Must have access to private/public healthcare.
- Have sufficient financial means for familial support.
- Provide a Registry of Property certificate as proof of investment.
- Have no criminal record, nor to have been refused entry into any of the Schengen-member countries.
The residency is valid for a sole named investor, although immediate family members can also apply for residency if a means of support & healthcare provision is shown. ‘Immediate family’ includes a spouse, children under 18 years old, and children over 18 years if they are deemed dependent due to healthcare requirements.
Residency is valid for one year and is renewable every two years upon application, provided the property is still held in the visa-holder’s name and the investment threshold of 500,000 euros is maintained.
The visa-holder must visit Spain at least once during the year following the granting of residency. There is no minimum length of time to be spent in Spain and therefore investors are not required to be tax residents.
Furthermore, visa holders and their immediate families also gain the right to travel freely through the 26 Schengen countries, 90 days out of every 180.
After the first year of ownership, visa holders can apply to live in Spain for another 2 years, followed by another 2 years after that period, and permanent residency can be granted after this initial 5-year period. Spanish citizenship can then be applied for, following 5 years’ of permanent residency.
APEX Marbella Property can assist throughout the entire buying and legal process by way of introduction to trusted professional companies and colleagues. We have multilingual tax and legal advisory companies waiting to help.
If you would like to know more or see a selection of properties we have available for above the Golden Visa threshold, please Click Here.