VISA FREE COUNTRIES
Golden Visa Spain with €500,000 investment.
Spain launched its golden visa programme in 2013. An investment of €500,000 in real estate will gain family residency. The Spanish investor visa can be renewed every two years and after five years it is possible to gain permanent residency and after ten years citizenship. It is not necessary to live in Spain in order to retain and renew the investor residency visa.
After several years of price declines real estate is now at rock bottom prices and the Spanish property market offers considerable potential for capital gains in the coming years. Investors need to consider their purchase carefully and decide whether it is for investment and rental or lifestyle There are many offers on the market from developers and banks but location and property type is critical to the success of the investment.
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.
Residency in Spain under the golden investor visa program allows a real estate investor and his or her immediate family to live in Spain. The legislation has no minimum period of residence. Hence an investor can buy a property in Spain, travel freely to Spain at any point and his or her family can do the same. The family can live in Spain permanently, with access to schools both state and private following the English curriculum. Eventually citizenship can grant access to study elsewhere at universities in Europe including the UK.
- Investment of €500,000
- Full family residency
- Flexible. No requirement to reside.
- Permanent Residency from 5 years
- Citizenship from 10 years
- EU Schengen visa travel
- The minimum investment must be at least € 500,000.
- On top of the purchase price you need to add 11 - 12%, which goes to the normal purchase costs, which includes, tax, stamp duty, VAT, notary and lawyer.
- Investments may be spread over several properties for a total purchase price of at least € 500,000.
- You can do your investment via a foreign company if you can prove that you own the majority of this company.
- There is a certain flexibility to borrow part of the money you need from your home country or from a country outside Spain.
- Spanish residence visas may be issued to the immediate family, including spouse or non-married partners.
- Spanish residence visas may be issued to children up to 18 years, economically dependent adult children and economically dependent parents.
- The act also includes your children over 18 years old who, due to health issues, are not objectively capable of looking after themselves.
- There is no requirement for minimum stays to renew the visa. This means that it is optional to stay in Spain.
- The Spanish visa does not need to be renewed within five years.
- As there is no law on minimum stay is not necessary to be tax resident.
- Permanent residence will be granted after five years if you have followed the rules.
- Your property investment can be sold after five years when you have achieved permanent residency.
- The visa allows access to unlimited travel throughout the EU Schengen visa countries.
- You can obtain visas from the moment of signing the contract of sale (unregistered deeds).
- The official documentation for investment visa will not take more than ten, maximum 15 working days hereafter.
- The first card is issued for two years but the next 5 years if the investment is held.
- You and your family are covered under the Golden Visa and will have the right to work in Spain from the first day.
- Refusal of Spanish investment visa will usually only be justified by an unclean criminal record.
- Spanish citizenship will be given after an additional five years of permanent residency.
- 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.
- While a Spanish citizen you automatically get a European citizenship.
- After 5 years, the family can live, work or study anywhere in Europe within the EU.
- A recommended lawyer will take care of the application for residence, and the full Golden Visa program, residence for the family, etc. The totally cost for this is € 1,500 + 21% VAT.
- If the same lawyer takes care of both the property purchase and the application for the Golden Visa residence, you will be able to save the above mentioned cost.
- 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
- Minimum investment of €500,000
- Clean criminal record
- No previous refusal of entry or visa to the EU
- Sufficient medical insurance (in case you decide to stay in Spain)
- Bank statements to prove sufficient income
Residence Visa, Authorization & Nationality
Prior to any application for the golden visa there needs to be sufficient investment in real estate, that is €500,000 per applicant. Subject to making the required investment and meeting the programme criteria below, applicants will be granted the residency visa.
Year One - Residence Visa for Investors
At first you obtain an ordinary 90-day visa so you can come to Spain to search for property, and once in Spain you sign a power of attorney (poder) giving your lawyer power to act on your behalf in the conveyancing and residency process.
