The Spanish “Golden Visa” Explained
The Spanish Golden Visa offers buyers and investors from Non EU countries the chance to obtain automatic Spanish residency in return for investing €500,000 in the Spanish property market. This investment can be made in one property purchase, or split between various property purchases, as long as the €500.000 minimum investment is met. With the Golden Visa you would be granted the right to live in Spain and enjoy freedom of travel within Schengen countries.
Although you would have the right to live in Spain, as would your immediate family, that does not mean you MUST reside here. The minimum required stay is actually only 1 day per year but your children can enjoy the right to stay here and be schooled whilst you travel backwards and forwards.
A Golden Visa is initially granted for one year. After this period, it would need to be renewed with further standard renewals valid for 2 years but ONLY if your circumstances have not changed ie: you still own Spanish property over €500.000. After 5 years, you can apply for permanent residency, then after another 5 years you can apply for full Citizenship (subject to certain conditions being met). If this application is successful you may also apply for a Spanish passport.
Requirements for application:
- A minimum investment of €500,000.00 per investor on real estate in Spain. €500.000 must be mortgage free. If you are buying a more expensive property then anything above the €500.000 can come from a mortgage but the initial €500.000 must come from your own money.
- You must have private medical insurance.
- You must prove you are able to support your family and maintain your property or properties here in Spain.
- You must not have a criminal record.
- You can live in Spain no matter what NON EU country you are from.
- Minimum stay 1 day per year.
- Free travel within Schengen countries.
- Possibility to apply for permanent residency after 5 years (subject to certain conditions being met)
- If a Golden Visa is granted to the head of a family, the immediate family members can also have residency (subject to certain conditions being met)
- Possibility to purchase through non-resident company (subject to certain conditions being met)
So, here we have outlined a general overview of the Golden Visa, and how it works, but for a more in depth discussion and for tax advice we would gladly put you in touch with specialist independent lawyers for you to ask as many questions as you would like on this visa and any other topic.
If you would like to see a selection of properties that would allow you to obtain a Golden Visa, one of our Property Finder Marbella sales advisors would be happy to help. Tell us what type of property you want and we will send you a selection of Spanish properties in your desired area that will help you obtain this visa.
Contact us today for more information.