SPANISH GOLDEN VISA
SPANISH GOLDEN VISA
SPANISH GOLDEN VISAIn September 2013, the Spanish government passed a law to encourage foreigners to invest for residency purposes. The new Spanish Golden Visa scheme allows residency for anyone investing over 500.000 Euros in a property in Spain. This visa grants them the right to reside in Spain and travel in Europe.
RECENT FINANCIAL CONDITIONS HAVE OPENED UP OPPORTUNITIES FOR INVESTORS IN PRIME PROPERTIES WITH INCREASINGLY ATTRACTIVE YIELDS, PERFECT FOR THE GOLDEN VISA IN SPAIN
COMMERCIAL AND TIMELY LEGAL ADVICE IS INCREASINGLY IMPORTANT IN ENSURING THAT THESE OPPORTUNITIES ARE CAPITALIZED-ON AND DEVELOPED
These are the main points for investors looking to take advantage of the Spanish Golden Visa
The Temporary Resident Permits will also be granted to spouses and dependent family members for the Spanish golden visa process . The investor and his or her family must have public or private health insurance and be able to show sufficient financial resources to support themselves.
The investor for the Spanish Golden Visa does not need to reside in Spain. Accompanying family can reside in Spain, in which case any children subject to the obligation to go to school have to be enrolled.
The residency permit will be first issued as a visa that lasts one year. Afterwards, the authorisation can be applied for 2 more years, and once more for five years. With 5 years a residency permit can be applied for. For the renewals, the amount of the investment has to be sustained.
You can apply for permanent residency after 5 years and for Spanish citizenship after 10 years, if you have actually resided in Spain during that time.
The Golden Visa allows you to travel to other Schengen countries for 90 out of a 180 days.
The investment amount does not have to be upheld any longer, once permanent residency is obtained.
QUALIFYING TERMS FOR THE SPANISH GOLDEN VISA
The investment can include multiple properties and properties can be rented out.
The Investment must be made in full, without financing regarding the first 500.000,00 €.
There is no required date of purchase. Only the time it takes for the deed to be registered has to be taken into account.
Investors will buy a property then apply for the residency permit. Applications for residency will only be denied in extreme cases. (i.e., a criminal record or money laundering).
Property can be owned through a company provided the applicant shows that they hold control of that company.
No entitlement to healthcare, the holder must accredit private health insurance.
Investment amount does not have to be upheld any longer after permanent residency is granted (after 5 years).
The Golden Visa allows all holders to work in the entire Spanish territory.
There is no obligation to spend a minimum amount of time in Spain, so investors can remain tax residents outside of Spain, while benefiting from Spanish residency and the freedom of traveling to other Schengen countries for 90 out of 180 days.
Properties can be bought and sold during this period, so long as the investment threshold is maintained.
The resolution of the application takes from 10 to 30 working days depending on the case.
These are key points and not a full legal guide to the investor visa. Each applicant should seek comprehensive advice on their personal circumstances through our team of expert lawyers. It is this personalized client approach, which is carefully adjusted depending on circumstances and backgrounds, which makes our clients applications so successful.
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