Spain’s Golden Visa
The Golden Visa is an investment-driven scheme that was launched by Spain and other countries in 2013, in the wake of the financial crisis. Designed to offer the stability and benefits of Spanish (EU) residency in exchange for investment, it has been a great success and has resulted in thousands of investors buying assets and in particular properties in Spain.
The main areas of interest for them have been Madrid, Barcelona, Valencia, the Balearic Islands and the Costa del Sol, where the Investor’s Visa, as it is also known, has made a notable contribution to overall demand. The step-in level to qualify is an investment of €500,000 per family, and with a property purchase in Spain come the following costs:
- Property transfer tax (ITP) of 7% – Andalucía has one of the lowest rates in Spain
- Stamp duty (AJD) of 0-2,5% depending on the property
- Notary and legal fees of 2-3% of purchase price
- Also, if you spend less than six months per year in Spain you will be liable for taxes on your assets in the country
Once qualified by having acquired a Spanish property in accordance with the conditions of the Golden Visa, the original investor’s residency permit provides legal residency for a period of two years, thereafter extendable for five years, and eventually it can lead to obtaining permanent residency and even Spanish nationality.
Besides the advantages of being able to live and work in Spain itself, the Spanish Golden Visa also allows for free movement within the European Union, as part of the Schengen Agreement.
The applicant requires the following to qualify for the Spanish Golden Visa:
- Proof of purchase (deed of sale of the Spanish property)
- Proof of financial resources, health certificates and proof that he/she has no criminal record or outstanding charges against them
- The initial application is made to the Spanish consulate in the person’s home country
- An answer is usually received within 20 days
- The next step is to acquire a TIE (Tarjeta de Identidad del Extranjero), and having fingerprints taken at a police station in Spain. To do this you will need a normal tourist visa
Upon successful application, the holder of the Golden Visa has free movement within Spain and the EU, the right to live and work here, as well as setting up a business and investing in Spanish assets. The initial path of obtaining residency through a Golden Visa can eventually lead to acquiring Spanish nationality over time, should the applicant wish to pursue this.
Contact MPDunne & Hamptons International if you would like to know more about the Spanish Golden Visa – we can guide you through the process in a smooth and fully transparent way.