If you are from outside the European Union and have a minimum of €500,000 to invest in real estate in Spain, the Spanish Golden Visa is a simple way to buy residency for you and your family.
It is the key to unrestricted travel around Europe as the Spanish Golden Visa allows you unlimited travel throughout the EU Schengen visa zone (for a maximum period of 30 days to a different EU country than the one granting the residency visa.)
The investment of minimum €500,000 must be in Spanish property. You have the option to buy a single property or a portfolio of properties. The latter option is a clever way to generate income from your investments to support your day to day living (if that is your plan).
Acquiring residency via the Spanish Golden Visa gives you the right to live in Spain and to travel freely to and from Spain which is within the Schengen visa area of Europe. The legislation has no minimum period of residence. Hence, as an investor, you can buy a property in Spain, obtain residency and then travel freely to and from Spain at any time.
As a result, your family can live in Spain permanently, enjoying a safe and quality lifestyle and with access to excellent schools, both state and private, selecting the type of education desired, whilst you travel as necessary for your work.
Here is a brief outline of the Spanish Golden Visa application criteria:
- A minimum investment of €500,000 in Spanish property.
- The €500.000 investment can be for the purchase of several properties (purchase of land only is not acceptable).
- The Spanish residency visa may be granted to immediate family members (spouse and children up to 18 years old).
- There is no minimum stay requirement to renew the visa (ie. living in Spain is optional).
- No minimum stay means no necessity to be tax resident in Spain.
- The visa will be renewable for the first five years (the visa is renewable after the first year for a new period of 2 years. After the third year it is again renewable for a new period of 2 years, and after the fifth, the residents can become permanent) If you chose not to take permanent residency, you can continue to renew the visa as before.
- Permanent residency in Spain can be applied for after five years.
- The Visa allows unlimited travel throughout the EU Schengen visa zone (for a maximum period of 30 days to a different EU country than the one granting the residency visa.)
- The application should take a maximum of 20 days (excluding time required to obtain and legalise necessary documents).
- The investment in property (ie. completion of the sale) must be made before the Spanish Golden Visa application is submitted.
- All property investments will result in a positive acceptance (usually only a criminal record will prevent acceptance).
- Citizenship in Spain can be applied for after five further years of permanent residency* (although the law says that the standard term to apply for the citizenship for residency is 10 years)
- EU citizenship is automatic with Spanish citizenship
- At this point (ie after 10 years) a family can live, work and study anywhere in Europe.
*Please note that “permanent residency” status is only applied to individuals residing in Spain, on a permanent basis, for five years.
Requirements for the person making the Spanish Golden Visa application:
- The applicant has not entered or stayed illegally in any Spanish territory.
- To be 18 years of age or over.
- To not have been refused entry in any of the Schengen countries.
- To have public or private health insurance recognised in Spain.
- To have sufficient economic means to cover personal and family living expenses (this amount will be revised regularly).
- Proof of the investment must be made through a Registry of Property certificate proving 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.
The new Spanish Golden Visa application process for non-EU nationals is a step towards acquiring Spanish citizenship. It is a lengthy process but one that will open doors and provide opportunities for many people. A fabulous gift for your children!
The Golden Visa for Spanish Residency does not include a Spanish work permit as standard. For that reason, we suggest buying a Spanish Property Portfolio that actually provides you with an income if you are going to be residing in Spain and need to generate an income.
Remember that you will be required to show that you can support yourself and that you have health insurance when you apply for Spanish residency (Which will be granted automatically if you have spent over 500,000 Euros in total on your property purchases.)
Timing and accuracy of your application are paramount to a successful outcome.
We highly recommend using a carefully selected law firm to process your Spanish Golden Visa application.
At Buyer’s Agent Spain, in collaboration with our expert immigration lawyers, we guide you through every step of your Golden Visa Application process, from the initial property search to applying for your residency. As soon as you are ready to take the first step, simply contact us and we will make it happen for you.
Lisa Sadleir
