Spain’s “Golden Visa” – Summary of Main Points
The official bulletin for the Spanish parliament for a change in the law to accommodate investor visas was issued the first week in July 2013 and passed into law in September 2013. These are the main points for investors looking to take advantage of the Spanish Golden Visa:
The limit is €500,000 for property.
It can be for multiple properties and properties can be rented out.
It must be cash, not mortgage finance. (except for any additional over €500,000)
There is no required date of purchase. Just that it is fairly recent. Therefore purchases now may qualify for the resident’s visa. (In reality it takes 3 months to complete a purchase in Spain anyway).
Investors will buy a property then apply. Applications for residency will only be denied in extreme cases. (for example a criminal record or laundered money).
Property can be owned through a company provided the applicant shows control of that company.
RESIDENCY VISA AND CITIZENSHIP
All immediate family will qualify. ie + spouse + children.
The visa lasts one year then apply for further two, then further two to ensure property is still retained. Then after five years can apply unlimited.
Citizenship and a Spanish passport can be applied for after 10 years.
LENGTH OF STAY
There is no minimum stay requirement. In fact family could reside and the main earner be overseas. Children could reside at university for example.
Multiple entry and re entry is allowed.
Travel is permitted throughout the Schengen area of Europe.
Please contact us for further details on +44 207 060 1475. We offer a full application service through our lawyers and we offer a full portfolio of properties in Spain on the following websites:
Can you send me a rough estimate for the total costs involved in the Spanish citizenship by investment scheme? We are two adults (myself and my husband) and a 14 year old girl.
Certainly. Let me refer you to our guide on the Spanish golden visa.
After I obtained the Golden Visa in Spain, how many days in a year will I be allowed to stay in other Schengen countries? Since there is no custom between the schengen countries, will they accuse me of overstay in their countries (if they just look at the stamp in my Passport showing date of entry into Spain)?
It’s an interesting question. In theory 3 months. In practice there are no border checks. So if you traveled for example to France then nobody knows how long you have been there. And if you are just traveling, not working or using the state then quite honestly, who cares?!
If I purchase a property under construction in Spain that might take up to 2 years to be completed. let’s say I pay like 350,000 Euros as down payment and the rest over a period of one to two years. what happens if the law changes during the 2 years, will I not be allowed to apply to Golden Visa?
Spain is similar to Portugal. Once you pay the full €500,000 you can apply for your golden visa. If the property is off plan, you can pay the funds up front, to be held in escrow, and still apply for the golden visa. If you choose to pay €350,000 and then the rest 2 years later, then you can only apply for the golden visa 2 years later. If the rules were to change with the Spanish investor visa during this time, it could effect you, so it’s always advisable to invest the full €500,000 sooner, rather than later in case the scheme changes.