In this article Martin Hayes of SWAN Partners in Valencia City Spain provides a snap shot overview on Spanish Golden Visas
1.What is it?
The residence visa for investors allows non-Europeans to reside and work in Spain after a significant investment has been made in the country. There are several investing options, one of which is purchasing a property of at least 500.000€.
2.Why should I apply for it?
As the Spanish economy is gradually and steadily working its way through recovery, property prices are still very competitive and the rewards the visa has to offer are definitely appealing especially after the reforms that were put in place in 2015.
Amongst other benefits, the Spanish Golden Visa enables holders to work and take part in economic activities in the country. In addition the golden visa also affords its holder the right of unlimited travel through Schengen visa countries.
3.What are the personal requirements?
Ordinary requisites apply, such as, having entered and remained in the territory of Spain legally, being older than 18 years of age, not be disqualified in any other Schengen country and having clean criminal records from the last five years. In addition to this, the applicant must prove sufficient economic means and have an current health insurance that covers him or her in Spain. Regarding family members, they will also have to proof their relationship and/or their dependency on the main visa holder.
4.What are the property requirements?
Golden Visa applicants must invest at least 500.000€ into as many properties as they want – the minimum investment of €500,000 must exclude mortgage finance charged on the asset or assets. Likewise, the minium investment amount excludes transmission tax and all other such costs payable on completion. Property can be bought and sold freely, provided that the minimum value is maintained. These conditions offer a wide array of possibilities to spread the risk, but also to address different necessities that may change with time.
5.How long does the visa last for?
Once the Visa is granted, it is valid for two years and is renewable for periods of five years successively, as long as the above requirements are still met and remain in place.
6. What is the procedure like?
It is always advisable to count with professional legal help in order to avoid unnecessary obstacles to reach the final goal of obtaining a golden visa. Once a lawyer has checked that the applicant is eligible for the Golden Visa, they will help gather all the documents required and present them to the Spanish administration. Your lawyer will then follow the process and ensure that any addition information requested by the authorities is provided within the stipulated time frame.
7.How long would it take to be accepted?
The process has been accelerated with the latest legal reform, as it now allows applicants to start the process when the private arras contract is signed before the actual investment has been fully completed. At this point applicants are granted a preliminary visa valid for six months, which is generally more than enough time to register the title or title is provide evidence that the investment requirement has actually been met.
8.Can I bring my family members with me?
Yes – The applicant’s spouse and underage children can apply to be included in the investor’s visa, as well as dependent parents and/or over age children if their dependency is proved.
9.Can I apply to become a Spanish citizen?
Yes – Although different rules apply to this process, permanent residency can be granted after five years and citizenship after ten respectively, if the correct steps are followed.
10.Is there a minimum stay required?
No – It is not compulsory for Golden Visa holders to stay in Spain as long as their minimum investment remains in place. They just have to be in the country in time to renew their visas. Your lawyer should be able to provide you with ongoing assistance once renewal time comes around.
11.Do I have to be a tax resident in Spain?
There is no need to become tax resident of Spain, which means that golden visa holders do not have to become fiscal residents of the country and can therefore continue managing their taxes in their home countries as usual. Normal tax rules on fiscal residency apply.
12.Where can I find advice on this issue?
Martin Hayes of SWAN Partners is an expert in Real Estate Law and has extensive experience in counselling foreign investors regarding property and visa matters.If you would like to receive Mr Martin Hayes contact details please email us at email@example.com