All you need to know about the Spanish Golden Visa
Due to the all year around warm weather, the multi international top class society, the multiple sport range, the modern infrastructure and the top health care system here at Marbella and the Costa del Sol, buying Spanish property is popular amongst private investors from all over the world; all attracted by the multiple advantages offered by Spain.
Thanks to the Spanish government an additional asset was added since 2013: For those who are non-EU nationals an additional benefit to buying property in Spain comes in the form of the Golden Visa. The Golden Visa gives non-EU investors the opportunity to live and work in Spain provided they fulfill all the requirements below. An additional benefit is that you do not have to live in Spain permanently and if you renew your residency you have the option to apply for citizenship ten years after you obtained your Spanish Golden Visa.
Our service guide to the Spanish Golden Visa outlines the general requirements to obtain the visa and its benefits. You should however take advice from a specialist lawyer regarding your particular personal circumstances.
Nationality requirements for the Spanish Golden Visa
Only nationals from outside the EU may apply for the Spanish Golden Visa.
Property investment requirements for the Spanish Golden Visa
You must invest at least € 500,000 in Spanish property in order to qualify for the Golden Visa. To meet this requirement you may buy as many properties as you like, but their total value must be a minimum of € 500,000. This investment total does not include the costs and fees associated with buying property in Spain (typically between 10 – 12 % of the purchase cost). In addition, you are not able to include a Spanish mortgage or bank loan in the € 500,000 total. Consult your lawyer for advice on loans drawn on banks outside Spain.
Personal requirements for the Spanish Golden Visa
As with all visa application procedures the Spanish Golden Visa has a number of criteria that you must fulfill in the first instance in order to qualify for the program.
- Minimum age: You must be over 18.
- Sufficient funds: You will need to prove that you have sufficient funds and/or income to support yourself (and your family) while you live in Spain.
- Proof of legal source: You must prove that the funds you are using to buy the property in Spain come from legitimate sources in order to comply with international money laundering regulations.
- Health insurance. You have to take out private insurance for yourself and any dependents with a health insurance company that operates in Spain.
- No criminal record: You must have a clean criminal record and provide proof of this.
- Permitted entry into the Schengen zone: You must not have been refused entry into the Schengen zone at any time in the past.
Beneficiaries of the Spanish Golden Visa
The buyer of the property in Spain and their dependents as follows:
- Spouse or common-law partner
- Dependent children (if they are over 18 you may have to prove they are dependent on you economically)
- Dependent parents (you may have to prove this dependency)
Logistics of the Spanish Golden Visa
Application: Your lawyer will advise you on the best procedure for applying for your Spanish Golden Visa, but the process is generally as follows:
You can formally apply for the Spanish Golden Visa from the Spanish authorities if:
- You have already bought a property or properties in Spain with a value of at least € 500,000. Note that you can apply for the Golden Visa up to one year after your purchase.
- You’re in the process of buying a Spanish property (or properties). You can make your Golden Visa application if you have signed a purchase contract and have deposited money for the purchase in Spain.
You can apply for the Golden Visa within Spain (your lawyer will assist you with this) or at a Spanish consulate or embassy outside Spain. Note however that this takes considerably longer than if you apply within Spain.
Residence permit: Once you receive the Golden Visa you and your dependents have the right to live in Spain and travel within Schengen for one year. However, you do not have to live in Spain permanently and are not obliged to be a tax resident. Before the end of this initial year you should apply for a residence permit. You can apply for the permit from outside Spain but note that you must have entered Spain at least once during the first year of the Golden Visa. Once you receive your residence permit you will need to renew it periodically (generally every five years) and after ten years you have the option to apply for Spanish citizenship as long as you continue to fulfill the investment conditions of the Spanish Golden Visa.
Work permit: Under the amendments introduced in 2015, Spanish Golden Visa holders have the right to work in Spain as well as live there.
Investment in off-plan property in Spain provides the perfect opportunity to apply for a Spanish Golden Visa. In cooperation with our multi language law partners we will guide you smoothly through the whole process of application for a Golden Visa.
Contact us to assist you receiving a Golden Visa and to find the right home as a permanent residence here in Spain.
For more information click here