We were hoping by now to see a draft of the legislation which forms a small part of much wider legislation to encourage international investment in Spain. Things are cetainly active on this within the government as we hear this from several sources. But because of the complexity of the wider legislation involving expert panels and a number of ministries this is not going to be as quick as we hoped or the government promised. Our expectation is to see a draft published sometime after the summer and then for that to be considered and passed into law sometime later this year.
Note that it is perfectly possible to get a residence visa for Spain now without the need for such investment. Assets of just €24,000 need to be shown plus sustainability of income to support going forward. However this requires a stay of 183 days per year. But this could be considered a stepping stone by some until the new legislation or may of course suit those looking for a more permanent residence in Europe.
Does this mean that if I invest and own a property worth more than 24000 Euro and show sustainability for living in Spain and live there for more than 183 days a year – I will be given Spanish residence visa now? I am considering to be relocated and would have no problem if this is the case. Then the next question is what happens when the new regulation is passed by the government – what happens to my status?
Yes if your application is successful and then you will need to stay the minimum 183 days. Then for more flexibility in the future I expect there will be no problem in later applying for the Golden Visa with the required property investment of €500,000, if that flexibility is needed. But if that is important (which it doesn’t seem to be in your circumstances) then best to wait on the second point until that legislation is published.
Please keep me update about residence visa.
sir , in karachi we have problem that no spanish embasy and fadax deal about visa from islamabad first go islamabad than go colact pasport islamabad than go embasy for intervue go islamabad so three taims go islamabad , we have not afort this so pls change proseger .this is my reqvast for spanish govermant vaier your plat form.thanks ,regard rizwan.
Unfortunately we are not the government and we can’t change their procedure. My advice for anyone applying for an entrepeneur visa now or the Golden Visa for a property purchase when it comes in is to do the following. Apply first for a travel visa from your local embassy. For travel from certain countries like Pakistan you will need a letter of introduction to gain the travel visa. If you are working with our company we can provide an introduction in English and Spanish. Once this is granted come to Spain for several days and grant a power of attorney to our lawyers. They will then deal with the residency visa application in Spain. This is far quicker than trying to do it through a local embassy.
So what happened about being an eu citizen living where you want !!!!!!!!
Yes no change there. This is about buyers from outside the EU. China, Russia, India being the markets the Spanish government are targetting.
Very useful information, thank you!
How definite is it that the required investment will be 500,000 Euros and not 160,000 as mentioned previously. My parent were planning to move and buy a property at the range of 250,000, unfortunately 500,000 is too expensive for us. Will 24,000 legislation remain unchanged after the new legislation takes place for people who plan to move for more than 183 days a year?
It’s looking likely from reports and there’s been no mention of €160,000 since back in November but the government has left itself enough room to backtrack should they need to. It’s no coincidence that the level looks likely to be set the same as Portugal’s Golden Visa at €500,000. Pressure from within the EU has probably played a part as any scheme will eventually open doors for residency within Europe once citizenship is gained. Let’s hope the ministers have enough time to monitor feedback from potential investors as well as their own internal pressure groups before a decision is finally made.
What will happen to the current scheme I’m afraid we don’t know at this point. I doubt they will scrap it all together as there needs to be some mechanism for immigration at far less affluent levels.
You mention in your article regarding assets of €24000 to obtain residency if residing more than 183 days. Can you inform me of the further criteria? Can assets be cash tied into a fixed account or with the government? what is the amount of income required on annual basis or is it the amount you have in your bank balance? can you rent a property rather than own if assests are not deemed only property? does residency allow you to visit other european countries if non EU citizenship?
Each application is individually assessed under the existing scheme. The rules may change with the new legislation.
sir i have assets more than 24000 euros ..so is that allright is i apply now
You will need 500,000 Euros (plus more to cover property taxes) for the investor visa in Spain. That gives you the right to travel freely to Spain and does not require you to permanently live there, although you can do so.
Hi there, I am very interested in this coming legislation. However, my only concern is the wealth tax in spain. If I become a resident via a property purchase/investment will I then have to pay taxes on my world wide assets etc?
Not at all. There is a difference between having a residency visa and being tax resident. A residency visa under the 500,000 Euro property purchase arrangement does not require a lengthy stay. (We await final legislation, it may not require any stay). To be tax resident you need to be in Spain for more than 183 days. If it is less then you will only pay tax on your Spanish income.
Thanks for this information. So with this residency visa will my family and I be able to travel freely across the Schengen zone?
Yes it appears so. Just waiting on the final legislation approval to check. Should be any week now.