In relation to Spanish Real Estate, the Spain Golden Visa Programme grants Spanish residency to people who spend at least €500,000 (EUR) on property in Spain.
The law, which came into effect during September 2013 was aimed at introducing a framework for qualified immigration, promoting the international mobility of professionals and executives and most importantly attracting foreign property investment in Spain.
For property investors looking to invest in Spanish property, the minimum investment before taxes and charges is €500,000 and you should add onto the purchase price appx 11 – 12%, which goes to the normal purchase costs, which includes, tax, stamp duty, VAT, notary and lawyer.
NOTE: in all cases, we advise you to obtain the services of a reputable and qualified lawyer who specialises in the Spain Golden Visa programme. For this type of application, expect the cost to be anywhere between €1,500 and €2,500 + 21% Tax.
Process of applying for Spain Golden Visa
- You will apply first for a Schengen visa (normal 90 day visitors visa).
- For this type of visa, you need a business type visa.
- Along with the visa application you need to have a written invitation from the lawyers who are handling the golden visa application
- Organise with your lawyer for them to have power of attorney for your Spanish affairs
- Arrange to buy property in Spain with a combined value of €500,000
- The next step is to apply for the Investor visa. Investor visa requirements are those who make a significant financial contribution/investment in Spain:
- Real estate assets (€500,000)
- Shares or bank deposits (€1 million)
- Public debt (€2 million)
- Business projects in Spain considered being of general interest.
- Once you have applied for the investor visa, you may then apply for the residence visa
Are there any restrictions on applying for an Investment Visa?
When applying for an investment visa, you must meet the following minimum requirements.
- Not to have entered or stayed illegally in Spanish territory.
- Be 18 years or over.
- Not to have been refused entry in any of the Schengen countries.
- Have public or private health insurance authorised 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.
- No criminal record.
Can I be Refused an Investment Visa?
Usual justification for denial of a Spanish investment visa will be due to the applicant having a criminal record.
Does the Golden Visa allow me to Work in Spain?
Under the Golden Visa, yourself and any family members that are covered by the visa may have the right to work in Spain from the first day. Under the golden visa programme, residency in Spain permits a real estate investor and their immediate family to live in Spain. There is no minimum period of residence which means that a property investor can buy a property in Spain and travel without restrictions to Spain at any point, in addition, their immediate family can do the same. The family can live in Spain permanently, with access to schools both state and private, following either Spanish or English curriculum.
Can I apply for Spanish Nationality?
After five years of continued residence in Spain, applicants can apply for an unlimited residence permit. After 10 years they can apply for Spanish nationality if so desired.
More Information About Golden Visas?
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