SPANISH GOLDEN VISA
An investment starting from €500,000 in real estate in Spain will grant a Residency Visa for you and your dependent family members.
Spain introduced a ‘Golden Visa’ in 2013. It offers residency permits in return for an investment of at least €500,000 or more in a Spanish property. The objective of the law is to attract investors to Spain.
Investors are initially granted a Residency Visa for one year. At the end of this initial year, the visa is renewable for two years each time. After five years, the visa must be renewed every five years, which means the investor must hold the property for life. Investors will also need to visit Spain once during each residency period.
Please note dependent children cannot apply for renewal once they establish their own independent life or start working.
After ten years of residency, the investors can apply for citizenship if they can provide evidence of at least six months of residency each year during the last ten years in Spain.
- Properties purchased can be rented out, providing good rental income
- No double taxation
- The Spanish Residency Visa or Residency Permit allows investors and their families to travel to all Schengen countries
The key requirements for the property investment route are:
- Buying a property or properties valued at a total of at least €500,000
- The property or properties must be retained for at least ten years
- The applicant must visit Spain once during each residency period
- Visa-free travel to the Schengen countries
- You, your spouse and your dependent children can live, work and attend schools/universities in Spain
- You can rent out the property you bought! Average rental income is at least 4% of the value of the property
- No extra tax on your income in either your home country or any other country
- You don’t need to reside in Spain
Disadvantages may be:
- Permanent residency or citizenship is difficult to apply for and requires six months of residency each year for at least ten years
- Unless full residency is established and citizenship is obtained, investors must hold the property for life in order to renew their golden visa.
- Dependants cannot renew their residency permits once they reach the age of 18, or establish their own independent life or start working.
The disadvantages mentioned above make Spain less attractive than
the programmes of Portugal and Cyprus.
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