However, if you don’t have time to come to Spain, and you have found a property that you are prepared to buy without visiting, you can organize a power of attorney from your home country (this is not possible from all countries) giving your lawyer power to act on your behalf in the conveyancing and residency process. Your lawyer can then buy the property on your behalf, so you don’t even have to come to Spain at this stage.
Once you have bought a property that meets the investment criteria (more than €500,000 on the deeds), you need to apply for a one-year investor visa, which allows you to spend a year in Spain, and travel freely in the Schengen area for 90 days out of every 180 days. Our lawyer can provide this for you.
Once you have obtained this visa, you are not obliged to spend a minimum amount of time in Spain during the year. However, to get the residency permit at the end of the year, you do have to visit Spain at least once in the year. So, do not apply for the one-year investor visa until you are sure that you will be coming to Spain in the next 12 months.
This one-year investor visa will be authorized in Diplomatic Missions and Consular Spanish Offices and can be issued for one, two or multiple entries into Spain.
These visa applications shall be processed and notification sent within 10 working days, except in case of applicants subject to prior consultation.
Year Two To Five - Residence Authorization For Investors
Once an investment has been made, and after the first year, investors can apply for authorization to live in Spain for two years, renewable for another two years after that, so long as the investment threshold of €500,000 is maintained. For this application you have to be show that you have travelled to Spain at least once in the previous 12 months.
There is no limit to the amount of times this two-year residency can be renewed.
Properties can be bought and sold during this period, so long as the investment threshold is maintained.
There is no obligation to spend a minimum amount of time in Spain, so investors can remain tax resident outside of Spain, whilst benefiting from Spanish residency and the freedom of unlimited travel and stays in the EU.
Processing and granting the residence will be done by the Spanish Ministry of Foreign Affairs.
Applications will be responded to within 20 working days from the submission of the application. If there is no answer in this period, the application shall be considered as accepted. The formal answer to the application can take up to 6 months, but in theory the application is considered accepted if there is no answer in 20 days.
Year Five Onwards - Long-Term Residence & Spanish Nationality
After five years of continuous residence, investors can apply for permanent residence in Spain.
Likewise, after ten years of residence, Spanish nationality can be requested. In such cases, an effective justification of at least six months of residence must be provided, (unless due cause exists).
The investment threshold for real estate is €500,000 or more per investor.
To apply for residency, proof of the investment(s) must be provided with a Property Registry filing (certificate). If this certificate is not yet available, then the notarized deeds and proof that the deeds have been submitted to the Property Registry must be provided.
The investment can be comprised of:
- One or several properties.
- Of a residential, touristic, rural, commercial or industrial nature
- Rural land, developed land, buildings under construction, or decrepit buildings
Investors must use at least €500,000 of their own funds, which must come from transparent sources that comply with existing legislation on money laundering and so on. Above that threshold there is no limit to debt financing, for instance with a mortgage in Spain.
There will be 3 stages on the road of your citizenship:
First consultation and trip planning
We will advise on the programme fit for your family structure, country of residency, financing and other circumstances. No two families are the same but we have experienced and dealt with most situations.
We will help plan your visit but you will need a Schengen visitor visa for access to visit Spain.
We will also advise on the most appropriate areas and real estate investments to suit your needs. Lifestyle, rental, intended usage, capital growth, business and travel needs can play a part in this.
Trip to Spain
During your visit to Spain you will essentially need to do 3 things:
- Visit and view properties with us and our trusted partners
- Meet with lawyers and grant a Power of Attorney (POA)
- Open a bank account
Ourselves and our representatives will take care of all arrangements and accompany you. Throughout this time we have built a network of trusted partners including banks, developers, agents and lawyers to help ensure a smooth process for your visit and property investment.
After the trip
On returning home you will need to make a transfer of deposit to secure the property if this was not done during your visit. Completion of the property typically takes two to three months. Your lawyer can undertake this in full in your absence.